The Insolvency and Bankruptcy Board of India on 05th April, 2022 has notified IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2022, wherein the principal regulations ‘Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017’ has been amended to include amendment in regulation 37 of the principal regulations stating that the liquidator shall endeavour to complete the liquidation process of the corporate person and submit the Final Report under regulation 38 within
(a) two hundred and seventy days from the liquidation commencement date where the creditors have approved the resolution under clause (c) of sub-section (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3;
(b) ninety days from the liquidation commencement date in all other cases. Apart from the amendment in regulation 37, the amended regulations have provided other amendments which can be accessed at the enclosed pdf document.
The said amendment regulations shall come into force on the date of their publication in the Official Gazette.
Click here to read more. (Pdf 14 Pages)
For further information, please contact:
Vineet Aneja, Partner, Clasis Law
vineet.aneja@clasislaw.com
