{"id":121430,"date":"2024-05-09T14:26:24","date_gmt":"2024-05-09T08:56:24","guid":{"rendered":"https:\/\/legalwindow.in\/?p=121430"},"modified":"2024-06-05T14:39:20","modified_gmt":"2024-06-05T09:09:20","slug":"voluntary-liquidation-under-the-companies-act-2013","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/voluntary-liquidation-under-the-companies-act-2013\/","title":{"rendered":"A Comprehensive Analysis under the Companies Act, 2013 &#038; IBC, 2016"},"content":{"rendered":"<p><b>Voluntary liquidation<\/b><span style=\"font-weight: 400;\"> is a procedure by which a company begins the dissolution of its affairs by choice. It is a vital way of corporate restructuring and insolvency proceedings. The <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\"> structures along with their process and implications mentioned under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016. It is significant for shareholders to know the difference between these two legislative frameworks, it is easier to navigate the corporate dissolution in the Indian aspect. The current article\u2019s purpose is to aware you about the <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\"> under the <\/span><a href=\"https:\/\/legalwindow.in\/category\/company-law\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><\/a><span style=\"font-weight: 400;\"> and the IBC, 2016.<\/span><\/p>\n<p><a href=\"https:\/\/legalwindow.in\/wp-content\/uploads\/A-Comprehensive-Analysis-under-the-Companies-Act-2013-IBC-2016.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-121454 size-full\" title=\"Comprehensive Analysis under the Companies\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/A-Comprehensive-Analysis-under-the-Companies-Act-2013-IBC-2016.png\" alt=\"Comprehensive Analysis under the Companies\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/A-Comprehensive-Analysis-under-the-Companies-Act-2013-IBC-2016.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/A-Comprehensive-Analysis-under-the-Companies-Act-2013-IBC-2016-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/A-Comprehensive-Analysis-under-the-Companies-Act-2013-IBC-2016-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/A-Comprehensive-Analysis-under-the-Companies-Act-2013-IBC-2016-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #000000;\"><b>Table of Content\u00a0<\/b><\/p>\n<ul>\n<li><a href=\"#voluntary\">Voluntary Liquidation pursuant to Section 59(7) of IBC, 2016<\/a><\/li>\n<li><a href=\"#step\">Step-by-step timeline process for Voluntary Liquidation<\/a><\/li>\n<li><a href=\"#conclusion\">Conclusion<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"voluntary\"><b>Voluntary Liquidation pursuant to Section 59(7) of IBC, 2016<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Company that wishes to liquidate itself voluntarily and not commit to any default may start with a <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\"> process subject to the accomplishment of certain situations. It is defined under section 59(7) of the <\/span><a href=\"https:\/\/ibbi.gov.in\/en\/legal-framework\/rules\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IBC, 2016.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><b>Reasons for voluntary liquidation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">There are certain reasons for the <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\">, which are as follows:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Measure tax planning: <\/b><span style=\"font-weight: 400;\">Companies may plan for <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\"> to avail of certain benefits of taxes. In addition, companies may plan for <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\"> to offset their capital losses.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Special purpose vehicle (SPV): <\/b><span style=\"font-weight: 400;\">In case the object for which the company has been incorporated is fulfilled, then the company can be liquidated voluntarily. For instance, toll projects, and SPV in real estate projects.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>No potential opportunities: <\/b><span style=\"font-weight: 400;\">In case a company cannot feasibly operate financially because of unfavorable environmental situations, technical obsolescence, or due to amendments in legal structure, it may decide to wind up its operations voluntarily or the company does not have potential business opportunities.<\/span><\/li>\n<\/ul>\n<h3><b>Voluntary liquidation conditions<\/b><\/h3>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Company shall have resolved to wind up voluntarily by a <\/span><a href=\"https:\/\/legalwindow.in\/concept-of-resolution-under-companies-act-2013\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">special resolution<\/span><\/a><span style=\"font-weight: 400;\"> passed by creditors and shareholders;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Company shall be solvent.<\/span><\/li>\n<\/ol>\n<h3><b>Implication of income tax for voluntary liquidation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">There are certain compliances under the Income Tax Act, 1961:<\/span><\/p>\n<ul>\n<li><b>Dividend: <\/b><span style=\"font-weight: 400;\">It is define under section 2(22)(c) of the Income Tax Act, 1961. Any distribution made to the company\u2019s shareholders on its liquidation to the extent which the distribution is attributed to accumulated the company\u2019s profit is treated as a deemed dividend and as per <\/span><a href=\"https:\/\/legalwindow.in\/tds-rate-chart-for-fy-2022-2023\/\"><span style=\"font-weight: 400;\">TDS<\/span><\/a><span style=\"font-weight: 400;\"> @ 10% is needed to be deducted (according to provisions of section 194 of the Income Tax Act, 1961).<\/span><\/li>\n<li><b>Capital Gain:<\/b><span style=\"font-weight: 400;\"> The company\u2019s assets distribution to its shareholders on its liquidation must not be transferred by the company, as per section 46 of the Income Tax Act, 1961.<\/span><\/li>\n<li><b>Company in Liquidation: <\/b><span style=\"font-weight: 400;\">The Company\u2019s liquidator shall provide intimation to the <\/span><a href=\"https:\/\/legalwindow.in\/income-tax-return-filing\/\"><span style=\"font-weight: 400;\">income tax<\/span><\/a><span style=\"font-weight: 400;\"> officer within 30 days from the appointment date. In case the liquidator fails to offer such intimation, he must be personally liable for payment of dues of income tax and other compliances.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, it is not compulsory to have NOC according to the circular passed by the <\/span><a href=\"https:\/\/ibbi.gov.in\/en\/legal-framework\/circulars\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IBBI Circular No. IBBI\/LIQ\/45\/2021 Dated 15-11-2021<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to provisions of Section 2(35) of the Income Tax Act, 1961, the principal officer\u2019s position is occupied by the liquidator to ensure the compliances need to be fulfilled.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Impact of <\/span><a href=\"https:\/\/legalwindow.in\/payment-of-stamp-duty-on-shares\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Stamp Duty<\/span><\/a><span style=\"font-weight: 400;\">: In case the company distributes immovable property among their shareholders, then a liquidator is needed to implement the sale deed and transactions need to have stamp duty according to the state Stamp Duty Act.<\/span><\/p>\n<h2 id=\"step\"><b>Step-by-step timeline process for Voluntary Liquidation<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There is a step-by-step timeline <\/span><a href=\"https:\/\/legalwindow.in\/liquidation-process-of-a-company\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">process for <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\">:<\/span><\/a><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Solvency Declaration: <\/b><span style=\"font-weight: 400;\">An affidavit has been filed for the Declaration of Solvency (DoS) by the directors, in which certain things must be written:<\/span><\/li>\n<\/ol>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Made a full inquiry about the company\u2019s affairs and must have created their opinion, which is either the company has no debt or if any then it will be able to pay in full from the process of selling assets in the liquid;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Company must have sufficient provisions to meet the duties, which arise on account of pending cases; and<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">The company is not being liquidated to defraud any individual.<\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Must pass SR within four weeks of attaining DoS(T)DoS;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creditors approval within seven days of SR (T+7);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To fill Form A (T+5) for public announcement;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IBBI intimation by IP (T+7);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Send notice to RoC &amp; IBBI re. SR\/ permission of creditors (T+7\/14);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Submission of Stakeholder\u2019s claims (T+30);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Alteration\/ withdrawal of shareholder\u2019s claims (T+44);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preliminary report submission by the liquidator to CD (T+45);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Need to verify the liquidator&#8217;s claims (T+60);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Claim\u2019s rejection\/ intimation of a decision of acceptance (T+67);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make lists of Shareholder (T+45*\/75);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any appeal by creditors against the Liquidator\u2019s decision;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Process distribution within 30 days of realization;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Before applying for dissolution, need to deposit the unclaimed amount in a corporate <\/span><b>voluntary liquidation<\/b><span style=\"font-weight: 400;\"> account;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Final report submission to ROC, IBBI, and AA (T+90*\/270);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Voluntary liquidation<\/b><span style=\"font-weight: 400;\"> process is completed (T+90*\/270)<\/span><\/li>\n<\/ol>\n<p><a href=\"https:\/\/legalwindow.in\/modes-of-winding-up-of-a-company-as-per-companies-act\/\" target=\"_blank\" rel=\"noopener\"><b>Modes of Voluntary Winding up Companies Act, 2013<\/b><\/a><\/p>\n<h2 id=\"conclusion\"><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Under the Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016<\/span><b>, voluntary liquidation<\/b><span style=\"font-weight: 400;\"> is provided to the companies in India to distinguish the winding affairs. The Companies Act provides a process more straightforward and company-driven for dissolution, and the IBC provides a comprehensive structure, which includes oversight by insolvency professionals and the <\/span><a href=\"https:\/\/nclt.gov.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NCLT<\/span><\/a><span style=\"font-weight: 400;\">. Both legal frameworks&#8217; motive is to maintain the orderly winding up of the company\u2019s affairs, make sure the fair treatment of shareholders and creditors. Meanwhile, the choice between the Companies Act, 2013 and IBC depends on several factors such as the financial position of the company, the desired level of regulatory framework, and extension of creditor involvement. If you have any doubts regarding <\/span><b>Voluntary liquidation <\/b><span style=\"font-weight: 400;\">and to know about the <\/span><b>procedure for the voluntary winding up of a Company<\/b><span style=\"font-weight: 400;\">, thus, here is our <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window Team<\/span><\/a><span style=\"font-weight: 400;\"> of professions, and experts to help you!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Voluntary liquidation is a procedure by which a company begins the dissolution of its affairs by choice. It is a vital way of corporate restructuring and insolvency proceedings.&hellip;<\/p>\n","protected":false},"author":3,"featured_media":121453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-121430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Voluntary Liquidation Under The Companies Act 2013 &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"The current article\u2019s purpose is to aware you about the voluntary liquidation under the Companies Act, 2013 and the IBC, 2016.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/voluntary-liquidation-under-the-companies-act-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Voluntary Liquidation Under The Companies Act 2013 &#187; 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