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of <h1>Effect of voluntary winding up after omission of Section 309 of Companies Act, 2013 under insolvency regime</h1> Section 309 of the Companies Act, 2013, previously governed the effect of voluntary winding up of a company. It provided that, upon commencement of voluntary winding up, the company must cease to carry on its business, except to the extent necessary for its beneficial winding up. However, the company's corporate status and corporate powers were to continue until its dissolution. This provision has been omitted by the Insolvency and Bankruptcy Code, 2016, with effect from 15 November 2016, thereby transferring the regulatory framework for such matters to the insolvency regime.
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