Tag Archives: Voluntary Liquidation Process

Completion of Voluntary Liquidation


Successful completion of a process is as important as its beginning. Voluntary liquidation process is not only a completion of liquidation but result in dissolution of the company.

Continue reading

Advertisements

REALISATION OF ASSETS AND DISTRIBUTION OF PROCEEDS


Once voluntary liquidation process started; satisfaction of claim becomes primary exercise. For this purpose, this is duty of liquidator handling voluntary liquidation to realize all assets of corporate person and distribute the proceeds.

Continue reading

Claims in Voluntary Liquidation


Satisfaction of claims is essential part of any liquidation. According to clause (6) of section 3 of the Insolvency and Bankruptcy Code, 2016, “claim” means—

(a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured;

(b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured.

Continue reading

Liquidator in voluntary liquidation


In recent posts, we discussed voluntary liquidation and its commencement. In liquidation, liquidator play crucial role.

Continue reading

Initiation of Voluntary Liquidation


In last post we discussed here basic provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016 about voluntary liquidation.  As we mentioned, sub – section (3) to (5) of section 59 prescribes conditions related to corporate person registered as company. Similar conditions, in relation to voluntary liquidation of other corporate persons are prescribed in Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Here, we will discuss.

Continue reading