- BD (Board Resolution) is required. - majority directors must agree for winding up. - a Special Resolution must be passed where 3/4th the total Shareholders must cast their vote in favor of winding up the company - consent of the Trade Creditors is required. Trade Creditors has to give their approval that they don’t have any obligation if the company gets wound up. - The Company needs to make a Declaration of Solvency and the same must be accepted by the trade creditors. - - The Company must show the Company’s credibility in Declaration of Solvency. - Appointed Liquidator will make a report of the assets, liabilities, reserves, capital etc. - Above procedures shall be presented and filed in a prescribed form - Company name shall be prohibited for 2 years to be taken by any other applicant.
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