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The provisions relating to voluntary liquidation of a company were earlier covered under the Companies Act, 2013. After the notification of Insolvency and Bankruptcy Code, 2016 (“IBC”) the voluntary liquidation of a company is now governed by the provisions of section 59 of IBC and relevant regulations issued under IBC. The corresponding provisions under the Companies Act, 2013 in this regard have been repealed.
A corporate person will be eligible to opt for voluntary liquidation under IBC provided it fulfils the following two mandatory conditions:
The broad steps involved in the voluntary liquidation are summarised below:
In view of above provisions, voluntary liquidation is an expeditious process for winding up the affairs of a company without much complications or compliances.