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of <h1>India Updates Liquidation Rules: Regulation 41 Requires Record Preservation for 8 Years Digitally, 3 Physically.</h1> The Insolvency and Bankruptcy Board of India has amended the Voluntary Liquidation Process Regulations, 2017, effective from September 16, 2022. The amendments include a new requirement for a declaration ensuring the preservation of records post-dissolution. Regulation 41 has been replaced to mandate liquidators to preserve records related to the liquidation process for a minimum of eight years electronically and three years physically. The regulations outline specific records to be maintained, including those related to appointments, claims, and statutory filings. Liquidators must hand over records if replaced and ensure secure storage and availability as required by the Code.
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