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of <h1>Section 305 Omission: Voluntary Winding Up Procedure Removed by Insolvency and Bankruptcy Code, 2016. Directors' Declarations No Longer Required.</h1> Section 305 of the Companies Act, 2013, which was omitted by the Insolvency and Bankruptcy Code, 2016, previously outlined the procedure for a voluntary winding up of a company. It required directors to declare, via affidavit, that they had investigated the company's affairs and believed it could pay its debts. This declaration needed to be made within five weeks before the winding-up resolution and submitted to the Registrar. It had to include a statement that the winding up was not fraudulent, an auditor's report, and a valuation of company assets. Directors could face penalties for false declarations.
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