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The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1 st April, 2017. Which of the following differences apply? 1. Shifting of Powers from Official Liquidator to Insolvency Professional. 2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal. 3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016. 4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.

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More Commerce Questions

Adam Smith spoke about the famous diamond water paradox to show that If there were no changes in the quantity of food sold even when its price falls, we would know that Which of the following errors will not cause the trial balance to be out of order? Non-availability of depreciation to the lessee will . . . . . . . . his tax liability. Contingent liability is shown in the balance sheet because of: