IBBI (Liquidation Process) (Amendment) Regulations, 2024
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024 No. IBBI/2023-24/GN/REG112.—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 to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, namely: –
- (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024.
(2) They shall come into force on the date of their publication in the Official Gazette. - In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as ‘the principal regulations’), in regulation 2B, in sub-regulation (1), for the second proviso, the following provisos shall be substituted, namely:-
“Provided further that the liquidator shall file the proposal of compromise or arrangement only in cases where such recommendation has been made by the committee under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016:
Provided further that the liquidator shall not file such proposal after expiry of thirty days from the liquidation commencement date.” - In the principal regulations, in regulation 14, for the words “he may apply to the Adjudicating Authority”, the words “he shall consult the consultation committee and if it advises for early dissolution, he may apply, along with a detailed report incorporating the views of the consultation committee, to the Adjudicating Authority”, shall be substituted.
Read More on Page No. 11
