"Appointment of Voluntary Liquidator does not require approval of Tribunal but Company can be dissolved on the orders of National Company Law Tribunal." Discuss the above in the background of initiation of voluntary liqu

Provisions relating to voluntary liquidation are contained in section 59 of the Insolvency and Bankruptcy Code, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017 that have come into effect on 1st April, 2017. The relevant sections of the Companies Act, 2013 relating to members or creditors winding-up has been deleted since then. A resolution passed by special majority appointing none other than an Insolvency Professional as voluntary liquidator begins the initiation. Directors need to file a declaration of solvency at least 30 days prior to passing the resolution. In case there remains any creditors, 2/3rds in value of creditors should approve the resolution passed earlier within next 7 days. The resolutions need to be filed within next 7 days with ROC. The Insolvency Professional needs to be independent of corporate debtor. After realization and distribution, the voluntary liquidator files report before the Tribunal as per section 59(8) of the Code for dissolution.