Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2025. - IBBI/2024-25/GN/REG120 - Insolvency and Bankruptcy
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Voluntary liquidation filing obligations require periodic electronic submission of prescribed forms, accuracy, and fees for late filings. The amendment requires the Board to maintain a Corporate Voluntary Liquidation Account with a scheduled bank, omits regulation 33, and inserts Regulation 41A imposing electronic filing obligations for Forms VL1-VL4 with event-linked timelines. Liquidators must ensure filings are accurate and complete; late submissions incur a fee per Form per month. The Board may take actions for failures, inaccuracies, or delays including refusal to issue or renew Authorisation for Assignment. Schedule I Form G is revised to require detailed stakeholder identification, amounts due, tax applicability and deduction details for unclaimed dividends or undistributed proceeds.
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Voluntary liquidation filing obligations require periodic electronic submission of prescribed forms, accuracy, and fees for late filings.
The amendment requires the Board to maintain a Corporate Voluntary Liquidation Account with a scheduled bank, omits regulation 33, and inserts Regulation 41A imposing electronic filing obligations for Forms VL1-VL4 with event-linked timelines. Liquidators must ensure filings are accurate and complete; late submissions incur a fee per Form per month. The Board may take actions for failures, inaccuracies, or delays including refusal to issue or renew Authorisation for Assignment. Schedule I Form G is revised to require detailed stakeholder identification, amounts due, tax applicability and deduction details for unclaimed dividends or undistributed proceeds.
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