The Insolvency and Bankruptcy Board of India (IBI) on January 29, 2025, issued the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2025, to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
This shall come into force on January 31, 2025.
The following has been stated namely: -
• In regulation 45(3), clause (a), after the words "sold as a going concern", the following shall be inserted, namely: - “or a compromise or arrangement has been sanctioned under section 230 of the Companies Act, 2013”.
• In regulation 46, sub-regulation (1), shall be substituted with the “The Board shall maintain and operate an account to be called the Corporate Liquidation Account with a scheduled bank.”
• After regulation 47A, a new regulation shall be inserted, namely, “47B. Filing of Forms”.
Detailed notification is attached below.
[Notification no. F. No. IBBI/2024-25/GN/REG121]
