Nearly 96,000 companies have voluntarily wound up in the past five years

livemint.com:

Insolvency and Bankruptcy Code (IBC), final resolution orders have been passed by the National Company Law Tribunal (NCLT) in 510 cases during the same period, according to data from the ministry. In order to make it easier for businesses seeking to exit, the government has set up a Center for Processing Accelerated Corporate Exit (CPACE), which centralizes and expedites voluntarily exit of companies under Section 248(2) of the Companies Act.

Since its operationalization on 1 May, the time taken for voluntary exit has been found to be about four months. At present, 520 cases are pending for voluntary liquidation under section 59 of the IBC till March 2023.

Further 11,037 cases are pending for voluntary corporate exit under section 248(2) of the Companies Act till date, information from the ministry showed. In the past five years, the time taken for voluntary exit under Section 248(2) of Companies Act has varied from 6-8 months to 12-18 months in some cases.

Under the IBC, the average time taken for dissolution of the company after submission of final report by the liquidator has been in the range of 7-9 months. The average time taken by the liquidator to submit the final report for adjudication to the NCLT has been about 14 months, official data showed.