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of <h1>Insolvency and Bankruptcy Board of India amends Liquidation Process Regulations; introduces consultation committee, removes auction deposit.</h1> The Insolvency and Bankruptcy Board of India issued the Second Amendment to the Liquidation Process Regulations, 2021, effective upon publication in the Official Gazette. Key changes include the omission of specific phrases in regulations, the establishment of a consultation committee within 60 days of liquidation commencement to advise on professional appointments and sales, and the removal of non-refundable deposit requirements for auction participation. The amendment also mandates that the liquidator inform the highest bidder of auction rejections and modifies language in public notices and forms. These changes aim to streamline and clarify the liquidation process under the Insolvency and Bankruptcy Code.
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