Voluntary liquidation timelines and compliance certificate requirements revised, updating stakeholder list, form and submission obligations for liquidators.
The amendment revises procedural references and terminology, shortens and extends specific liquidator timelines depending on creditor approval, requires a prompt stakeholder list where no claims are received, replaces form references and inserts a detailed compliance certificate form that the liquidator must submit with the dissolution application to the Adjudicating Authority, setting out realizations, distributions, deviations, avoidance applications, record preservation and a certification of accuracy.

Preservation of records requires long-term electronic retention and shorter physical retention after insolvency process conclusion.
Regulation 18 permits the resolution professional to convene committee meetings at his discretion, requires convening or placing proposals when requested by members representing at least one third of voting rights, and allows the RP to place proposals on his own initiative. Regulation 39A imposes a duty on interim resolution professionals and resolution professionals to preserve comprehensive records of the insolvency resolution process-covering appointment, handover, admission, announcements, committee matters, claims, professional engagements, the information memorandum, filings, resolution plans, correspondence, costs and suspect transactions-and to retain electronic and physical copies for specified minimum periods from the later of process completion or conclusion of related proceedings, keeping them secure and producible.