The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1<sup>st</sup> April, 2017. Which of the following differences apply?<br>1. Shifting of Powers from Official Liquidator to Insolvency Professional.<br>2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal.<br>3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016.<br>4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.

Correct Answer: 1, 2, 3 and 4