Liquidation is the legal process through which a company winds down its affairs, settles its liabilities, realises and distributes its assets, and ultimately ceases to exist. In India, the applicable procedure depends on whether a solvent company chooses to close voluntarily or a company enters liquidation following insolvency proceedings.
For companies undergoing voluntary liquidation, the primary statutory framework is Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC), as amended by the Insolvency and Bankruptcy Code (Amendment) Act, 2026, together with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, as amended.
Plan Company…