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of <h1>Companies Can Begin Voluntary Liquidation Under Insolvency and Bankruptcy Code, 2016, If Solvent and Not in Default</h1> A corporate entity may initiate voluntary liquidation if it has not defaulted, following the Insolvency and Bankruptcy Code, 2016. Directors must declare, via affidavit, that the company is solvent and not defrauding creditors. This declaration must include financial statements and asset valuations. Within four weeks, a special resolution must be passed, appointing a liquidator. If the company owes debts, creditors holding two-thirds of the debt must approve the resolution. The liquidation is effective from the resolution date. The liquidator applies for dissolution upon winding up, and the Adjudicating Authority orders dissolution, notifying the relevant registration authority.
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