IBBI Proposes Changes in Liquidation Regulations to Ensure Transparency in Compromise or Arrangement Schemes
- Blog|News|Insolvency and Bankruptcy Code|
- < 1 minute
- By Taxmann
- |
- Last Updated on 21 November, 2024
Latest from Taxmann
Discussion Paper; Dated: 19.11.2024
IBBI has released a discussion paper proposing various amendments to the liquidation process under the IBBI (Liquidation Process) Regulations, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017. Part A proposes changes in liquidation regulations in relation to (a) a review of the auction process, (b) ensuring transparency in compromise or arrangement schemes by mandating liquidator for applying closure of the liquidation process to the Adjudicating Authority, and (c) improving the management of unclaimed proceeds in the Corporate Liquidation account.
Part B proposes changes in voluntary liquidation regulations w.r.t uncalled capital or unpaid capital contributions and improving the management of unclaimed proceeds in the Corporate Voluntary Liquidation account.
Click Here To Read The Full Update
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
