April 29, 2022
Summary of the notification issued by IBBI on 28/04/2022
Applicability of certain regulations under IBBI(Liquidation Process) Regulations, 2016
IBBI has clarified that the requirements under following regulations shall apply to the liquidation processes commencing on or after the date of the commencement of the IBBI (Liquidation Process) (Amendment) Regulations, 2019, i.e. 25/07/2019
- 2A – Contributions to liquidation costs by the Financial Creditors
- 21A- Presumption of security interest
- 31A – Constitution of Stakeholders’ consultation committee
- 44 – Completion of the liquidation process within a period of one year from the liquidation commencement date
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