The solvent side of the register · IBC Section 59

Voluntary liquidations — the wind-downs nobody was forced into

1,607 solvent companies dissolved by choice under Section 59, and 978 in process. No plan, no committee, no haircut: assets realised, creditors settled in full, the surplus returned to members. This page measures what the route returns, how long it takes, why companies take it, and who runs it — against IBBI's own series.

IBBI voluntary-liquidation register · latest dissolution 25 Jun 2026 · IBBI Vol 39 (Apr-Jun 2026) to 30 Jun 2026 · MCA as on 12 Jun 2026 · money in ₹ crore as IBBI prints it · methodology · report an error

What the wind-down returns

72%

of the 1,607 dissolved companies returned a surplus to their members. Creditors were paid in full in 455 of 457 wind-downs where anything was owed — 2 paid short.

1,155 154 168 51

surplus to memberscreditors paid, no surplusrealised, nothing distributednil recorded

₹12,320 Crrealised, all dissolved

₹10,388 Crto members · 84%

₹1,485 Crto creditors · 12%

The wind-down itself costs a median 9.5% of what is realised (n=1,537); ₹350 Cr in all. Most of the book is small: 942 realised under ₹1 Cr, 14 above ₹100 Cr. Against the liquidated CIRP book, where creditors see a median 1.6 paise per ₹1, this is the other end of the register. Money figures are over dissolved companies only — the 978 in process carry no figures yet.

How long it takes

1y 8mo

median from commencement to dissolution (624 days, n=1,597). The statute expects a year; the record has run past it every year since 2019.

30218 45919 56620 68921 66622 65723 75024 61025 52826

median days to dissolutionby year of dissolution, n≥20

14 80 73 54 247 510

≤90 d3–6 mo6–9 mo9–12 mo1–2 y2 y+

978 wind-downs are in process, median age 2y 1mo; 77% are past a year, against 52% in IBBI's own ongoing book (Vol 39). The register learns of new commencements late, so its youngest band is thinner than IBBI's (1% vs 12% inside 90 days) — the old bands are the honest ones. IBBI's average for the quarter's 47 dissolutions: 731 days.

Why, and who

74%

of voluntary liquidations are of companies simply not carrying on business; 14% commercially unviable; 3% purpose accomplished — IBBI's own reason split, Vol 39 (Figure 13, 2651 of 2684 cases).

74%

not carrying on business

14%

commercially unviable

purpose accomplished / contract ended

promoters unable to manage

miscellaneous

2023-3commenced per quarter · register vs IBBI's published figure2026-2

Where the book sits: Maharashtra 652 · Delhi 488 · Karnataka 452 · Tamil Nadu 231. MCA industry class: Business Services 1,020 of 2,585. The register's quarter is thinner than IBBI's in the latest bars because commencements reach it with a lag, not because fewer companies chose the route.

The wind-down desk

Every voluntary liquidation, dissolved and in process

every filter recomputes the benchmark strip · sort by date, realisation, surplus or days

clear

surplus, ₹10 Cr+ realised in process past 2 years dissolved this year nil realisation largest realisations

106 processes match · 69 dissolved · surplus in 72% (all dissolved: 72%) · median realised ₹0.6 Cr · median cost 3.0% of realisation (all: 9.5%) · median 463 d to dissolution (all: 624 d · 162 d faster)

Company	Commenced · dissolved · days	Realised	To creditors	To members	Cost	Liquidator	Registry
Eternalia Creative & Merchandising Private Limited in process U17299WB2019PTC234187 · West Bengal Manufacturing (Textiles)	commenced 11 Jun 2026 in process 3 mo	—figures arrive at dissolution	—	—	—	Shivaganga Muralidhar Pramod	MCA Active paid-up ₹8.5 Cr · inc. 2019
Panna Paper Mills Pvt Ltd creditors paid, no surplus U21099WB1974PTC029604 · West Bengal	commenced 4 Dec 2025 dissolved 22 May 2026 169 d faster than the median	₹1.7 Cr	₹1.7 Crof ₹1.7 Cr due · in full	nil	₹0.1 Cr2.9% of realised	Swapnil Jain	MCA not on the MCA snapshot IBBI Vol 39
Bowlopedia Restaurants India Limited creditors paid, no surplus U55209WB2017PLC220862 · West Bengal Trading	commenced 24 Nov 2025 dissolved 13 May 2026 170 d faster than the median	₹0.1 Cr	₹0.0 Crof ₹0.0 Cr due · in full	nil	₹0.1 Cr85.7% of realised	Arun Kumar Gupta	MCA Under Liquidation paid-up ₹44.4 Cr · inc. 2017 MCA still shows under liquidation as on 12 Jun 2026 — the ROC has not struck the company off yet IBBI Vol 39
J Thomas Trading & Investments Pvt Ltd in process U22219WB1950PTC018897 · West Bengal Manufacturing (Paper and Paper products, Publishing, printingand reproduction of recorded media)	commenced 11 May 2026 in process 4 mo	—figures arrive at dissolution	—	—	—	Manoj Prasad Shaw	MCA Under Liquidation paid-up ₹0.1 Cr · inc. 1950
Cosmic Extraction Pvt Ltd in process U15143WB1994PTC066330 · West Bengal Manufacturing (Food stuffs)	commenced 25 Apr 2026 in process 4 mo	—figures arrive at dissolution	—	—	—	Mohan Ram Goenka	MCA Active paid-up ₹0.5 Cr · inc. 1994
Lazona Tieup Private Limited in process U51109WB2005PTC104103 · West Bengal Trading	commenced 25 Apr 2026 in process 4 mo	—figures arrive at dissolution	—	—	—	Mohan Ram Goenka	MCA Active paid-up ₹0.3 Cr · inc. 2005
⌕ 100 more voluntary liquidations The wind-down desk is for members You're seeing 6 of 106 processes. Members see every row — realisation, what creditors and members received, the cost, the liquidator and the registry status — filterable by outcome, size, state, industry and year. Part of RP Pro and the ARC / Investor desk. WhatsApp us See plans →Already a member? Sign in

Source: IBBI's register of voluntary liquidations (commencement, dissolution, liquidator) and its published final-report figures (realisation, amounts due and paid to creditors, expenses, surplus), all in ₹ crore, printed verbatim · a row with no dissolution date is a process still open on the register, and carries no figures until its final report · outcome class is read off the figures: surplus > 0, else creditors paid > 0, else realisation > 0, else nil · state of registration from the CIN · MCA status, paid-up capital, incorporation year and industry class from the MCA snapshot as on 12 Jun 2026; where MCA and the register disagree the row says which is ahead · medians are over dissolved rows with both dates.

Two registers, two clocks. 52 processes still open on the IBBI register are already recorded by MCA as dissolved under s.59(8) — the register closes rows after the final report is filed and read, so those are dissolutions waiting to be booked (open the in-process set and look for the flag). The other way round, 121 companies the register has dissolved still show “Under Liquidation” on the MCA snapshot as on 12 Jun 2026 — the Registrar strikes the name off some time after the tribunal's order. Neither is an error in the data; both are the two systems' lag against each other, and both print on the row.

Where the route is used, and by whom

States, industries, liquidators

every row opens the desk · rankings by mandate count

By state of registration

State	processes	dissolved	realised
Maharashtra	652	335	₹3,886 Cr
Delhi	488	324	₹822 Cr
Karnataka	452	292	₹1,715 Cr
Tamil Nadu	231	154	₹3,427 Cr
Gujarat	124	100	₹1,104 Cr
Telangana	123	97	₹365 Cr
Haryana	122	55	₹356 Cr
West Bengal	106	69	₹155 Cr
Uttar Pradesh	40	15	₹25.1 Cr
Punjab	37	15	₹11.1 Cr

State read from the CIN's registration block; realised is the sum over dissolved companies.

By MCA industry class

Industry	processes	dissolved	with surplus
Business Services	1,020	604	70%
Finance	242	156	82%
Trading	232	144	70%
Manufacturing (Machinery and Equipments)	196	122	71%
Community, personal and Social Services	188	114	55%
Manufacturing (Metals and Chemicals, and products thereof)	165	107	72%
Construction	86	58	86%
Transport, storage and Communications	78	49	84%
Manufacturing (Textiles)	63	43	72%

MCA's own industry class on the snapshot; "with surplus" is the share of dissolved companies that returned money to members.

Liquidators by mandate count

Liquidator	mandates	dissolved	open
Thirupal Gorige	75	58	17
Vasudevan Gopu	56	38	18
Pranav J. Damania	48	20	28
Ganesh Panduranga Pai	44	25	19
Shashikant Shravan Dhamne	35	26	9
Chitra Srinivas	33	19	14
Vinod Sunder Raman	33	23	10
Anagha Anasingaraju	31	10	21
Arun Gupta	28	14	14

Ranked by mandate count on the register, nothing else. A liquidator's page carries the CIRP and voluntary books side by side.

Voluntary liquidations — the wind-downs nobody was forced into

Every voluntary liquidation, dissolved and in process

The wind-down desk is for members

States, industries, liquidators