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Voluntary Liquidation of corporate persons.

Section 59 - Act - VOLUNTARY LIQUIDATION OF CORPORATE PERSONS - Insolvency and Bankruptcy Code, 2016 - Section 59 - CHAPTER V VOLUNTARY LIQUIDATION OF CORPORATE PERSONS 59. (1) A corporate person who intends to liquidate itself voluntarily and has no .....

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ecified by the Board. (3) Without prejudice to sub-section (2), voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions, namely:- (a) a declaration from majority of the directors of the comp .....

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ets to be sold in the voluntary liquidation; and (ii) the company is not being liquidated to defraud any person; (b) the declaration under sub-clause (a) shall be accompanied with the following documents, namely:- (i) audited financial statements and .....

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ur weeks of a declaration under sub-clause (a), there shall be- (i) a special resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily and appointing an insolvency professional to act as the liq .....

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n respect of which the articles provide that the company shall be dissolved, as the case may be and appointing an insolvency professional to act as the liquidator: Provided that the company owes any debt to any person, creditors representing two-thir .....

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liquidate the company within seven days of such resolution or the subsequent approval by the creditors, as the case may be. (5) Subject to approval of the creditors under sub-section (3), the voluntary liquidation proceedings in respect of a company .....

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