Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021

Mar 05, 2021 | by Avantis RegTech Legal Research Team

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Secretarial Compliance

The Insolvency and Bankruptcy Board of India (IBBI) on March 04, 2021 has issued the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021 to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 

The following amendments have been made: 

• Regulation 31 (2), which specifies the filing of the list of stakeholders, has been substituted, namely: 

“The liquidator shall file the list of stakeholders with the Adjudicating Authority within forty-five days from the last date for receipt of the claims.”

• Regulation 31 (5)(d), which specifies the filing of list on stakeholders, has been inserted, namely: 

“filed on the electronic platform of the Board for dissemination on its website. 

Provided that this clause shall apply to every liquidation process ongoing and commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021.”

[Notification No. IBBI/2020-21/GN/REG069]

 


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