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of <h1>IBBI Amends Voluntary Liquidation Process Regulations: New Corporate Voluntary Liquidation Account, Electronic Filing, and Penalties Introduced</h1> The Insolvency and Bankruptcy Board of India (IBBI) has amended the Voluntary Liquidation Process Regulations, 2017, effective from its publication date in the Official Gazette. Key changes include the omission of regulation 33 and the revision of regulation 39 to establish a Corporate Voluntary Liquidation Account. A new regulation, 41A, mandates liquidators to file specific forms electronically within stipulated timelines, with penalties for delays. Schedule I, Form G, has been updated to include a table detailing stakeholders entitled to unclaimed dividends or undistributed proceeds, requiring identification and tax deduction details.
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