Voluntary liquidation of corporate persons requires director declarations, member resolution, creditor approval, and final dissolution procedures. A corporate person may initiate voluntary liquidation only if it has not committed default and complies with prescribed conditions, including a directors' declaration, supporting financial documents, member approval, and creditor approval where debt exists. The proceedings commence from the date of the members' resolution subject to creditor approval, may be terminated before dissolution upon special resolution and creditor approval, and end when the liquidator applies for dissolution after complete winding up and asset liquidation. The Adjudicating Authority then orders dissolution and the order is forwarded to the registering authority.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Voluntary liquidation of corporate persons requires director declarations, member resolution, creditor approval, and final dissolution procedures.
A corporate person may initiate voluntary liquidation only if it has not committed default and complies with prescribed conditions, including a directors' declaration, supporting financial documents, member approval, and creditor approval where debt exists. The proceedings commence from the date of the members' resolution subject to creditor approval, may be terminated before dissolution upon special resolution and creditor approval, and end when the liquidator applies for dissolution after complete winding up and asset liquidation. The Adjudicating Authority then orders dissolution and the order is forwarded to the registering authority.
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