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of <h1>Corporate Liquidation Needs Majority Declaration, Affidavit, and Creditor Approval Under IBBI Regulations, 2017</h1> Liquidation proceedings for a corporate person under the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, require a declaration from the majority of designated partners or governing body members, verified by affidavit. This declaration must confirm that the corporate person can pay its debts or has no debt, is not liquidating to defraud, and has provisions for pending obligations. Accompanying documents include audited financial statements, asset valuation reports, and disclosures of pending proceedings. A special resolution for liquidation and appointment of an insolvency professional must be passed, with creditor approval if debts exist. Notifications to the Registrar and Board are required.
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