Close of private limited company

Respected Experts,

Please advice me on this. There is one company whose year of incorporation is 1964. For the past 5 years the company has become non-operational and it now wants close it. If it choses Fast Track Exit mode, it will have to clear all assets and liabilities. If the comapny is in no position to clear all its liabilities, then what is the way?

Please guide me.

Thanks