• Kandivali West Mumbai 400067, India
  • 022 39167251
  • support@email.com
April 7, 2022

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022

by CA Shivam Jaiswal in Corporate Law

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022

F. No. IBBI/2022-23/GN/REG.081.—In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, namely: –

1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (hereinafter referred to as the principal regulations‘), in regulation 2, in sub-regulation (1), in clause (c), for the figure and brackets ―3(4), the figure and brackets ―3(3) shall be substituted.

3. In the principal regulations, in regulation 5, in sub-regulation (2), for the word ―three, the word ―seven shall be substituted.

4. In the principal regulations, in regulation 10, in sub-regulation (2) and clause (r) of sub-regulation (2), for the words ―corporate debtor, the words ―corporate person shall be substituted.

5. In the principal regulations, in regulation 30, after sub-regulation (2), the following proviso shall be inserted, namely: –

―Provided that where no claim from creditors has been received till the last date for receipt of claims, the liquidator shall prepare the list of stakeholders within fifteen days from the last date for receipt of claims.

6. In the principal regulations, in regulation 35, in sub-regulation (1), for the words ―six months, the words thirty days shall be substituted.7. In the principal regulations, in regulation 37, for sub-regulation (1), the following sub-regulation shall be substituted, namely: –

―(1) The liquidator shall endeavour to complete the liquidation process of the corporate person and submit the Final Report under regulation 38 within: –

  • 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
  • of regulation 3, and
  • ninety days from the liquidation commencement date in all other cases.

8. In the principal regulations, in regulation 38, for the sub-regulation (3), the following sub-regulation shall be substituted, namely: –

―3) The liquidator shall submit the Final Report and the compliance certificate in Form-H along with the application under sub-section (7) of section 59 to the Adjudicating Authority

9. In the principal regulations, in regulation 39, in sub-regulation (7), for the word and letter ―Form-H‖, the word and letter ―Form-I shall be substituted.

10. In  the  principal  regulations,  in  Schedule  I,  for  the  word  and  letter  ―Form-H,  the  word  and  letter Form-I shall be substituted.

11. In the principal regulations, in Schedule I, after Form-G, the following form shall be inserted, namely: –

“FORM-H

COMPLIANCE CERTIFICATE

[Under Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017]

I, [Name of the Liquidator], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board with registration number [registration number], am the Liquidator for the Voluntary Liquidation Process of [name of the corporate person].

1. The details of the Voluntary Liquidation Process are as under:

08722b75c35b6fbbd5a38299a2284e6a-1_removed

Enter your email address:

Subscribe to faceless complainces