Write a short note on winding up under the Companies Act, 2013 with special reference to Insolvency and Bankruptcy Code, 2016.

Winding-up under the Companies Act, 2013 The Companies Act, 2013 contain provisions for winding-up of companies on various grounds including inability of companies to pay their debts. The notification of the Insolvency and Bankruptcy Code, 2016 has deleted the provisions in the Companies Act, 2013 regarding winding-up of companies on the ground of inability to pay their debts and those relating to voluntary winding-up of companies and detailing the requirements for insolvency resolution of corporate persons and voluntary winding-up in the Code itself. 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. 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.