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of <h1>Corporate Voluntary Liquidation: Section 59 IBC Simplifies Process with Director Declarations, Member Resolutions, and Creditor Approval</h1> The voluntary liquidation of corporate persons in India is governed by Section 59 of the Insolvency and Bankruptcy Code (IBC), which was introduced to streamline the process previously under the Companies Act. A corporate entity without any default can initiate voluntary liquidation under the IBC, following specific procedures set by the Insolvency and Bankruptcy Board of India (IBBI). Key steps include a declaration by directors, a special resolution by members, and creditor approval if debts exist. The liquidation process involves notifying authorities, commencing liquidation, and applying for dissolution once completed. Records must be preserved for eight years post-dissolution. Various forms are prescribed for claims by different creditors and stakeholders.
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