IBBI Releases a Discussion Paper for Streamlining the Voluntary Liquidation Process
- News|Blog|Insolvency and Bankruptcy Code|
- < 1 minute
- By Taxmann
- |
- Last Updated on 7 October, 2023
Discussion paper, Dated: 05.10.2023
The IBBI has released a discussion paper to streamline the voluntary liquidation process. The key proposals include the requirement for directors to disclose any pending proceedings or litigation before statutory authorities while making declaration for initiating the process. Further, if the liquidator fails to liquidate within the stipulated time, he must submit a status report to the Board stating the reasons behind the delay. The comments may be submitted electronically by 26.10.2023.
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.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied