On August 5, 2020, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 (“Amendment Regulations”) in order to amend the IBBI (Voluntary Liquidation Process) Regulations, 2017 (“Regulations”).
Regulation 5, pertaining to appointment of a liquidator, has been amended to provide that the corporate person will appoint an insolvency professional as liquidator, subject to the eligibility criteria specified in Regulation 6. Further, the corporate person may replace the liquidator by appointing another insolvency professional as liquidator, by passing the necessary resolutions. Such resolution should contain the terms and conditions of appointment of the liquidator, including the remuneration payable to her/him.
Within 3 (three) days of her/his appointment as liquidator, the insolvency professional is required to intimate the IBBI about such appointment.
Please find a copy of the Amendment Regulations here.
This update has been contributed by Aastha (Partner) and Radhika Kothari (Associate).
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