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F. No. ibbi/2022-23/gn/REG.081.– In exercise of the powers conferred by clause
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Procedure) (Amendment) Regulations, 2022.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Procedure) Regulations, 2017 (hereinafter referred to as the principal rules), in regulation 2, in sub-regulation (1), in clause (c), for the figure and bracket 3(4), figure and bracket 3(3) shall be substituted.
3. In the principal regulations, in regulation 5, in sub-regulation (2), for the words “three”, the words “seven” shall be substituted.
4. In the principal regulations, in regulation 10, in sub-regulation (2) of sub-regulation (2) and in clause (r) of sub-regulation (2), for the words “corporate debtor”, the words “corporate person ” will be substituted.
5. In the principal regulations, in regulation 30, after sub-regulation (2), the following proviso shall be inserted, namely:-
Provided that where no claim has been received from the creditors till the last date of receipt of claims, the liquidator shall prepare the list of stakeholders within fifteen days from the last date of receipt of claims.
6. In the principal regulations, in regulation 35, in sub-regulation (1), for the words six months, the words thirty days shall be substituted.7. In the principal regulations, in regulation 37, for sub-regulation (1), the following sub-regulation shall be substituted, namely:—
(1) The liquidator shall endeavor to complete the winding up process of the corporate person and submit the final report under regulation 38:-
- Two hundred and seventy days from the date of the commencement of the liquidation where the creditors have approved the resolution under clause (c) of sub-section (3) of section 59 or clause (c) of sub-regulation
- regulation 3, and
- Ninety days from the date of commencement of liquidation in all other cases.
8. In the principal regulations, in regulation 38, for sub-regulation (3), the following sub-regulation shall be substituted, namely:—
3) The liquidator shall submit the final report and compliance certificate in Form-H along with the application to the adjudicating authority under sub-section (7) of section 59.
9. In the principal regulations, in regulation 39, in sub-regulation (7), for the word and letter “Form-H”, the word and letter “Form-I” shall be substituted.
10. In the principal regulations, in Schedule I, for the word and letter “Form-H”, the word and letter Form-I shall be substituted.
11. In the principal regulations, in Schedule I, after Form-G, the following Form shall be inserted, namely:-
“form-h
compliance certificate
[Under Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017]
I, [Name of the Liquidator]Enrolled with an Insolvency Professional [name of insolvency professional agency] and registered with the Board with the registration number [registration number]am the liquidator for the voluntary liquidation process of [name of the corporate person],
1. The details of the Voluntary Liquidation Process are as under:
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affiliated
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