Initiation of Liquidation

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....- (a) a declaration from majority of (i) the designated partners, if a corporate person is a limited liability partnership, (ii) individuals constituting the governing body in case of other corporate persons,  as the case may be, verified by an affidavit stating that- (i) they have made a full inquiry into the affairs of the corporate person and th....

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....e assets of the corporate person, if any prepared by a registered valuer; ^5[and] ^7[Explanation -For the purposes of this regulation, a registered valuer shall prepare the valuation report and maintain such documentation as per the format notified by the Board through circular.] ^6[(iii) disclosure about pending proceedings or assessments before statutory authorities, and p....

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....insolvency professional to act as the liquidator: Provided that the corporate person owes any debt to any person, creditors representing two-thirds in value of the debt of the corporate person shall approve the resolution passed under sub-clause (c) within seven days of such resolution. (2) The corporate person shall notify the Registrar and the Board about the resolution under sub-regulatio....

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.... ^1[(5) The declaration under sub-regulation (1)(a) or under section 59(3)(a) shall provide that the corporate person has made provision for preservation of its records after its dissolution.]     ************* NOTES:- 1. Inserted vide Notification No. IBBI/2022-23/GN/REG095 dated 16-09-2022 2. Omitted vide Notification No. IBBI/2023-24/GN/REG109 dated 31-01-2024 ....