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of <h1>IBBI Updates Liquidation Process Rules: New Timelines for Proposals, Asset Sales, and Consultation Committees Effective September 2022.</h1> The Insolvency and Bankruptcy Board of India (IBBI) issued the Liquidation Process (Second Amendment) Regulations, 2022, effective from September 16, 2022. Key amendments include the requirement for liquidators to file compromise or arrangement proposals within 30 days of liquidation orders, and the establishment of a consultation committee to advise on various liquidation matters. The regulations also address the submission and verification of claims, mandate the preservation of records, and stipulate the conduct of consultation committee meetings. Additionally, the amendments outline procedures for asset sales, specify timelines for auction processes, and detail the responsibilities of liquidators in preserving records and managing claims.
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