Company winding up - Severance / gratuity / retrenchment

Hi, We are a SME - a Pvt Ltd. company incorporated in 2007 in Mumbai with 2 Directors which previously was a partnership firm started in 1980s. We have people working right from then. We had total 9 employees on payroll until 2 years back, now only 6. Due to Covid, we are now planning to wind up and would like help to understand: - What is the gratuity / severance that needs to be paid out for current employees? How is it calculated? - The employees that have left the organisation have also asked for remuneration which is pending - Are they eligible for it? - What are the retrenchment norms in such cases? - What is the worst case scenario if both parties are unable to come to an agreement? - Does the Corona situation provide any insolvency approach that can be used? We are keen to work out a settlement for the years the staff has put in the hard work for but would like to understand the extent. I tried searching online but there is no clear mandate so any help / guidance would be appreciated. Thanks!