Resurgent Resolutions Professionals LLP(RRPL) has more than 10 experienced Insolvency Professionals as partners who are all registered with IBBI across various major cities such as Gurgaon, Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad etc. and can provide services as Liquidator to Financial Creditors, Operational Creditors and other stakeholders for initiating and implementing Corporate Insolvency Resolution Process ('CIRP') as specified under the Insolvency & Bankruptcy Code, 2016.
The Insolvency and Bankruptcy Code, 2016
Insolvency Resolution and Liquidation for Corporate Persons
Voluntary Liquidation of Corporate Persons
59. (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter.
2) The voluntary liquidation of a corporate person under sub-section (1) shall meet such conditions and procedural requirements as may be specified by the Board.(3) Without prejudice to sub-section (2), voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions, namely:—
a) a declaration from majority of the directors of the company verified by an affidavit stating that—
b) the declaration under sub-clause (a) shall be accompanied with the following documents, namely: -
c) within four weeks of a declaration under sub-clause (a), there shall be -
Provided that the 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.
3) The company shall notify the Registrar of Companies and the Board about the resolution under sub-section (3) to liquidate the company within seven days of such resolution or the subsequent approval by the creditors, as the case may be.
4) Subject to approval of the creditors under sub-section (3), the voluntary liquidation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the resolution under sub-clause (c) of sub-section (3).
5) The provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as may be necessary.
6) 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 for the dissolution of such corporate person.
7) The Adjudicating Authority shall on an application filed by the liquidator under sub-section (7), pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly.
8) A copy of an order under sub-section (8) shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered.