<h1>IBBI Releases Regulations for Voluntary Liquidation of Corporates, Effective April 1, 2017: Key Procedures and Requirements.</h1> The Insolvency and Bankruptcy Board of India (IBBI) has issued the Corporate Voluntary Liquidation Process Regulations, effective from April 1, 2017. These regulations outline the procedures for voluntary liquidation of corporate entities, including companies and limited liability partnerships. A corporate entity can initiate liquidation if its directors declare that it has no debt or can fully pay its debts. The regulations prevent insolvency professionals with conflicts of interest from acting as liquidators and require disclosures of relationships with stakeholders. They also mandate the preservation of liquidation records for eight years post-dissolution.