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of <h1>IBBI Updates Liquidation Process Regulations 2016: New Stakeholder Committee, Liquidation Costs, and Asset Sale Guidelines Effective July 2019.</h1> The Insolvency and Bankruptcy Board of India (IBBI) issued amendments to the Liquidation Process Regulations, 2016, effective from July 25, 2019. Key changes include the introduction of a stakeholders' consultation committee, detailed provisions on liquidation costs, and guidelines for contributions from financial creditors. The amendments also outline procedures for compromise or arrangement, liquidator's fees, and the sale of assets as a going concern. The regulations specify timelines for various liquidation processes, including claims submission, asset valuation, and stakeholder distributions. Additionally, the amendments provide a model timeline for the liquidation process and establish guidelines for auctions and sales.
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