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IBBI amended the Voluntary Liquidation Process Regulations introducing significant procedural changes. The amendment establishes a Corporate Voluntary Liquidation Account with a scheduled bank and implements a new structured filing system requiring liquidators to submit four distinct forms (VL1-VL4) with specific timelines. Liquidators must ensure accurate and complete filing, with penalties of Rs.500 per form per month for delays. The Board may refuse Authorization for Assignment for non-compliance, inaccurate filing, or delays. The amendment also revises Form G's table B format for tracking unclaimed dividends and undistributed proceeds, requiring detailed stakeholder information including tax implications. These changes enhance transparency and accountability in voluntary liquidation processes, effective from the gazette publication date.
IBBI amended the Voluntary Liquidation Process Regulations introducing significant procedural changes. The amendment establishes a Corporate Voluntary Liquidation Account with a scheduled bank and implements a new structured filing system requiring liquidators to submit four distinct forms (VL1-VL4) with specific timelines. Liquidators must ensure accurate and complete filing, with penalties of Rs.500 per form per month for delays. The Board may refuse Authorization for Assignment for non-compliance, inaccurate filing, or delays. The amendment also revises Form G's table B format for tracking unclaimed dividends and undistributed proceeds, requiring detailed stakeholder information including tax implications. These changes enhance transparency and accountability in voluntary liquidation processes, effective from the gazette publication date.
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