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Corporate Laws Central Ministry of Corporate Affairs Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024

12-Feb-2024 | No. IBBI/2023-24/GN/REG112

IBBI has issued Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024 further to amend Insolvency and Bankruptcy
Board of India (Liquidation Process) Regulations, 2016.

Key amendments:-

1.In regulation 2B i.e. Compromise or arrangement the following provisos shall be substituted, namely:-
?Provided further that the liquidator shall file the proposal of compromise or arrangement only in cases where such recommendation has been made by the committee under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016:
Provided further that the liquidator shall not file such proposal after expiry of thirty days from the liquidation commencement date.

2. In the principal regulations, in regulation 14 i.e. Early dissolution for the words he may apply to the Adjudicating Authority, the words he shall consult the consultation committee and if it advises for early dissolution, he may apply, along with a detailed report incorporating the views of the consultation committee, to the Adjudicating Authority, shall be substituted.

For details please refer the attachment.

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