Question

    Under Section 59 of IBC relating to voluntary

    liquidation of corporate persons, which of the following conditions must be met for a corporate person to initiate voluntary liquidation proceedings?
    A The corporate person has defaulted Correct Answer Incorrect Answer
    B The corporate person must have committed a fraud. Correct Answer Incorrect Answer
    C The corporate person must not have committed any default. Correct Answer Incorrect Answer
    D The corporate person must be facing insolvency. Correct Answer Incorrect Answer
    E The corporate person must have a history of defaults. Correct Answer Incorrect Answer

    Solution

    Explanation: Section 59-Voluntary liquidation of corporate persons: (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter.

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