done by preparing and enforcing a 'resolution plan'. Default here includes those debts that has become due and payable. 2016; a legislation which was much needed. 6. • Sec.59(4) and Reg.3(2) IBBI (Voluntary Liquidation Process) Regulations, 2017 contemplate filing of resolution passed by members and subsequent approval In terms of Section 59 of the IBC, only a corporate person is allowed to initiate voluntary liquidation process, which has not committed any default. Under Section 53 of the IBC, which deals with waterfall mechanism, the topmost priority is given to costs which are related to the liquidation process and dues of workmen of the corporate debtor. A creditor may withdraw or vary his claim under this section within fourteen days of its submission, The liquidator will verify the claims submitted, The liquidator may, after verification of claims, either admit or reject the claim, The liquidator will communicate his decision of admission or rejection of claims to the creditor and corporate debtor within seven days of such admission or rejection of claims, The liquidator will determine the value of claims admitted, The proceeds from the sale of the liquidation assets shall be distributed in the following order of priority : –. Under the 1956 Act, the procedure of voluntary liquidation was divided into two categories namely, creditors’ voluntary winding up and members’ voluntary winding up. Even Fastlegal The corporate person shall from the voluntary liquidation commencement date cease to carry view to consolidate and amend the existing legal framework of reorganization and Timeline for carrying out the Voluntary Liquidation process under the IBC is of 12 months, however in the event of Liquidation process continuing for more than 12 months, the Liquidator has to submit Annual Status Report indicating the progress of such Liquidation. the previous legislations dealing with insolvency and bankruptcy by including The supreme court, and High courts have power to issue writs in the nature of habeas corpus , quo... Legal Service India.com is Copyrighted under the Registrar of Copyright Act (Govt of India) © 2000-2021. Email: [email protected] The liquidator shall make his best endeavors to complete the liquidation process within the provided duration of twelve months. (b) When the Adjudicating Authority (NCLT) rejects the resolution plan submitted Anil Goel, CA. After the notification of Insolvency and Bankruptcy Code, 2016 (“IBC”) the voluntary liquidation of a company is now governed by the provisions of section 59 of IBC and relevant regulations issued under IBC. On 31 March 2017, the IBBI (i.e. Regulation 46[10] states that before the order of dissolution is passed under section 54(2), the liquidator shall apply to the Adjudicating Authority for an order to pay into the Companies Liquidation Account in the Public Account of India any unclaimed proceeds of liquidation or undistributed assets or any other balance payable to the stakeholders in his hands on the date of the order of dissolution. … a going concern . The Hon ble Supreme Court Your email address will not be published. The plan was to introduce the act back in 1992 but it was not until 2016 that this plan was officially added to complement Companies Act 2013. 5. The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to resolution process for corporate persons as well as voluntary liquidation. to it under section 31 for the non-compliance of the requirements specified. corporate insolvency resolution process under section 12 of Insolvency Code, Even though the voluntary liquidation proceedings are initiated and are pending before the High Court, the provisions of Section 59 of the I&B Code shall become applicable and consequently the appeal filed before the Adjudicating Authority on admission/rejection of claims under Section 42 of the I&B Code is maintainable. Presently, the public authority vide its Notification has revoked the arrangement of Voluntary Liquidation under Companies Act 1956 and Companies Act 2013. NEW COMPLIANCES: Procedure for Voluntary Liquidation of Company Under IBC. Conditions to start Voluntary Liquidation under IBC contravened the resolution plan, it shall pass a liquidation order. a.  What is interesting to note is that the Preamble does not, in any manner, refer work out, the process that follows is liquidation . However, if that does not Reporting to Registrar of companies and Board about Voluntary Liquidation Process by Company:. (a) When a Resolution plan which is required under Section 30(6) of ... receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process and verify the same. Corporate Insolvency Resolution Process and Liquidation Process under IBC (Corporate Rescue and Insolvency) Dr. Rajkumar S. Adukia Chairman Competent Insolvency Professionals Private Ltd B. Com. [2], The Insolvency and Bankruptcy Board of India (IBBI) has Section 59 which deals with Voluntary Liquidation, whereas the Voluntary Liquidation process before IBC was provided in Companies Act 2013. resolution plan or the resolution plans submitted are not up to the mark. The Central Government has, on 30 March 2017, notified, inter alia, Section 59 of the Insolvency and Bankruptcy Code, 2016 (Code) which deals with voluntary liquidation of corporate entities with effect from 1 April 2017. shall cease to have effect. F-153-154, Time Square, Central Spine, Vidhyadhar Nagar, Jaipur-302039, Contacts With the advent of Insolvency and Bankruptcy Code(IBC), 2016, a uniform, comprehensive Code was introduced which encompassed all companies, partnerships, and individuals (other than financial firms). Its primary goal is to consolidate the Insolvency resolution process into a fast track for all c… IBBI (Voluntary Liquidation Process) Regulations, 2017 (Amended upto 15.01.2020) 06 Jan, 2020 : IBBI (Liquidation Process) Regulations, 2016 (Amended upto 06.01.2020) 28 Nov, 2019 : IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 28.11.2019) Insolvency Code, 2016 is not received before the expiry of the insolvency (Hons. This site uses Akismet to reduce spam. Voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions: Reporting to Registrar of companies and Board about Voluntary Liquidation Process by Company: The voluntary liquidation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the above resolution subject to the approval of Creditors of Company, Need Voluntary Liquidation Services for your Company – Please Email us at, Distribution of assets in case of Liquidation of Company, Reporting to Registrar of companies and Board about Voluntary Liquidation Process by Company, Voluntary Liquidation of Company Services in Ajmer, Voluntary Liquidation of Company Services in Bikaner, Voluntary Liquidation of Company Services in Chandigarh, Voluntary Liquidation of Company Services in Delhi, Voluntary Liquidation of Company Services in Gujrat, Voluntary Liquidation of Company Services in Gurgoan, Voluntary Liquidation of Company Services in Haryana, Voluntary Liquidation of Company Services in Jaipur, Voluntary Liquidation of Company Services in Jodhpur, Voluntary Liquidation of Company Services in Kolkata, Voluntary Liquidation of Company Services in Mumbai, Voluntary Liquidation of Company Services in Punjab, Voluntary Liquidation of Company Services in Rajasthan, Voluntary Liquidation of Company Services in Tamilnadu, ROC Annual Filing Date for Form AOC-4, AOC-4 (CFS), AOC-4(XBRL) and Form MGT-7 Date Extended to 30th November and 31st December, 2019, Main requirements for Trademark Registration, LLP may soon have Reduced Additional Fee , MCA initiates process of De-criminalisation of compoundable offences under Limited Liability Act, 2008, What is Law Firm SEO and Why is it Important in Boosting Website Rank, Appointment of Resident Director in India, How to Register Sole Proprietorship Firm in India, Income Tax Return filing Date Extended to 15th February, 2021 for Audit Cases, Recovery of dues by MSME’s through MSME Samadhan Scheme, How to take Loan From Director to Private Limited Company, Main objects of Interior Decorator Company, Stamp duty on Loan Agreement in Rajasthan, Stamp Duty on Power of Attorney (POA) in Rajasthan, FLA Return Date Extended to 14th August, 2020 (FLA Return Extension), How to check if a brand name (Trademark) is registered in India, FLA Return Due Date Extended to 31st July 2020, How to Register Insurance Broking Company in India, New criteria for classification of micro, small and medium enterprises (MSME), A declaration from majority of the directors of the company verified by an affidavit stating that –, (i) they have made a full inquiry into the affairs of the company and they have formed an opinion that either the company has no debt or that it will be able to pay its debts in full from the proceeds of assets to be sold in the voluntary liquidation; and, the company is not being liquidated to defraud any person. Distribution of assets in case of Liquidation of Company: Where the affairs of the corporate person have been completely wound up, and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority (NCLT) for the dissolution of such corporate person, The Adjudicating Authority shall on an application filed by the liquidator pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. notification dated 31st March 2017, notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 which came into effect from 1st April 2017. Insolvency and Bankruptcy Code provides Voluntary Liquidation of Corporate Persons in India, A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under Chapter V of Insolvency and Bankruptcy Code (IBC) , Section 59 of IBC provides for Voluntary Liquidation of Corporate Persons. Anil Agarwal & CA. Adjudicating Authority: A copy of an order of dissolution shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered (ROC) . The insolvency resolution process costs and the liquidation costs paid in full; The following debts which shall rank equally between and among the following: workmen’s dues for the period of twenty-four months preceding the liquidation commencement date; and, debts owed to a secured creditor in the event such secured creditor has relinquished security. If the Where Company Owes any Debt to any Person : creditors representing two thirds in value of the debt of the company shall approve the resolution passed under sub clause (c) within seven days of such resolution (Special or Ordinary Resolution as mentioned above), within seven days of such resolution or the subsequent approval by the creditors, as the case may be, The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process.
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