Voluntary Liquidation is the process of liquidating the company with the approval of its members. A company usually goes for a voluntary liquidation when its members decide not to continue its business operations. The main objective is to discontinue the operations and distribute its assets while also paying its debts.
Voluntary Liquidation or Voluntary Winding up of a company in India is administered under Insolvency and Bankruptcy Code, 2016.
STEP FOR VOLUNTARY WINDING UP OF COMPANY
- Convening Board Meeting and passing resolution for approving Liquidation and appointment an Insolvency Professional as the Liquidator.
- Passing of special resolution for approving the proposal of voluntary liquidation and appointment of liquidator
- Creditors meeting for approving the proposal of voluntary liquidation.
- Public announcement by liquidator inviting claims of all stakeholders,
- Intimation to the ROC, IBBI and other authorities (like Income tax, RBI, SEBI etc.)
- Preparation of preliminary report.
- Verification of claims.
- Opening of a bank account.
- Obtaining No-objection from Authorities.
- Sale of assets, recovery of monies due to corporate person, realization of uncalled capital or unpaid capital contribution.
- Distribution of the proceeds.
- Submission of final report by the liquidator to the corporate person, ROC and the Board and application to the National Company Law Tribunal ("NCLT") for the dissolution.
- Submission of NCLT order regarding the dissolution, to the concerned ROC
If you are deciding to go for Voluntary Winding up, we, Jain & Partners will assist you with the entire process and provide you the following services:
- Drafting of documents
- Filing of forms with ROC and Intimation to the Board and other authorities
- Getting approvals from the authorities
- Services of liquidator
- Getting dissolution order
- Filing of order
THE J&P ADVANTAGE
Our CS Team at J&P handles the whole process with utmost due diligence. From documents compiling till the completion of the whole process our team works with utmost care leaving no potential loopholes. Our team adheres to timelines and responds to office action on timely basis thereby creating a comprehensive approach.