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

Regulation No (Voluntary Liquidation Process) Regulations, 2017. (Voluntary Liquidation Process) Regulations, 2022. Comments In regulation 2, in sub-regulation (1), in clause (c) liquidation commencement date” means the date on which the proceedings for voluntary liquidation commence as per section 59(5) and Regulation 3 [3(4)]; liquidation commencement date” means the date on which the proceedings for voluntary liquidation commence as per section 59(5) and Regulation 3 [3(3)]; In regulation 10, in sub-regulation (2) and clause (r) of sub-regulation (2) such other books or registers as may be necessary to account for transactions entered into by him in relation to the [corporate debtor] such other books or registers as may be necessary to account for transactions entered into by him in relation to the [corporate person] For the words ―corporate debtor‖, the words ―corporate person‖ shall be substituted. In Reg 30 after sub-regulation (2) Proviso inserted Provided that where no claim from creditors has been received till the last date for receipt of claims, the liquidator shall prepare the list of stakeholders within fifteen days from the last date for receipt of claims The liquidator shall prepare the list of stakeholders within fifteen days from the last date for receipt of claims, where no claim from creditors has been received till the last date for receipt of claims. In Reg 35 in sub-regulation (1), In regulation 37, for sub-regulation (1) The liquidator shall distribute the proceeds from realization within [six months] from the receipt of the amount to the stakeholders The liquidator shall endeavor to complete the liquidation process of the corporate person within twelve months from the liquidation commencement date”. The liquidator shall distribute the proceeds from realization within [thirty days] from the receipt of the amount to the stakeholder The liquidator shall endeavour to complete the liquidation process of the corporate person and submit the Final Report under regulation 38 within: - (a) two hundred and seventy days from the liquidation commencement date where the creditors have approved the resolution under clause (c) of subsection (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3, and (b) ninety days from the liquidation commencement date in all other cases.] The liquidator shall distribute the proceeds from realization within thirty days (against the previously stipulated six months) from the receipt of the amount