Unlike Companies Act, 1956 winding up can be resorted to only when resolution plan either could not be finalised or failed within 30 days of approval by adjudicating authority as per Insolvency and Bankruptcy Code, 2016.

Difference between Companies Act, 1956 and Companies Act, 2013 in terms of winding-up is that in the former "inability to pay debts" is to be proved but in latter in terms of Insolvency and Bankruptcy Code, 2016 occurrence of "default" in payment of installment whether principal or interest or both is to be established. The general perception is failure of Resolution Plan that triggers winding-up. But in case of voluntary winding-up Resolution Plan does not arise. Section 271 of the Companies Act, 2013 includes grounds for winding-up against companies that are run against sovereignty, integrity or with fraudulent action. Like under the 1956 Act, the company, any contributory, the Registrar, Officer of Union or State Government as authorised can present petition before National Company Law Tribunal for the winding-up of a company. State Government may authorize its officer, in case, anyone is found formed against the security of the concerned State or against public policy.