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of <h1>India Amends Insolvency Regulations: Key Changes to Withdrawal Process, Liquidation Costs, and Liquidator Fees.</h1> The Insolvency and Bankruptcy Board of India issued the Second Amendment Regulations, 2019, to modify the Insolvency Resolution Process for Corporate Persons. Key changes include the substitution of Regulation 30A, which outlines the procedure for withdrawing an application for corporate insolvency resolution. The amendment specifies conditions for withdrawal, including the requirement for a bank guarantee to cover estimated expenses. It also introduces regulations 39B, 39C, and 39D, addressing liquidation costs, assessment of sale as a going concern, and liquidator fees. Additionally, updates were made to various forms and timelines related to the insolvency process. These regulations came into effect upon publication in the Official Gazette.
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