The Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022, shall be applicable with effect from 5th April 2022.
The notification said that the liquidator shall endeavor 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 sub-section (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.
As per the notified amended rules, the liquidator shall submit the Final Report and the compliance certificate in Form-H along with the application under sub-section (7) of section 59 to the Adjudicating Authority.
The amended form-H is also notified by the Board.
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