liquidation process

IBBI has vide its notification dated 4th March, 2021 amended the IBBI (Liquidation Process) Regulations, 2016 as follows:

Regulation 31 which pertains to list of stakeholders has been amended as follows:

Sub-regulation 2 has been substituted as follows:

“(2) The liquidator shall file the list of stakeholders with the Adjudicating Authority within forty-five days from the last date for receipt of the claims.”

The earlier clause read as follows:

(2) The liquidator shall file the list of stakeholders with the Adjudicating Authority within forty-five days from the last date for receipt of claims, and the filing of the list shall be announced to the public in the manner specified in Regulation 12(3).

The portion marked in bold has been deleted from the regulations.

New clause (d) has been inserted in sub- regulation (5) as follows:

“(d) filed on the electronic platform of the Board for dissemination on its website:
Provided that this clause shall apply to every liquidation process ongoing and commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021.”;

Sub regulation (5) pertains to list of stakeholders, which shall be available for inspection for person who submitted proofs of claim, by members, partners, directors & guarantors of corporate debtor and to be displayed on the website of the corporate debtor.

Now this additional clause (d) has been added to the said sub-regulation (5) of regulation 31

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