Voluntary liquidation under IBC, strike off under Companies Act, FEMA exit approvals, repatriation of residual funds, employee separation and regulatory deregistration for foreign companies closing India operations.
Short, direct, on the record.
Strike off under Section 248 is the fastest route if the company has nil assets and liabilities and has either not commenced business or has been inactive. Voluntary liquidation under IBC is faster than NCLT winding up, typically taking 6 to 12 months. The choice depends on the company status, pending liabilities and tax clearances.
Yes. After obtaining tax clearance (no objection from income tax authorities), the residual funds can be repatriated through the AD bank. The repatriation must comply with FEMA pricing norms and the AD bank will verify the chartered accountant certificate confirming that all liabilities have been met.
The employer must pay retrenchment compensation (15 days wages for every completed year of service), gratuity, leave encashment, notice period pay and any contractual severance. For establishments with 100 or more workers, prior government permission is required for retrenchment under the Industrial Disputes Act.
Voluntary liquidation under IBC typically takes 6 to 12 months from the date of the special resolution. The liquidator must complete the process within 12 months, extendable by 90 days. Key steps include appointment of liquidator, creditor settlement, asset realisation, tax clearance and final dissolution application to NCLT.
Share the entity type, current operational status and the preferred exit timeline for a preliminary assessment.