Voluntary liquidation of corporate persons
| Topics | |
| 1. An order of restoration cannot passed be in case of Voluntary Liquidation of Corporate Persons under Section 59 of IBC. | |
| 2. Provisions of Section 59 of the Code can be made applicable under Voluntary Liquidation initiated pursuant to the Companies Act, 1956 and the procedure to be followed pertaining to appeal under Section 42 of the Code is maintainable before the NCLT | |
| 3. The fact that the guarantee has not been invoked, does not absolve the Corporate Guarantor from debt. | |
| 4. The Corporate Debtor can appoint a Liquidator and “wherever required” may replace him by another Liquidator by simply passing a resolution. |