A One Person Company (OPC) is a type of company in India that has only one shareholder as its member. It is a relatively new form of business entity introduced in the Companies Act, 2013.
In case aClose One Person Companydown its operations, it must follow the prescribed procedures under the Companies Act, 2013. The process of Closure of OPC in India is known as "winding up" of the company. It can be done either voluntarily or by an order of the National Company Law Tribunal (NCLT).
To voluntarily wind up an OPC, the owner must pass a resolution for winding up, followed by obtaining the consent of at least two-thirds of the creditors in value. The OPC must then file an application for winding up with the Registrar of Companies (ROC). The ROC will then appoint a liquidator who will oversee the distribution of assets among creditors and shareholders.