Directors assess the company's financial position and declare its ability to pay all debts. This declaration, made on Form 107 as per Rule 269, is supported by an auditor's report. The board convenes to decide on proposing voluntary winding up to the shareholders and schedules a General Meeting (Annual or Extraordinary) as per Section 362.

Forms to be used: Form 107

At the General Meeting, shareholders review the directors' proposal and, upon agreement, pass a Special Resolution to wind up the company voluntarily. A liquidator is appointed during this meeting, and his remuneration is fixed. The appointment of the liquidator effectively dissolves the Board of Directors, as stated in Sections 358 and 364.

The resolution to wind up is published in the Official Gazette and newspapers within 10 days, ensuring public notification. A copy is also filed with the Registrar in compliance with Section 361.

The company must inform the Registrar about the liquidator's appointment or any changes, along with the liquidator's consent, within 10 days of such occurrence, as mandated by Section 366.

The appointed liquidator must announce his role in the Official Gazette and to the Registrar within 14 days of appointment, using Form 110 as prescribed under Rule 271, according to Section 389.

Forms to be used: Form 110

Should the liquidator determine that the company cannot fully settle its debts, he must convene a creditors' meeting, presenting a financial statement that outlines the company's assets and liabilities, as per Section 368.

The liquidator must file a return, including the creditors' meeting notice and other relevant documents, with the Registrar within 10 days of the meeting, adhering to Section 368.

Suppose the winding-up process extends over a year. In that case, the liquidator must call an annual general meeting of the shareholders and seek court approval for extending the winding-up duration, as outlined in Section 387(5).

A return, including the notice of each general meeting, financial statements, and minutes, must be filed with the Registrar within 10 days post-meeting, as required by Section 369.

Upon completing the winding-up process, the liquidator compiles a final report and financial account, summoning a meeting of members to present these documents. This step is conducted on Form 111 as per Rule 279, following Section 370.

Forms to be used: Form 111

The final meeting notice is published in the Gazette and newspapers at least 10 days before the scheduled date, ensuring compliance with Section 370.

Within a week following the final meeting, the liquidator submits a copy of the final report and accounts to the Registrar using Form 112, as dictated by Rule 279 and Section 370, marking the completion of the winding-up process.

Forms to be used: Form 112

The process begins with filing a petition to the tribunal, accompanied by a detailed statement of the company's affairs, requesting the winding up.

The tribunal reviews the petition. If the petition is filed by someone other than the company, the tribunal may require the company to submit its objections and statement of affairs within 30 days.

The tribunal appoints a liquidator to oversee and manage the winding-up process, ensuring the company's assets are fairly distributed to its creditors and shareholders.

The liquidator prepares a preliminary report, which, upon approval, is finalized and submitted to the tribunal to sanction the winding-up order.

The liquidator must submit a copy of the winding-up order to the ROC within 30 days. Failure to do so results in penalties.

Upon satisfactory review, the ROC officially dissolves the company by removing its name from the register.

The ROC publishes a notice in India to announce the company's dissolution formally.