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of <h1>Section 316 Companies Act duty to report voluntary winding up progress omitted after Insolvency and Bankruptcy Code 2016</h1> Section 316 of the Companies Act, 2013, which dealt with the Company Liquidator's obligation to report on the progress of voluntary winding up, has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15 November 2016. Prior to omission, it required the Company Liquidator to submit quarterly reports in the prescribed form to members and creditors, convene at least one meeting of each in every quarter, and apprise them of the winding-up progress. Non-compliance with these reporting and meeting obligations attracted a monetary penalty, with a fine that could extend up to ten lakh rupees for each failure.
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