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Commerce
Legal Aspects Of Business
Difficulty: Medium
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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