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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022

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....a (Voluntary Liquidation Process) Regulations, 2017, namely: - 1 (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (hereinafter referred to as "the principal regulations'), in regulation 2, in sub-regulation (1), in clause (c), for the figure and brackets "3(4)", the figure and brackets "3(3)" shall be substituted. 3. In the principal regulations, in regulation 5, in sub-regulation (2), for the word "three", the word "seven" shall be substituted. 4. I....

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....liance certificate in Form-H along with the application under sub-section (7) of section 59 to the Adjudicating Authority." 9. In the principal regulations, in regulation 39, in sub-regulation (7), for the word and letter "Form-H", the word and letter "Form-I" shall be substituted. 10. In the principal regulations, in Schedule I, for the word and letter "Form-H", the word and letter "Form-I" shall be substituted. 11. In the principal regulations, in Schedule I, after Form-G, the following form shall be inserted, namely: - "FORM-H COMPLIANCE CERTIFICATE [Under Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017] I, [Name of the Liquidator], an insolvency professional enrol....

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.... 1 Year of Incorporation 2 Objects in brief 3 Paid up Share Capital / Capital (Amount in Rs.) 4 Assets as on Liquidation Commencement date (Amount in Rs.) 5 Debt payable as on Liquidation Commencement date (Amount in Rs.) 6 Net-worth of the Corporate Person (Amount in Rs.) 7 Reasons for initiating voluntary liquidation, in brief 4. Details of ealization during Voluntary Liquidation Process: Sl. No. Particulars Amount (Rs.) (1) (2) (3) 1 Sale of Assets 2 Refund from Statutory Authorities 3 Cash / Bank balance 4 Realisation of uncalled/unpaid capital contribution 5 Distribution of unsold asset 6 Any other (Please specify) Total 5. Details of distribution to stakeholders as per section 52 or 53 of the Code (....

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....dator T = 0 3 Proviso to Section 59(3) (c), Regulation 3(1) (c) Approval of creditors representing two-third in value of debt, if the corporate person owes any debt, of the resolution passed under section 59(3) (c) or regulation 3(1) (c) T + 7 4 Regulation 5(2) Intimation by Insolvency Professional regarding his appointment as Liquidator, to the Board T + 7 5 Regulation 14 (1) Public Announcement in Form A by the Liquidator T + 5 6 Section 59(4), Reg. 3(2) Notification to Registrar of Companies and Board about the resolution passed under section 59(3) (c) and regulation 3(1) (c) or subsequent approval of creditors thereto, as the case may be, by corporate person T + 7 or T + 14 7 Section 38(1), Regulation 14 (2) Submi....

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..... The following are deviations / non-compliances with the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made, or circulars issued thereunder (If any deviation/ non- compliances were observed, please state the details and reasons for the same): Sl. No. Deviation / Non- compliance observed Section of the Code / Regulation No. / Circular No. Reasons Whether rectified or not (1) (2) (3) (4) (5) 1 2 3 8. The details of application(s) filed / pending in respect of avoidance of transactions. Sl. No. Type of Transaction Date of Filing with Adjudicating Authority Date of Order of the Adjudicating Authority Brief of the Order (1) (2) (3) (4) (5) 1 Preferential transactions under section 43 2 Underva....