Integration of insolvency law aligns company winding-up procedures and liquidator appointments with the national insolvency framework. Amendments integrate the Insolvency and Bankruptcy Code into the Companies Act by redefining 'winding up' and the Company Liquidator, requiring Tribunal appointment of registered insolvency professionals, harmonising default and fund references, expanding Tribunal jurisdiction over suits, claims and custody of assets, restating petitioning and Registrar sanction rules, and recalibrating preferential payment priorities for workmen's dues while omitting inconsistent voluntary winding-up provisions.
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Integration of insolvency law aligns company winding-up procedures and liquidator appointments with the national insolvency framework.
Amendments integrate the Insolvency and Bankruptcy Code into the Companies Act by redefining "winding up" and the Company Liquidator, requiring Tribunal appointment of registered insolvency professionals, harmonising default and fund references, expanding Tribunal jurisdiction over suits, claims and custody of assets, restating petitioning and Registrar sanction rules, and recalibrating preferential payment priorities for workmen's dues while omitting inconsistent voluntary winding-up provisions.
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