WINDING UP OF COMPANY
Winding up is a process through which a company dissolves itself, ceasing to exist as a legal entity thereby. The aforementioned process involves selling off stock, paying back creditors and after resolving all debts, the remaining monetary or non-monetary funds are paid back to the members, as per their contribution to the company’s capital. According to Section 2(94A) of the Companies Act, winding up also means “liquidation” in the Insolvency and Bankruptcy Code, 2016.