The Insolvency and Bankruptcy Board of India ( IBBI ) notified Vide Circular No. IBBI/LIQ/74/2024 dated 28.06.2024 extended the time for filing Forms to monitor voluntary liquidation processes under the Insolvency and Bankruptcy Code ( IBC ), 2016. The liquidators were directed to file forms relating to the voluntary liquidation latest by 30.09.2024.
Voluntary liquidation is the process by which a company or a corporate entity is liquidated, or brought to an end, by its shareholders or creditors when the company is solvent, meaning it is able to pay off its debts and liabilities. In the voluntary liquidation process, the assets of the company are sold off to pay creditors, and any remaining funds are distributed to shareholders.
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