Yuvan Infra Ltd. is continuously making losses and the Directors of the Company are planning to voluntarily wind up the Company. As a Company Secretary advise on conditions and also advise them briefly on procedures for

Section 59(3) of the Insolvency & Bankruptcy Code prescribes following conditions for voluntary liquidation. A declaration by majority of the directors of the company (in an affidavit) stating that they have made a full inquiry into the affairs of the company and formed an opinion that either the company has no debt or it will be able to pay its debts in full from the proceeds of assets to be sold in the voluntary liquidation. Company is not being liquidated to defraud any person. Brief procedure of voluntary liquidation of a corporate person under IBC includes: Submission of declaration that the company will be able to pay its dues and is not being liquidated to defraud any person to ROC Passing special resolution for approving the proposal of voluntary liquidation and appointment of liquidator Public announcement inviting claims of all stakeholders Intimation to the ROC and the Board about the approval Preparation of preliminary report about the capital structure, estimates of assets and liabilities, proposed plan of action Verification of claims Opening of a bank account in the name of the corporate person followed by the words 'in voluntary liquidation' in a scheduled bank Sale of assets, recovery of monies due to corporate person, realization of uncalled capital or unpaid capital contribution Distribution of the proceeds from realisation Submission of final report by the liquidator to the corporate person, ROC and the Board and application to the National Company Law Tribunal (NCLT) Submission of NCLT order regarding the dissolution.