Voluntary liquidation procedure updated with revised claims rules, Board-notified forms, and a new termination framework. Amendments to the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 revise prescribed forms, replace several schedule-based forms with forms notified by Board circular, and reframe stakeholder interaction as assistance rather than consultation. The amendments add a claim-submission and claim-updation rule, require written reasons for rejection of claims, mandate communication of admission or rejection within seven days, and introduce a structured framework for termination of voluntary liquidation proceedings, including required declarations, reports, intimations, and cessation of the liquidator's powers on termination.