The corporation will have no more debt or liabilities.

The corporation's assets will be divided among the shareholders according to their interests.

The firm will be deregistered from the Registrar of Companies and cease to exist.

In the case of a Closing Private Limited Company, the shareholders are not responsible for any debts of the business.

The company's directors are not responsible for any wrongdoing or deception the company may engage in.

1. Convene a board meeting to examine and make a decision about voluntary Closing Private Limited Company.

2. Before the EGM, all liabilities should be paid off.

3. Call a special EGM to pass a resolution.

4. Submit a Special Resolution within 30 days in MGT-14.

5. Submit the STK-2 form and the subsequent paperwork.

6. The ROC must issue a public notice STK-6 after receiving an application to get the public's feedback on any recommended strikes.

7. The notice must be posted on the MCA website and published in a reputable English newspaper as well as at least one local newspaper where the Closing Private Limited Company's registered office is located.

8. ROC shall simultaneously notify the CBDT and CBEC, who have jurisdiction over the firm, of the intended action of removing or striking off the names of such entities and seek objections, if any, from those regulatory bodies.

9. Once all procedures have been followed, the ROC will Close Private Limited Company name and dissolve the business by publishing a notice in the official gazette using the STK-7 form.