And publish a copy of the notice of the resolution in the official gazette and newspaper within 14 days. вЂ“ Within 10 days of passing the resolution, the company shall file a notice with the Registrar of Companies for the appointment of liquidator. вЂ“ Apart from the General Meeting, a separate meeting of creditors shall be convened and if the majority creditors are of the opinion that winding up is beneficial for all parties then the company can be wound up voluntarily shall pass a resolution to that effect. The date of passing the resolution is the starting date of winding-up proceedings. вЂ“ At the General Meeting, an ordinary resolution for the purpose of winding up by ordinary resolution by simple majority or special resolution by 3/4thmajority should be passed. Notices in writing for calling of a General Meeting proposing the resolution along with the explanatory statement are issued in this regard. вЂ“ Subsequently, a General Meeting is called for obtaining membersвЂ™ approval. This is nothing but the declaration of solvency by the Company. вЂ“ The foremost step in voluntary winding up in which the Board of Directors passed a resolution declaring the solvency position of the company that they believe that the company has no debt or it will be able to pay its debt after utilizing all the proceeds from the sale of its assets. Curtailing to the procedural part, the following gives a broad schedule of events: In specific to the procedure for winding up and compliances, there are numerous provisions to be taken care of. PROCEDURE FOR VOLUNTARY WINDING UP OF A COMPANY The Articles of Association of the Company provides for dissolution after the expiry of the specific period or at the occurrence of any such event and a resolution in this regard is passed at the general meeting for winding up.The Company passes a Special Resolution for the purpose of winding up.Section 304 provides that the company can be wound up voluntarily by the mutual decision of members of the company, if: Section 359 to 365 вЂ“ deals with provisions relating to Official liquidator.Section 324 to 358 вЂ“ deals with provisions applicable to every mode of winding up.Section 204 to 323 вЂ“ deals with Voluntary Winding-up.Section 271 to 303 вЂ“ deals with Winding up by the Tribunal.Section 270 of the Act, provides that the company may be wound up either: Wherein it lays down the complete statutory provisions under those sections: Provisions 270 to 365 deal with winding up, almost 1/4th the Act. Even during the process of winding up the company continues to be a legal person.ДЄs far as provisions under the Companies Act, 2013, it provides extensive coverage for every aspect of winding up. Winding up is the process by which the assets of the company are saved and the affairs of the company are wound up. In this article we will discuss the Process of Winding up of a Company in accordance with the syllabus of Setting up of Business Entities and Closure вЂ“ SBEC CS EXECUTIVE. This article covers the overview of the winding up and modes as prescribed under the Companies Act, 2013 and Insolvency & Bankruptcy Code, 2016. In the practical scenario under the earlier Companies Act, winding up of a company takes years to complete and was a tedious process. In light of the Companies Act, 2013, winding up is a process of dissolving the legal existence of the company. In the modern era, setting up business/ incorporation has been simplified by way of ease of doing business. The process of setting up a business and winding up is a process of law. Winding Up Of A Company вЂ“ Meaning, Petition & Process