Section 4(3) in Foreign Exchange Management (Remittance of Assets) Regulations, 2016
(3)An authorised dealer in India may, also allow remittance out of the assets of Indian companies under liquidation under the provisions of the Companies Act, 2013, subject to the following conditions:(i)Authorised Dealer shall ensure that the remittance is in compliance with the order issued by a court in India/ order issued by the official liquidator or the liquidator in the case of voluntary winding up; and(ii)no remittance shall be allowed unless the applicant submits:-(a)Auditor's certificate confirming that all liabilities in India have been either fully paid or adequately provided for.(b)Auditor's certificate to the effect that the winding up is in accordance with the provisions of the Companies Act, 2013.(c)In case of winding up otherwise than by a court, an auditor's certificate to the effect that there is no legal proceedings pending in any court in India against the applicant or the company under liquidation and there is no legal impediment in permitting the remittance.
