Answer

1. F

   Facts

   DPIIT-recognised startups can wind up under Fast Track Corporate Insolvency Resolution Process (FTCIRP) in 90 days, vs standard 180+ days. A mediator is appointed under IBC. Company's assets are liquidated, creditors paid, directors discharged.

2. P

   Provisions and law

   • Insolvency and Bankruptcy Code 2016, Sec 55-58 | DPIIT Notification
3. A

   Analysis

   When to use: No viable path to revenue. Runway exhausted. Founders want a clean exit without being personally liable for company debts. Key protection: Pvt Ltd shields founders from personal liability for company debts, unless fraud or personal guarantee was given. Founders can walk away from a failed startup.

4. C

   Conclusion

   1. 1File all pending GST returns (returns can't be filed after company struck off)
   2. 2Close all bank accounts and clear balances
   3. 3File final ITR for the last year of operation
   4. 4Discharge all employee dues, TDS, PF obligations
   5. 5Board resolution to wind up + shareholder approval
   6. 6Inform investors and get NOC if SHA requires it

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.