The Indian government revealed that more than 106,000 companies voluntarily exited under the Companies Act in the past five years, with additional firms opting for voluntary liquidation under the Insolvency and Bankruptcy Code (IBC). Union Minister Rao Inderjit Singh stated that from FY 2018-19 to FY 2023-24, 1,168 companies submitted final reports for voluntary liquidation under Section 59 of the IBC, resulting in dissolution orders by the National Company Law Tribunal in 633 cases. Singh also highlighted the varying time frames for voluntary exits, and the establishment of the Centre for Processing Accelerated Corporate Exit (CPACE) to streamline the process.
Over 106,000 Companies Voluntarily Exit in Last Five Years, Government Reports
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