{"id":31696,"date":"2020-04-30T11:59:33","date_gmt":"2020-04-30T06:29:33","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=31696"},"modified":"2020-11-24T15:15:11","modified_gmt":"2020-11-24T09:45:11","slug":"voluntary-liquidation-of-a-company-under-ibc","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/voluntary-liquidation-of-a-company-under-ibc\/","title":{"rendered":"Voluntary Liquidation of a Company under IBC"},"content":{"rendered":"<p class=\"has-drop-cap\">The Insolvency and Bankruptcy Code (IBC), 2016, has consolidated and amended the laws in relation to insolvency of Companies, Partnership Firms, and Limited Liability Partnership into a single legislation. This provided time-bound resolution and licensed the creditors to initiate the insolvency resolution process if in case default occurs. In exercise of the powers conferred by <strong><em>sections 59, 196 and 208 read with section 240<\/em><\/strong> of the Insolvency and Bankruptcy Code, 2016, the Board hereby makes the Regulations, which will be called as the <strong><a href=\"https:\/\/enterslice.com\/learning\/insolvency-and-bankruptcy-code\/\">Insolvency and Bankruptcy<\/a><\/strong> Board of India (Voluntary Liquidation) Regulations, 2017.<\/p>\n\n\n\n<p>The Insolvency and Bankruptcy Board of India has notified this\non March 31, 2017 (&ldquo;New Regulations&rdquo;) the Insolvency and Bankruptcy\nBoard of India (Voluntary Liquidation Process) Regulations, 2017. These New\nRegulations provides the process for initiating voluntary liquidation by a\ncorporate person i.e., companies, limited liability partnerships and any other\npersons incorporated with limited liability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Voluntary Liquidation<\/h2>\n\n\n\n<p>The Insolvency and Bankruptcy Board of India (IBBI) has <strong><em>Section\n59<\/em><\/strong> which deals with Voluntary Liquidation, whereas the Voluntary\nLiquidation process before IBC was provided in Companies Act 2013. Voluntary\nLiquidation is a process when a company self imposes to wind up and dissolve\nitself after approval of its shareholders. It happens when a company turns to\nbe insolvent and is unable to pay for its liabilities.<\/p>\n\n\n\n<p>Now, the Government through Notification has repealed the\nprovision of Voluntary Liquidation under Companies Act 2013. The Companies Act\n2013 had 20 Sections have for Voluntary Liquidation, but the IBC 2016, vide\nChapter V of Part II consists only of one Section i.e. Section 59, which deals\nwith voluntary liquidation. The key difference between Companies Act and IBC\n2016 is that under Companies Act, the process of Voluntary Liquidation was\nclassified into 2 types which are Members Voluntary winding up and Creditors\nVoluntary winding up. These distinctions made by Companies Act have been\nofficially eliminated by Section 59 of IBC 2016.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Commencement Of Voluntary Liquidation<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Initiation of Voluntary Liquidation<\/h3>\n\n\n\n<p>1. A corporate person, other than a company, intends to\nliquidate itself voluntarily, such as designated partners, or a corporate\nperson is a limited liability partnership or persons responsible for exercising\nits corporate powers but if that corporate person is not a company or a limited\nliability partnership it has to make a declaration, verified by an affidavit\ndeclaring that&mdash;<\/p>\n\n\n\n<ul><li>A full inquiry has been made regarding the affairs\nof the corporate person, and it has been opined that the corporate person has\nno debt or if any it will be able to pay its debts in full from the proceeds of\nassets to be sold in the voluntary liquidation; and<\/li><li>&nbsp;The\ncorporate person is not being liquidated to defraud any person.<\/li><\/ul>\n\n\n\n<p>2. A declaration under sub-regulation (1) shall be\naccompanied by-<\/p>\n\n\n\n<ul><li>Audited financial statements and record of\nbusiness operations of the corporate person for the previous <strong><em>two\nyears<\/em><\/strong> or for the period since its incorporation, whichever is later<\/li><li>A report of the valuation of the assets of the\ncorporate person, if any, prepared by a registered valuer<\/li><\/ul>\n\n\n\n<p>3. Thereafter, within <strong><em>four weeks<\/em><\/strong> of a declaration under\nsub-regulation(1)<\/p>\n\n\n\n<ul><li>A resolution shall be passed by the special\nmajority of the partners or contributories, of the corporate person requiring\nthe corporate person has been liquidated voluntarily and appointing an\ninsolvency professional who will act as the liquidator; or, <\/li><li>A resolution passed by the majority of the\npartners or contributories, of the corporate person requiring the corporate\nperson has to be liquidated voluntarily as a result of expiry of the period of\nits duration, which was fixed by its constitutional documents or on the\noccurrence of any event in respect of which the constitutional documents\nprovide that the corporate person has to be dissolved and for that appoint an\ninsolvency professional who will act as the liquidator.<\/li><\/ul>\n\n\n\n<p>4. A resolution passed under sub-regulation (3) or under\nsection 59(3)(c), as the case may be, must contain all the terms and conditions\nfor the appointment of the insolvency liquidator, including the remuneration\ndue to him.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ratification by Creditors<\/h2>\n\n\n\n<p>1. When the corporate person owes any debt to any person, the\ncreditors by representing <strong><em>two thirds<\/em><\/strong> in value of the debt of\nthe corporate person has to approve the resolution passed under Regulation 3 <strong><em>within\nseven days<\/em><\/strong> of that resolution.<\/p>\n\n\n\n<p>2. The Board of Directors or the designated partners must\nrequire the documents referred to in Regulation 3(1) and (2) to be presented to\na creditor for his approval to be obtained.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Commencement of voluntary liquidation<\/h2>\n\n\n\n<p>A voluntary liquidation for a corporate person other than a\ncompany must be deemed to have commenced from the date of passing of the\nresolution under Regulation 3(3).<\/p>\n\n\n\n<div class=\"read\"><p><b>Read, Also:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/cross-border-insolvency-bankruptcy\/\" target=\"_blank\" rel=\"noopener noreferrer\">Cross Border Insolvency and Bankruptcy<\/a><\/mark>.<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Effect of voluntary liquidation on status of corporate person<\/h2>\n\n\n\n<p>The corporate person must from the commencement date of voluntary\nliquidation cease to carry on its business except as far as it is required for\nthe beneficial winding up of its business. Provided that the corporate state\nand corporate powers of the corporate person will be continue to exist until it\nis dissolved.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Appointment And Remuneration Of Liquidator<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Eligibility for appointment as liquidator<\/h3>\n\n\n\n<p>1. An insolvency professional can be eligible to be appointed\nas a liquidator if he is independent from every partner or director of entity\nwhich a corporate person is going to be dissolved.<\/p>\n\n\n\n<p>Explanation&ndash; A person shall be considered independent of the\ncorporate person, if he-<\/p>\n\n\n\n<ul><li>is eligible to be appointed as an independent\ndirector on the board of the corporate person under <strong><em>section 149<\/em><\/strong> of the\nCompanies Act, 2013, where the corporate person is a company;<\/li><li>is not a related party of the corporate person;\nor<\/li><li>has not been an employee or proprietor or a\npartner of a firm of auditors or company secretaries or cost auditors of the\ncorporate person or of a legal or a consulting firm, that has or had any\ntransaction with the corporate person contributing ten per cent or more of the\ngross turnover of such firm, in the last three financial years.<\/li><\/ul>\n\n\n\n<p>2. A liquidator has to disclose the existence of any pecuniary\nor personal relationship with the concerned corporate person or any of its stakeholders\nas soon as he becomes aware of it, to the Board and the Registrar.<\/p>\n\n\n\n<p>3. An insolvency professional will not continue as a\nliquidator of which he is a director or partner, or any other partner or\ndirector of such insolvency entity represents any other stakeholder in the same\nliquidation.<\/p>\n\n\n\n<p><em>Liquidator&rsquo;s\nremuneration<\/em><strong>: <\/strong>The remuneration\ndue to the liquidator shall form part of the liquidation cost.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Procedure Of Liquidation And Distribution <\/h2>\n\n\n\n<p><strong>All money to be paid in to bank account<\/strong><\/p>\n\n\n\n<p>1. The liquidator has to open a bank account in the name of\nthe corporate person followed by the words &lsquo;in voluntary liquidation&rsquo;, for the\nreceipt of all moneys due to the corporate person.<\/p>\n\n\n\n<p>2. The liquidator must pay the credit of the bank account opened under sub-regulation(1) all moneys, including cheques and <strong><a href=\"https:\/\/en.wikipedia.org\/wiki\/Demand_draft\">demand drafts<\/a><\/strong> received by him as the liquidator of the corporate person, and the realizations of each day has to be deposited into the bank account without any deduction.<\/p>\n\n\n\n<p>3. All payments out of the account by the liquidator above <strong><em>five\nthousand rupees<\/em><\/strong> must be made by cheques drawn or online banking\ntransactions against the bank account.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Distribution<\/h2>\n\n\n\n<p>1. The liquidator must distribute the proceeds from\nrealization <strong><em>within six months<\/em><\/strong> from the receipt of the amount to the\nstakeholders.<\/p>\n\n\n\n<p>2. The liquidation costs will be deducted before such\ndistribution is made.<\/p>\n\n\n\n<p>3. The liquidator may, with the approval of the corporate\nperson, distribute amongst the stakeholders, also an asset that cannot be\nreadily or advantageously sold due to its peculiar nature or other special\ncircumstances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Return of money<\/h2>\n\n\n\n<p>A stakeholder must forthwith return any amount received by\nhim in distribution, which he was not entitled to at the time of distribution,\nor subsequently will not became entitled to.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Completion of liquidation<\/h2>\n\n\n\n<p>1. The liquidator will endeavor to wind up the affairs of\nthe corporate person <strong><em>within one year <\/em><\/strong>from the voluntary\nliquidation commencement date.<\/p>\n\n\n\n<p>2. In the event of the voluntary liquidation continuing for\nmore than one year, the liquidator will call a meeting of the contributories of\nthe corporate person <strong><em>within fifteen days<\/em><\/strong> from the end of\nthe year in which he is appointed, and at the end of each succeeding year and shall\npresent a Status Report indicating progress in liquidation, including-<\/p>\n\n\n\n<ul><li>settlement of list of stakeholders,<\/li><li>details of any <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Property&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Property refers to the legal designation of ownership over valuable items or assets held by an individual or a business. This ownership grants the holder certain legal rights to use, consume,(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/property\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>property<\/a> that remain to be sold\nand realized,<\/li><li>distribution made to the stakeholders, and<\/li><li>distribution of unsold property made to the\nstakeholders;<\/li><li>developments in any material litigation, by or\nagainst the corporate<\/li><li>person; and<\/li><li>Filing of and developments in applications for\navoidance of transactions in accordance with Chapter III of Part II of the\nCode.<\/li><\/ul>\n\n\n\n<p>3. The Status Report will enclose an audited account of the\nvoluntary liquidation showing the receipts and payments pertaining to\nliquidation since the liquidation commencement date.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final report prior to dissolution<\/h2>\n\n\n\n<p>1. When the affairs of the corporate person are fully wound\nup, the liquidator shall prepare a Final Report consisting of &ndash;<\/p>\n\n\n\n<ul><li>An audited account of the voluntary liquidation,\nshowing the receipts and payments pertaining to liquidation since the\nliquidation commencement date; and a statement demonstrating that-<\/li><li>the assets of the corporate person have been\ndisposed of;<\/li><li>the debt of the corporate person has been\ndischarged to the satisfaction of the creditors;<\/li><li>No litigation is pending against the corporate\nperson.<\/li><li>A sale statement in respect of all assets\ncontaining &ndash;<\/li><li>the realized value;<\/li><li>cost of realization, if any;<\/li><li>the manner and mode of sale;<\/li><li>&nbsp;if the\nvalue realized is less than the value assigned by the registered valuer in the\nreport of the valuation of assets prepared in accordance with <strong><em>section\n59(3)(b)(ii) or Regulation 3(2)(b)<\/em><\/strong>, as the case may be;<\/li><li>the person to whom the sale is made; and<\/li><li>Any other details of the sale.<\/li><\/ul>\n\n\n\n<p>&nbsp;2. The liquidator\nshall send the Final Report by registered post at their registered address by\nelectronic means to &ndash;<\/p>\n\n\n\n<ul><li>the contributories of the corporate person;<\/li><li>the Registrar; and<\/li><li>the Board, <\/li><\/ul>\n\n\n\n<p>3. The liquidator shall submit the Final Report to the\nAdjudicating Authority along with the application under <strong><em>section 59(7)<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Steps For Proceedings<\/h2>\n\n\n\n<p>After the said <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Amendment&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;An &amp;quot;amendment&amp;quot; refers to the formal change or correction of a legal document, often involving additions, variations, or deletions to address irregularities or clarify points in an agreement.(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/amendment\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>amendment<\/a>, all cases filed on or after the 01\nApril 2017 shall be governed by the Insolvency and Bankruptcy Code of India and\nthe adjudicating authority shall be shifted from High Court to National Company\nLaw Tribunal only. However, as per <strong><em>Rule 4 of the Companies (Transfer of Pending\nProceedings) Rules, 2016<\/em><\/strong>, which was notified in December 2016 and came\ninto effect from April 2017, states that Voluntary Liquidation of companies\npending before any High Court before April 01, 2017 shall be dealt by that High\nCourt only. But any fresh Voluntary liquidation process initiated on or after\nApril 01, 2017, shall be instituted before the Hon`ble National Company Law Tribunal\nand shall be governed by the IBC 2016 and regulations thereof.<\/p>\n\n\n\n<p>Under the new amended regulations, the Government has not just simplified the <strong>process of Voluntary Liquidation<\/strong> but has also specified time limits or rather time period for various compliances. The procedure for the process of Voluntary liquidation as per the amended regulation is summed up as below specified:-<\/p>\n\n\n\n<p><strong><em>STEP I:<\/em><\/strong> A document is to be submitted called <strong><em>Submission\nof Declaration to Registrar<\/em><\/strong> of&nbsp;\nCompanies, which shall state that the said company shall or should be\nable to pay off its debt and it has started the process of voluntary\nliquidation to not defraud any person or entity;<\/p>\n\n\n\n<p><strong><em>STEP II:<\/em><\/strong> A Special Resolution shall be passed to approve the\nprocess of voluntary liquidation and an Insolvency Professional shall be\nappointed as a liquidator (&ldquo;Approval&ldquo;), within a time frame of four weeks after\nthe submission of declaration. An <strong><em>approval of<\/em><\/strong> <strong><em>2\/3rd of the creditors <\/em><\/strong>shall\nalso be required if the said corporate person has any unpaid debts.<\/p>\n\n\n\n<p><strong><em>STEP III:<\/em><\/strong> As soon as the Approval is granted a <strong><em>Public\nNotice is to be announced within 5 days <\/em><\/strong>of such approval in Newspapers\nas well as on the website (if any) of the Corporate Person inviting claims or\nobjections of all stakeholders involved.<\/p>\n\n\n\n<p><strong><em>STEP IV:<\/em><\/strong> Intimation about the <strong><em>grant of Approval is to be sent\nwithin seven days<\/em><\/strong> of such Approval to the Registrar of Companies and\nthe Board;<\/p>\n\n\n\n<p><strong><em>STEP<\/em><\/strong> <strong><em>V:<\/em><\/strong> The preliminary finding of the authorized\ncapital, approximations of asset and liabilities, the proposed plan of action\netc., is to be made into a Report called Preliminary Report, which shall and\nsubmitted to the corporate person within a period of Forty-Five days of the\nsaid Approval;<\/p>\n\n\n\n<p><strong><em>STEP<\/em><\/strong> <strong><em>VI:<\/em><\/strong> <strong><em>Within Thirty days<\/em><\/strong> from\nthe last day of receipt of claims, <strong><em>verification of such claims shall be done<\/em><\/strong>\nand Within Forty-Five days from the last day of receipt of claims, the list of\nstakeholders involved shall be done.<\/p>\n\n\n\n<p><strong><em>STEP<\/em><\/strong> <strong><em>VII:<\/em><\/strong> A bank account on the name of\nthe said Corporate Entity which shall be followed by the words&rsquo; involuntary\nliquidation&rsquo;, in any of the scheduled banks, for the purpose of receipt of all\namount due to the corporate entity;<\/p>\n\n\n\n<p><strong><em>STEP<\/em><\/strong> <strong><em>VIII:<\/em><\/strong> The process of sale of all the\nassets of the Corporate Person and the recovery of amounts which are due to the\ncorporate person and the realization of capital which are uncalled or unpaid in\nnature or are contributions which are unpaid, shall be done;<\/p>\n\n\n\n<p><strong><em>STEP<\/em><\/strong> <strong><em>IX:<\/em><\/strong> The amounts received from the realization\nof the Capitals shall be distributed within a period of six months to all the\nstakeholders involved;<\/p>\n\n\n\n<p><strong><em>STEP<\/em><\/strong> <strong><em>X:<\/em><\/strong> A Final Report is to be submitted\nby the Insolvency Professional appointed as the Liquidator for the Corporate\nperson`s Voluntary Liquidation. Registrar of Companies and the Board shall also\nsubmit the final report.<\/p>\n\n\n\n<p><strong><em>STEP<\/em><\/strong> <strong><em>XI:<\/em><\/strong> An application is to be sent to\nthe Hon`ble National Company Law Tribunal for the dissolution or winding up or\nvoluntary liquidation of the Corporate Person,<\/p>\n\n\n\n<p><strong><em>STEP XI:<\/em><\/strong> After the application is submitted to the Hon&rsquo;ble\nNational Company Law Tribunal, it`s order of dissolution of the Corporate\nPerson shall be submitted within a period of fourteen days to the Registrar of\nCompanies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion<\/h3>\n\n\n\n<p>Prior to the above Notification which notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulation 2017 (&ldquo;The Regulation&rdquo;) and introduced the concept of Voluntary Liquidation process which was governed by the provisions under Companies Act 2013 were not notified. Thereby meaning that voluntary liquidation or winding up of company continued to be governed by Companies Act before the Government introduced the notification on <strong><em>Section 59 of the IBC<\/em><\/strong> in 2017. Now, the IBC enables the insolvency proceedings of the Corporate Debtor turning Insolvent and also contains provisions for Companies who want to surrender their business and give up their right to carry on the same. Thus we see that <strong>Section 59 of the IBC<\/strong> expedites the whole process by removing the ambiguities and bringing a timeline to the whole process.<\/p>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/timeline-for-corporate-insolvency-resolution-process\/\" target=\"_blank\" rel=\"noopener noreferrer\">Timeline for Corporate Insolvency Resolution Process<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Code (IBC), 2016, has consolidated and amended the laws in relation to insolvency of Companies, Partnership Firms, and Limited Liability Partnership into a single legislation. This provided time-bound resolution and licensed the creditors to initiate the insolvency resolution process if in case default occurs. In exercise of the powers conferred by [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":31708,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2378],"tags":[2971],"acf":{"service_id":"230"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Voluntary Liquidation of a Company under IBC - Enterslice<\/title>\n<meta name=\"description\" content=\"A Final Report is to be submitted by the Insolvency Professional appointed as the Liquidator for the Corporate person`s Voluntary Liquidation.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/voluntary-liquidation-of-a-company-under-ibc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Voluntary Liquidation of a Company under IBC - Enterslice\" \/>\n<meta property=\"og:description\" content=\"A Final Report is to be submitted by the Insolvency Professional appointed as the Liquidator for the Corporate person`s Voluntary Liquidation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/voluntary-liquidation-of-a-company-under-ibc\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-30T06:29:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-24T09:45:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/Voluntary-liquidation-of-a-company-under-IBC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/02\/Soumya-Bajpai.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. 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