WINDING UP UNDER COMPANIES ACT 2013 AFTER IBC-DECODED-BY CS ROHIT KUMAR
Winding up of Companies after IBC In this article, we will discuss how the provisions or route related to winding up of companies changed after the introduction of the Insolvency & Bankruptcy Code 2016 (the " IBC " or " Code ") because before the enactment of IBC, winding up of companies was under purview of Companies Act 1956 2013 . HOW IBC CHANGE THE SCENARIO OF WINDING UP OF COMPANIES? Before the enactment of IBC the term Winding up was not defined in the Companies Act, 2013 as well as 1956. It was November 15, 2016 when section 255 of the IBC was notified which caused so many changes in Companies Act, 2013 ( through XI schedule ) and introduced new section 2(94A) in the 2013 Act to define the term Winding up as follows: "winding up under this Act or liquidation under Insolvency and Bankruptcy Code, 2016" It means after November 15, 2016 winding up of the companies shall be governed by both laws. Now the important question is how both Acts shall