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of <h1>Insolvency Board Amends Liquidation Regulations: New Filing Rules, Auction Procedures, and Corporate Liquidation Account Mandates</h1> The Insolvency and Bankruptcy Board of India has amended the Liquidation Process Regulations, 2016, effective upon publication in the Official Gazette. Key changes include allowing compromises or arrangements sanctioned under the Companies Act, 2013, and mandating the maintenance of a Corporate Liquidation Account. New filing requirements for liquidators on an electronic platform are introduced with specific timelines and penalties for delays. Amendments also cover auction procedures, including due diligence and eligibility checks for bidders, and require public notices for bidders' eligibility declarations. Updates to stakeholder information forms for unclaimed dividends or undistributed proceeds are also specified.
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