The Insolvency and Bankruptcy Board of India (IBBI) on January 31, 2024, issued the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2024 to further amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
The following has been stated namely: -
• Regulation 3 which states “Initiation of Voluntary Liquidation” in clause (a) the following sub-clause has been inserted namely: -
“(iii) the corporate person has made sufficient provision to meet the obligations arising on account of pending matters mentioned in sub-clause (iii) of clause (b).”
• Regulation 37 “Completion of liquidation” in sub-regulation (2) the following clause (a) has been substituted namely: -
“hold a meeting of the contributories of the corporate person within fifteen days –
(i) From the end of two hundred and seventy days or ninety days, as the case may be, and
(ii) Thereafter at the end of every succeeding two hundred and seventy days or ninety days, as the case may be”
• Regulation 39 which states “Unclaimed proceeds of liquidation or undistributed assets” sub-regulation has been substituted namely: -
“(7) Prior to dissolution of the corporate person, a stakeholder, who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account, may apply to the liquidator in Form-I for withdrawal of the amount.
(7A) On receipt of request under sub-regulation (7), the liquidator after verification of the claim, shall request the Board for release of amount to him for onward distribution.”
This shall come into force on January 31, 2024.
[Notification No. IBBI/2023-24/GN/REG109]
