Voluntary Liquidations are dealth under Companies Act, 2013 or the Insolvency & Bankruptcy Code, 2016. Elucidate with relevant provisions.

Part II of Chapter XX of the Companies Act, 2013 dealing with voluntary winding up has since been deleted by the Insolvency and Bankruptcy Code, 2016 and a separate provision of section 59 has been made in the Insolvency and Bankruptcy Code for dealing with voluntary winding up of corporate persons including companies. This section provides for the initiation of voluntary liquidation proceedings by the corporate debtor which has not defaulted on any debt due to any person A corporate debtor, being a company may choose to be wound up voluntarily under several circumstances including winding up as a result of expiry of period of operation fixed in its constitutional documents or occurrence of an event provided in its constitutional documents for its dissolution.