“Though the procedure to be followed for voluntary liquidation proceedings under Chapter III is largely similar to the procedure to be followed for insolvent liquidation under Chapter III of the Code yet there are marked

Section 59 (6) of the Insolvency and Bankruptcy Code, 2016 provides that the provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as may be necessary. Though the procedure to be followed for voluntary liquidation proceedings under Chapter V is largely similar to the procedure to be followed for insolvent liquidation under Chapter III of Part II of the Code yet there are marked differences: Section 59 of the Code provides that a corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of Chapter V of the Code whereas Liquidation is ordered under section 33 of the Code by the Adjudicating Authority in case of corporate debtors who have committed default and whose Corporate Insolvency Resolution Process fails. Declaration of solvency and liquidation not intended to defraud any person shall be given by the majority of directors in case of voluntary liquidation whereas Liquidation is ordered in case of corporate debtor which has committed default of threshold limit. Date of passing of special resolution of the members of the corporate debtor approving voluntary liquidation shall be deemed to be the date of commencement of voluntary liquidation whereas the date on which the Adjudicating Authority passes an order of liquidation under section 33 shall be deemed to be the date of commencement of Liquidation. Liquidator is appointed by the Adjudicating Authority for liquidation under section 33 of the Code while Liquidator is appointed by the corporate debtor in case of voluntary liquidation under section 59 of the Code. The Adjudicating Authority gives order under section 33 and then Liquidation commences while in case of Voluntary Liquidation, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate person after the affairs of the corporate person have been completely wound up, and its assets completely liquidated,