The law requires majority of directors of a company to initiate the process of voluntary liquidation.
Apart from permitting initiation of insolvency resolution process for highly indebted companies that are unable to pay back their debts, the Insolvency and Bankruptcy Code, 2016 (IBC) also allows for voluntary liquidation for companies who are solvent and have the capacity to repay all their dues. As on September 11, as many as 28 companies filed for voluntary liquidation under the provisions of the IBC.
Among the companies that filed for voluntary liquidation are Wadia BSN I…
Read the full article at: http://indianexpress.com/article/business/companies/bankruptcy-code-28-solvent-firms-initiate-voluntary-liquidation-4840901/
