Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2024 - IBBI/2023-24/GN/REG109 - Insolvency and Bankruptcy
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Voluntary liquidation process amendments streamline liquidator reporting and stakeholder withdrawal mechanisms and enhance disclosure obligations for corporate persons. Amendments expand affidavit and disclosure obligations at liquidation commencement to include provision for pending matters and disclosure of pending proceedings and litigations; they revise contributory meeting timing and require the liquidator to file a Status Report with the Board within seven days of each meeting; and they establish a stakeholder withdrawal process from the Corporate Voluntary Liquidation Account allowing pre and post dissolution applications, Board release mechanisms, and documentary proof of entitlement for non-stakeholder claimants.
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Voluntary liquidation process amendments streamline liquidator reporting and stakeholder withdrawal mechanisms and enhance disclosure obligations for corporate persons.
Amendments expand affidavit and disclosure obligations at liquidation commencement to include provision for pending matters and disclosure of pending proceedings and litigations; they revise contributory meeting timing and require the liquidator to file a Status Report with the Board within seven days of each meeting; and they establish a stakeholder withdrawal process from the Corporate Voluntary Liquidation Account allowing pre and post dissolution applications, Board release mechanisms, and documentary proof of entitlement for non-stakeholder claimants.
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