Portal launched to streamline closure of companies

New Delhi: In an effort to streamline the procedure for closure of companies, India's Ministry of Corporate Affairs has launched a new portal to provide information about the offices of liquidators undergoing dissolution and the respective court jurisdictions.

Besides, it would provide information about sale and auction notices issued by various official liquidators with regard to properties and assets of companies under liquidation and ordered to be sold by the courts.

The Ministry of Corporate Affairs further said that the text of the Company Court Rules and the forms applicable in the process of liquidation would also be available on the website.

This would make the work of liquidation efficient, expeditious and transparent within the existing framework of the Companies Act, 1956, the Ministry said.

The Ministry has also undertaken separate initiatives to improve the management of records and the accounting procedures to be applied by official liquidators in connection with the winding up process.

It has also proposed for the revision of the Companies Act, 1956 to modernise the legal framework for liquidation and winding up and to bring it at par with the best international practices.

Meanwhile, the Ministry said that a revised Bill containing new proposals for insolvency regulation is expected to be introduced in the Parliament in its forthcoming session.