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of <h1>India Updates Voluntary Liquidation Process Regulations; Amends Regulation 5 to Mandate Insolvency Professional Appointment as Liquidator.</h1> The Insolvency and Bankruptcy Board of India issued the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020. Effective from its publication date, the amendment modifies Regulation 5 of the 2017 regulations. It mandates that a corporate entity appoint an insolvency professional as a liquidator, with provisions for replacement through a resolution detailing the terms, conditions, and remuneration. The appointed insolvency professional must notify the Board within three days. This amendment follows previous regulations established in 2017 and amended in January 2020.
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