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of <h1>Section 316 of Companies Act 2013 Omitted: Liquidators No Longer Need Quarterly Reports or Meetings During Winding Up</h1> Section 316 of the Companies Act, 2013, which required the Company Liquidator to submit quarterly reports on the progress of a company's voluntary winding up to members and creditors, has been omitted following the Insolvency and Bankruptcy Code, 2016. Previously, the liquidator was also required to call at least one meeting each of creditors and members every quarter to update them on the winding-up process. Non-compliance with these requirements could result in a fine of up to ten lakh rupees.
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