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IBBI amended the Liquidation Process Regulations introducing new filing requirements and auction procedures. The amendments mandate liquidators to file four new Forms (LIQ 1-4) on an electronic platform with specific timelines and penalties for delays. Key changes include revised auction procedures requiring due diligence of highest bidders, consultation committee involvement in bid acceptance, and forfeiture of earnest money for ineligible bidders. The regulations also modify provisions for Corporate Liquidation Account maintenance and introduce new requirements for documenting unclaimed dividends. A late filing fee of Rs.500 per Form per month applies, with potential sanctions including refusal of Authorization for Assignment for non-compliance or inaccurate submissions. The amendments took effect upon official gazette publication.
IBBI amended the Liquidation Process Regulations introducing new filing requirements and auction procedures. The amendments mandate liquidators to file four new Forms (LIQ 1-4) on an electronic platform with specific timelines and penalties for delays. Key changes include revised auction procedures requiring due diligence of highest bidders, consultation committee involvement in bid acceptance, and forfeiture of earnest money for ineligible bidders. The regulations also modify provisions for Corporate Liquidation Account maintenance and introduce new requirements for documenting unclaimed dividends. A late filing fee of Rs.500 per Form per month applies, with potential sanctions including refusal of Authorization for Assignment for non-compliance or inaccurate submissions. The amendments took effect upon official gazette publication.
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