Voluntary Liquidation pursuant to section 59(7) of IBC, 2016-Solvent Company Voluntary liquidation is a process of winding up voluntarily without the Court / NCLT intervention. Members of the Company and Creditors, if an

To the Existing Bank: For not to accept any debit instruction signed by any previous signatory and to give effect to the change in signatories of the Bank from the previous signatory to the Liquidator or a person so authorized by him / her. Once a new account for Liquidation is opened, a request be sent for closure of existing bank account. It is recommended to have clear instructions in the closure letter regarding change of existing signatories to the Liquidation and thereafter transfer of funds from existing bank account to the new bank account. To the IBBI: Publication on the IBBI website in Form A of IBBI (Voluntary Liquidation Process) Regulations, 2017) i.e Public Announcement for disclosure of commencement of liquidation and appointment of liquidator. To the Income Tax Department: Pursuant to Section 178 of the IT Act, the Liquidator has to intimate the IT Department about his appointment. Thereafter, the Department will raise demands, if any and issue a 'No Objection Certificate' within a time window of 3 months. Company cannot part away with its assets until this NOC is received from the IT Department. To the ROC: Intimation of appointment of Liquidator in Form MGT 14; Intimation of commencement of Liquidation along with executed Declaration of Solvency in Form GNL-2. To GST Department/Ward: Pursuant to Section 88 of the CGST Act, and Intimation is to be submitted with the jurisdictional GST Department with respect to appointment of Liquidator within 30 days of his appointment. The Departments can require provision of debt certificate from the Company and status of GST Returns, in order to ascertain the GST Liability and calculation of GST Refund, if any.