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of <h1>Creditors Can Transfer Debts During Liquidation; Notify Liquidator Per Regulation 30A of 2016 Rules.</h1> Regulation 30A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, allows creditors to assign or transfer their debts to another party during the liquidation process, in accordance with applicable laws. When such a transfer occurs, both the original creditor and the new party must inform the liquidator of the terms and the identity of the assignee or transferee. The liquidator is then required to update the list of stakeholders as per regulation 31. This regulation was introduced through a notification in November 2020.
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