The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 on 16th September, 2022. Modifications have been made in the following:
i) Streamlining the constitution of SCC
ii) Enlarging scope of SCC consultation
iii) Replacement of Liquidator
iv) Fixation of fee of the Liquidator
v) Compromise or Arrangement
vi) Filing Progress Reports & SCC Minutes
vii) Timelines for certain auction events
vii) Timeline for successive auction
ix) Designating Auction Portal
x) Preparing & sharing Asset Memorandum
xi) Avoidance proceedings after closure
xii) Submission of Claims
xiii) Process email ID and Consent form for IP to act as Liquidator
xiv) Records Retention after completion of Liquidation and Voluntary Liquidation Processes
https://ibbi.gov.in/uploads/whatsnew/24a782fd983461d61a486066d4613986.pdf
https://www.pib.gov.in/PressReleasePage.aspx?PRID=1860922
https://ibbi.gov.in/uploads/legalframwork/812b4ba287f5ee0bc9d43bbf5bbe87fb.pdf
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