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of <h1>Companies Act Section 306: Voluntary Winding Up Requires Creditors' Meeting, Financial Report, and Registrar Notification, with Penalties for Non-Compliance.</h1> Section 306 of the Companies Act, 2013, as omitted by the Insolvency and Bankruptcy Code, 2016, required companies proposing voluntary winding up to hold a creditors' meeting alongside the company meeting for the resolution. The board was to present the company's financial status and appoint a director to preside. If two-thirds of the creditors agreed, the company would either proceed with voluntary winding up or apply to the Tribunal if debts couldn't be fully paid. Resolutions had to be reported to the Registrar within ten days, and non-compliance could result in fines or imprisonment for directors.
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