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      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 must be in default. Correct Answer Incorrect Answer
      B The corporate person must have committed a default 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

      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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