Proposal for Compromise and Arrangement must be filed within 30 days of Liquidation order
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- Last Updated on 19 September, 2022
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Notification No. IBBI/2022-23/GN/REG094, Dated: 16.09.2022
The Govt. has notified the IBBI (Liquidation Process) (Second Amendment) Regulations, 2022. A new proviso has been inserted in regulation 2B i.e Compromise or arrangement, which states that where the recommendation to explore a proposal of compromise or arrangement has been made by the committee under regulation 39BA of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the liquidator shall file the proposal within 30 days of the order of liquidation.
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