Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2026.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, namely: - 1. (1) These regulations may be called Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2026.     (2) They shall come into force on the date^# of 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 sub-regulation (3) of regulation 10, for the words "Schedule II", the words "Schedule I" shall be substituted. 3. In the principal regulations, in regulation 12, (a) in the marginal heading, for the words "Con....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion and updation of claims. (1) A person, who claims to be a stakeholder, shall submit its claim, on or before the last date mentioned in the public announcement. (2) A stakeholder shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the liquidation commencement date." 10. In the principal regulations, in regulation 29, (i) in sub-regulation (1), for the words, numerical and mark ", as per section 40 of the Code.", the mark ":" shall be substituted. (ii) in sub-regulation (1), the following proviso is to be inserted: "Provided that where the liquidator rejects a claim, he shall record in writing the reasons for such rejection.". ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(c) a declaration that the termination will not result in prejudicially affecting the interest of any stakeholder. (2) For the purposes of clause (c) of sub-section (5A) of section 59, the liquidator shall intimate the Adjudicating Authority, along with a report in such form as notified by the Board through circular, regarding termination of voluntary liquidation proceedings, accompanied by a statement that - (a) due process for termination of voluntary liquidation proceedings has been followed; and (b) the termination of voluntary liquidation proceedings is not initiated to defraud any person and the corporate person is solvent. (3) Where the conditions specified under clause (a), (b) and (c) of sub-section (5A) of ....