IBBI Update: Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022

Section / Reg Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022. Comments Regulation 3, Initiation of Liquidationafter sub-regulation (4), the following sub-regulation shall be inserted The declaration under sub-regulation (1)(a) or under section 59(3)(a) shall provide that the corporate person has made provision for preservation of its records after its dissolution. The declaration must provide whether the corporate person has made the provision for preservation of its records after its dissolution Regulation 41 Preservation of Records The liquidator shall preserve a physical or an electronic copy of the reports, registers and books of account referred to in Regulations 8 and 10 for at least eight years after the dissolution of the corporate person, either with himself or with an information utility (1) The liquidator shall preserve copies of all such records which are required to give a complete account of the voluntary liquidation process. (2) Without prejudice to the generality of the obligations under sub-regulation (1), the liquidator shall preserve copies of records relating to or forming the basis of:- (a) his appointment as liquidator, including the terms of appointment; (b) handing over / taking over of the assignment; (c) initiation of voluntary liquidation process; (d) public announcement; (e) claims, verification of claims, and list of stakeholders; (f) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them; (g) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders; (h) statutory filings with Board and insolvency professional agencies; (i) correspondence during the voluntary liquidation process; (j) cost of voluntary liquidation process; (k) all reports, registers, documents such as preliminary report, annual status report, final report prior to dissolution, various registers and books, etc. mentioned in Regulation 8 and 10 of principal regulations; and (l) any other records, which is required to give a complete account of the process. (3) The liquidator shall preserve: (a) electronic copy of all records(physical and electronic) for a minimum period of eight years; and (b) a physical copy of records for a minimum period of three years; from the date of dissolution