📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    âš¡ Month End Offer - Flat 52% Off On All Courses! Enroll Now âš¡
    00:00:00 AM Left

    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.

    Practice Next
    More Administrative Interpretation and Maxims Questions

    Relevant for Exams:

    ask-question