Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy

Consultation committee powers expanded to control liquidator appointment, voting, asset sales, and claims verification in liquidation.

Amendments require filing of compromise/arrangement proposals within thirty days where recommended during insolvency resolution; deem claims collated during insolvency resolution as submitted under section 38 and mandate liquidator verification of such claims within thirty days from last claim receipt; strengthen consultation committee composition, proportional voting, exclusion of secured creditors who retain security, promoter non-voting attendance, representative voting, mandatory early meetings, and committee authority to advise on remuneration, sale parameters and to propose liquidator replacement with required consent; prescribe auction timelines, asset memorandum deadlines, process email operation and detailed record preservation and handover obligations.