Voluntary liquidation: a non-defaulting corporate person may wind up under Section 59 subject to prescribed declarations, filings, and creditor approvals. Voluntary liquidation under Section 59 permits a corporate person with no default to wind up under Chapter V, following conditions prescribed by the Board and the IBBI Voluntary Liquidation Regulations. Directors must declare ability to pay debts or absence of debt and non-fraudulent intent, provide audited financials and valuation, and members must pass a resolution appointing an insolvency professional; creditor approval is required if the company owes debt. The process commences on the resolution date, requires notification to the Registrar and Board, applies specified Code provisions with modifications, and culminates in an application for dissolution and preservation of records.
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: a non-defaulting corporate person may wind up under Section 59 subject to prescribed declarations, filings, and creditor approvals.
Voluntary liquidation under Section 59 permits a corporate person with no default to wind up under Chapter V, following conditions prescribed by the Board and the IBBI Voluntary Liquidation Regulations. Directors must declare ability to pay debts or absence of debt and non-fraudulent intent, provide audited financials and valuation, and members must pass a resolution appointing an insolvency professional; creditor approval is required if the company owes debt. The process commences on the resolution date, requires notification to the Registrar and Board, applies specified Code provisions with modifications, and culminates in an application for dissolution and preservation of records.
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