Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy
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Liquidation process rules tightened with revised claims handling, consultation committee powers, auction timelines, and record-preservation duties The liquidation regulations are amended to tighten timelines, align liquidation claims and procedures with the corporate insolvency resolution process, and expand the consultation committee's role. The liquidator must verify claims collated during resolution but not resubmitted in liquidation, operate the process email account, and follow revised reporting, auction, asset memorandum, and record-preservation requirements. The consultation committee is constituted on defined timelines, receives broader advisory functions, and may propose replacement of the liquidator by a sixty-six per cent vote subject to consent and application requirements.
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Liquidation process rules tightened with revised claims handling, consultation committee powers, auction timelines, and record-preservation duties
The liquidation regulations are amended to tighten timelines, align liquidation claims and procedures with the corporate insolvency resolution process, and expand the consultation committee's role. The liquidator must verify claims collated during resolution but not resubmitted in liquidation, operate the process email account, and follow revised reporting, auction, asset memorandum, and record-preservation requirements. The consultation committee is constituted on defined timelines, receives broader advisory functions, and may propose replacement of the liquidator by a sixty-six per cent vote subject to consent and application requirements.
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