1. Board Resolution
- Board of Directors must pass a resolution proposing voluntary winding up.

2. Declaration of Solvency
- Majority directors must declare that the company can pay its debts within 12 months.
- Must be filed with the Registrar of Companies (ROC).

3. Shareholders' Approval
- A special resolution must be passed in a general meeting (approval by 75% of shareholders).

4. Appointment of Liquidator
- Shareholders appoint an insolvency professional as the liquidator.
- The liquidator manages the winding-up process.

5. Public Announcement
- Liquidator makes a public announcement inviting claims from creditors.

6. Settlement of Debts
- The liquidator sells assets and settles liabilities.

7. Final Report by Liquidator
- A final report and accounts are prepared and submitted to the ROC and IBBI.

8. Dissolution Order
- After verification, the Tribunal (NCLT) may pass an order for dissolution of the company.