The Insolvency and Bankruptcy Board of India (“IBBI”) amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (“Voluntary Liquidation Regulations”)

By INSOL INDIA EDITORIAL Posted On : February 20, 2019

The IBBI has introduced certain amendments to the Voluntary Liquidation Regulations pursuant to the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2019 (“Voluntary Liquidation Amendment Regulations”). The amendments introduced vide the Voluntary Liquidation Amendment Regulations are as follows:

 

  • The last date for stakeholders of the entity undergoing voluntary liquidation to submit their claims has been reduced to thirty days from the liquidation commencement date; and
  • An insolvency professional will not be eligible to be appointed as a liquidator if the insolvency professional and every partner or director of the insolvency professional entity of which such insolvency professional is a partner or director has been an employee, proprietor or partner of a firm of secretarial auditors of the entity undergoing voluntary liquidation.