清算是企业市长/市场退出机制的一种方法，是企业解散前资产变现、清偿债务和分配剩余财产的过程。企业不能再继续经营时，企业通过清算消灭了与其他社会主体的权利和义务。从债权人的角度来看，债权人通过清算中的债权申报程序实现了对企业的债权。对于债权人的债权申报，企业召集所有利益相关者召开债权人会议，制定相关财产处理和分配方案。2013年《印度公司法》和2016年《印度破产和清算法》不仅规定了公司和债权人必须就债务清算方案进行谈判，还规定了相应的申报程序。本文将简要说明根据人道主义法自愿清算和强制清算的债权申报程序。

资源清算

希望启动自愿清算程序的企业法人可以根据2016年破产和清算法第二部分第5章第59条的规定启动自愿清算程序。

破产清算决议

公司股东应以特别决议通过公司自愿清算决定，决议中公司董事和指定股东应声明：(一)公司没有债务，或者可以从拟清偿的资产中支付所有债务。(2)公司没有利用清算程序来避免债务。

自愿清算下的债权申报程序

1、债权人会议通知

以自愿清算方式，公司必须召开债权人会议，股东大会必须通过破产清算决议。是的，相关债权人会议通知应连同相关股东会决议一起发送给各债权人。除了向债权人发送债权人会议通知外，公司还必须在官方报纸和公司注册所在地或主要业务运营地区的两个地方报纸上至少刊登一次广告。必须向有利害关系的债权人申报债券，并参加债权人会议。

需要注意的是，2013年《公司法》修订时删除了关于自愿清算的条款，2016年《破产和清算法》没有具体的程序规定，除非公司因资产不足而进入强制清算。因此，2017年议会通过了《印度破产和清算委员会(自愿清算程序)条例》，通过了关于自愿清算程序的一般规定。

2、债权人会议。

公司董事会应当将债权人名单和债券预计金额连同公司运营状况说明一起提交债权人会议，被任命的董事有参加和主持债权人会议的义务。下一个公司清算方案由超过债券总额三分之二的债权人决定。

A.如果自愿清算符合公司利益，公司将自愿清算。

B.如果公司不能从通过自愿清算程序出售的资产收益中偿还全部债务，公司可以通过决议由法院主持公司清算。

3、清算人的任命。

公司将通过特殊决议任命破产领域的一名专家为清算人。清算人将在任命后5天内根据2017年《印度破产和清算委员会（自愿清算程序）条例》附表1的表A格式发布公告。公告中可以向利害关系人在清算开始日进行债权申报，该债权申报期限为30天。清算人应当在清算开始之日起45天内向公司提交初步评估报告，详细说明公司的资本结构、资产负债估算、清算方案(包括清算成本和时间)。

债务清偿和最后报告

清算人必须以出售资产的方式清偿债权人的所有债权，清算人必须在清算之日起12个月内完成清算程序。清算完成后，清算人应按照2017年《印度破产和清算委员会（自愿清算程序）条例》第38条的规定编制最终报告。清算人将报告提交给董事会及公司事务部，并向国家公司法法院申请解散公司。

强制清算

强制清算申请可以通过以下多种方式提交给有关当局：

A.公司或

B.债权人(债权人代表/预期债权人)；或者

C.所有投资者；或者

D.1，2，3中指定的人；或者

E.中央政府或州政府；或者

F.书记官长或中央政府批准的人

在强制清算的情况下，应任命清算人验证各债权人的债权。

强制清算下的债权申报程序

1、清算人发布公告

清算人应在2017年《印度破产和清算委员会（自愿清算程序）条例》(以下简称《条例》)任命的5天内，在一份英文报纸和一份当地语文报纸(按照《条例1》的表A格式)上发布公告。同时，如果公司有网站，也要在公司网站上发布公告。公告中可以向利害关系人在清算开始日进行债权申报，该债权申报期限为30天。

2.利益相关者债券申报

业务债权人的债权申报：应向清算人提交条例附则1的表C。

金融债权人的债权申报：应向清算人提交条例附则1的表C。

公司职员和职员的债券申报：必须向清算人提交条例附表1的表D(个人申报)/表E(团体申报)和相关证明。

其他利益相关者的债权申报：应向清算人提交条例附则1的表F。

清算人必须在债权申报截止日期后30天内确认所有债权申报，并可以全部或部分(视具体情况而定)承认或否定相应的债权

收益分配及剩余的清算利益

清算人应以公司名义（并显示“非自愿清算”字样）在指定银行开设一个银行账户，用于清算期间的所有收支。

清算人应当将清算账户中的所有收益在收到款项后的6个月内分配给其他的债权人和利害关系人。

如果有任何无人主张的清算所得或未分配资产，清算人应当向国家公司法法庭（NCLT）提出申请，在公司解散指令颁布之前将该款项支付到政府账户下的公司清算账户，并且需要将该事项告知司法常务官。

完成强制清算

清算人应当在清算开始之日起12个月内完成清算程序。如果清算程序超过12个月，清算人必须在12个月截止之日起15日内召开发起人会议，并且在续展的清算期内，每12个月均需召开该发起人会议直至公司解散。

清算人应当出具年度状况报告说明清算的进展情况。在报告中需要揭露已经解决的债权人及利益相关者的名单，剩余待售资产的详细状况，利益相关方的资产分配方案等等。

结论

综上，清算有两种，即自愿清算和强制清算。在这两种清算模式下，债权人以不同的方式申报其债权。根据最新的破产法案和公司法相关规定，其规定了有时限的破产清算程序，确保及时解决印度严重的坏账问题。

笔者通过对比公司法及破产法案的相关规定，可以发现2013年公司法中的有关自愿清算程序已经完全被删除，自愿清算则被纳入2016年破产及清算法案中加以规定。然而2016年的破产法案并没有提到自愿清算需要遵循的程序，此举似乎是为了尽量避免一些企业意图借由恶意的自愿清算来逃避债务的情况发生。然而仍有公司需要进行自愿清算，为了改变无法可循的状况，2017年印度议会通过了《印度破产和清算委员会（自愿清算程序）条例》来对自动清算的程序加以说明与规制。由此我们也可以发现，有关破产清算的相关程序一直在持续、频繁地进行修订。政府制定政策法规的反复无常，使得破产及清算程序对于企业来说仍然“高不可攀”，这与政府希望简化破产清算程序的初衷似乎有些背道而驰。

此外，根据最新的破产法修正案，高等法院将不再负责有关公司清算的事宜，而转由地方法庭负责，资金不足而导致破产清算事项也不再遵循公司法有关规定也将转由2016年破产及清算法案加以规定。印度的公司事务部似乎希望将涉及公司诉讼的业务转交地方法庭负担，然而此举看起来并不明智，因为地方法庭的未决案件仍然堆积如山，地方法庭尚且自顾不暇，要更有效率地推进公司清算的改革绝非易事。地方法庭将如何遵守公司法及破产法案的最新规定，如何处理即将面对的“烫手山芋”——公司清算案件，值得我们持续关注。

最后也是最重要的是，当面临印度公司一直以诸多借口或理由拒绝支付巨额欠款，债权人完全可以积极介入，通过法律程序自行向法庭提起公司强制清算申请，不仅对公司具有威力十足的震慑作用，即便真正进入到清算程序，也能主动维护自身应有权益，及时止损，以避免可能遭受的进一步损失。

印度律师原文：

Introduction

Winding up is a proceeding by means of which company is dissolved and in course of dissolution, assets are realized, liabilities are paid off and surplus is distributed among members. Meeting of creditors is when a meeting is setup by the company to formulate a scheme for arrangement with its creditors. The Companies Act, 2013 not only gives powers to the company to negotiate with the creditors but also lays down the process of doing so. There is also appointment of liquidator in case of compulsory winding up. It is the liquidator who takes care of the credits of the company. Winding up procedure is governed by the Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016. The provisions relating to ‘voluntary winding up’ and winding up on the ground of ‘inability to pay debts’ is governed under Insolvency and Bankruptcy Code, 2016 which was previously under Companies Act, 2013.

Voluntary Winding Up

Any corporate person who intends to liquidate itself voluntarily may initiate voluntary liquidation proceedings under the provisions of Section 59 of Chapter V of Part II of the Insolvency and Bankruptcy Code, 2016. For voluntary winding up, the corporate person should not have committed any default.

Procedure for Conducting Meeting of Creditors

1. Declaration of Solvency

A corporate person may initiate a voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declaration to the effect that (i) the corporate person has no debt or it will be able to pay its debts in full from the proceeds of the assets to be sold under the proposed liquidation, and (ii) the corporate person is not being liquidated to defraud any person.

2. General Meeting for initiating Voluntary Winding Up

a. Notice to the creditor

The company must call for a meeting of creditors, and during this the general meeting of the company, the resolution for voluntary winding up is proposed. The notice for meeting of creditors is to be sent by post to the creditors at the same time with the sending of the notices related to the general meeting of the company for voluntary winding up. In addition to sending of the notice for meeting of creditors by post, the company must also cause to be advertised one time at least in the Official Gazette and one time at least in two newspapers circulating in the district where the registered office or principal place of business of the company is situated. There is no water tight rule for the winding up when it comes to voluntary winding up as The Companies Act, 2013 is amended and Insolvency and Bankruptcy Code, 2016 is followed which does not recognise voluntary winding up unless there is insufficiency of funds which in turn will lead to compulsory winding up. Therefore, in case of voluntary winding up, only the general rule mentioned in this paragraph is followed considering the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulation, 2017 which was later implemented.

b. Meeting of Creditors

At the meeting of creditors, the Board of directors of the company must present a statement of the position of the company affairs jointly with a list of the creditors of the company and the projected amount of their claims. It is the duty of the appointed director to be in charge of at the meeting of creditors to attend the meeting and preside at the same. Based on the decision of the two-thirds in value of creditors of the company, the next course of action on winding up of the company would be decided as follows:

i. If it is in the interest of all parties so as to the company be wound up on a voluntary basis, then the company will be wound up voluntarily; or

ii. If the company may not be able to pay for its debts in full from the assets proceeds sold in voluntary winding up, then a resolution can be passed for winding up of the company by a Tribunal.

A special resolution by the shareholder of the company is required for the company to be liquidated and appointment of an insolvency professional to act as the liquidator with the details of remuneration within four weeks from the date of declaration.

3. Intimation to other regulatory authorities

There has to be an intimation to the income tax department and other statutory departments about the commencement of liquidation by the Company. Intimation to the Company’s Banker regarding commencement of liquidation and opening of liquidation account of the said purpose.

4. Public announcement and claims

The Liquidator shall make a public announcement in Form A of Schedule I of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 within 5 days from his appointment. The said public announcement shall call upon stakeholders to submit their claims as on the liquidation commencement date and provide 30 days’ time for stakeholders to claim their dues. The liquidator submits a Preliminary report to the Company within 45 days from the liquidation commencement date detailing the capital structure of the company, estimates of its assets and liabilities, proposed plan of action for carrying out the liquidation, estimating liquidation cost and time.

5. Realisation of assets and payment of liabilities

The liquidator has to sell the assets and realise the money and distribute the same to the stakeholders. Liquidator shall finish the liquidation process within 12 months from the liquidation commencement date.

6. Final Report

On the completion of liquidation, liquidator shall prepare the final report containing the details prescribed in Rule 38 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulation, 2017. The liquidator has to submit the report to the RoC and Board and make an application to NCLT for the dissolution of the company.

Compulsory Winding Up

The petition for compulsory winding up can be presented to the appropriate authority by:

a) The company; or

b) The creditors (contingent/ prospective creditors /creditors); or

c) Any contributory or contributories; or

d) All or any person specified in (a) (b) (c) together; or

e) By the Central or the State government; or

f) By the Registrar or any person authorised by the Central government for that purpose.

In this case they appoint a liquidator who verify the claim of all the creditors.

Public Announcement by the Liquidator

The liquidator shall make a public announcement in Form A of Schedule I to the aforesaid Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, within five days from his appointment in one English and one regional language newspaper and on the website of the corporate person, if any.

The public announcement shall call upon stakeholders to submit their claims as on liquidation commencement date and provide for last date for submission of claims which shall be thirty days from the liquidation commencement date.

Claims by the Stakeholders

a. CLAIMS BY OPERATIONAL CREDITORS

A person claiming to be an operational creditor of the corporate person shall submit proof of claim to the liquidator in Form B of Schedule I[1].

b. CLAIMS BY FINANCIAL CREDITORS

A person claiming to be a financial creditor of the corporate person shall submit proof of claim to the liquidator in Form C of Schedule I[2].

c. CLAIMS BY WORKMEN AND EMPLOYEES

A person claiming to be a workman or an employee of the corporate person shall submit proof of claim to the liquidator in Form D (for individual claimant)/E (for a group of claimants) of Schedule I[3].

d. CLAIMS BY OTHER STAKEHOLDERS

A person claiming to be a stakeholder other than those mentioned above, of the corporate person shall submit proof of claim to the liquidator in Form F of Schedule I[4].

The liquidator shall verify the claims submitted within 30 days from the last date for receipt of claims and may either admit or reject the claim, in whole or in part, as the case may be. The liquidator shall prepare the list of stakeholders on the basis of claims submitted within 45 days from the last date for receipt of claims.

Distribution of Proceeds and Unclaimed Proceeds of Liquidation

The liquidator shall open a bank account in the name of the corporate person followed by the words ‘involuntary liquidation’ in a scheduled bank for receipts and payments of all amount.

The liquidator shall distribute the proceeds from realization within six months from the receipt of amount to other claimants and the stakeholders.

If there are any unclaimed proceeds of liquidation or undistributed assets, the liquidator shall make an application before the NCLT (National Company Law Tribunal) for an order to pay such proceeds into the Companies Liquidation Account in the Public Account of India before the order of dissolution is passed and necessary intimation of such payment has to be given to the Registrar.

Completion of Liquidation

The liquidator shall complete the liquidation process within 12 months from the liquidation commencement date. If the liquidation process continues for more than 12 months, the liquidator shall hold a meeting of the contributories within 15 days from the end of 12 months from the liquidation commencement date and at the end of every succeeding twelve months till the dissolution of corporate person.

The liquidator shall present the Annual Status Report indicating the progress in liquidation including the settlement of list of stakeholders, details of assets remaining to be sold and realized, distribution made to the stakeholders etc.

Conclusion

To conclude, there are widely two kinds of winding up, that is, voluntary as well as compulsory. Both the ways provide the claims that the creditors holds in the companies through different ways. This ensures time bound settlement of insolvency which in turn help to solve India’s bad debt problem.

It can be observed that the burden of winding up has been shifted from High Court to the Tribunal and winding up due to insufficiency of funds is not complied by Companies Act, 2013 anymore but it comes under the Insolvency and Bankruptcy Code 2016. The Ministry of Corporate Affairs seems to be in hurry to shift the burden of corporate litigation from the High Court to the Tribunal which may be inconvenient as the Tribunal is already overburdened due to the pending litigation under 2013 Act. It will be very interesting to observe as to how the tribunal deals with fresh applications under the 2013Act and well as the Code.

It can also be observed that there have been many frequent amendments to The Companies Act, 2013 which led to complete removal of voluntary winding up in this statute bringing it under Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 had not mentioned the proper procedure of winding up voluntarily and this brought in the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulation, 2017 that was needed to clarify the situation as voluntary winding up of company cannot be done away with altogether. Thus, the proper procedure for voluntary winding up came into effect by April 2017. The frequent amendments present the fickleness of the government and they seem to be uncertain in this situation.