TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022
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....ion Process) (Second Amendment) Regulations, 2022 No. IBBI/2022-23/GN/REG095.-In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Voluntar....
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....gulations, for regulation 41, the following regulation shall be substituted, namely:- "41. Preservation of records. (1) The liquidator shall preserve copies of all such records which are required to give a complete account of the voluntary liquidation process. (2) Without prejudice to the generality of the obligations under sub-regulation (1), the liquidator shall preser....
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.... of voluntary liquidation process; (k) all reports, registers, documents such as preliminary report, annual status report, final report prior to dissolution, various registers and books, etc. mentioned in Regulation 8 and 10 of principal regulations; and (l) any other records, which is required to give a complete account of the process. (3) The liquidator shall preserve:....
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....section 59 to the Adjudicating Authority, provide the details and manner of preservation of records under sub-regulation (1) and (2). Explanation - The records referred to in this regulation includes records pertaining to the period of a liquidation process during which the liquidator acted as such, irrespective of the fact that he did not take up the assignment from its commencement or c....