Write a short note on Winding up under the Companies Act, 2013 in contrast with liquidation in terms of Insolvency and Bankruptcy Code, 2016.

The Companies Act, 2013 contain provisions for winding up of companies on various grounds including inability of companies to pay their debts in terms of section 271 thereof. On promulgation of the Insolvency and Bankruptcy Code, 2016 the clause relating ground of inability to pay their debts and provision relating to voluntary winding up of companies have been deleted. The code will exclusively be governing the insolvency resolution and liquidation of corporates. The Companies Act, 2013 shall continue to govern winding up of companies on various other grounds excluding inability to pay debts, companies formed with an intention to defraud the society, threatening the sovereignty of state or union, not filling statutory returns or just and equitable reasons. Sections 270 to 288, Sections 290 to 303, Section 324 and Sections 326 to 365 of Chapter XX of the Companies Act, 2013 contain the provisions related to winding up of the company.