The company had flagged the lack of cash resources last month, saying it was evaluating potential funding options.
Creditors' voluntary liquidation - the most common type of insolvency - is a liquidation procedure that enables a company to be wound up by resolution of its members instead of a court order.
The AIM-listed firm, which specializes in the synthesis and application of nanoparticles to create products, had a market capitalization of 1.76 million pounds ($2.22 million), according to Refinitiv data.
($1 = 0.7923 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber)