Summary of the notifications issued by IBBI on 05/08/2020
IBBI amends Liquidation Process and Voluntary Liquidation Process regulations under IBC, 2016
S. No.
Amended Regulation
Summary of the Amendment
1.
Regulation 4(2)(b) of IBBI (Liquidation Process) Regulations, 2016
On realization of any amount by the liquidator who doesn’t distribute the same, he shall be entitled to a fee corresponding to the amount realised by him. Likewise, upon distribution of any amount by the liquidator, which is not realised by him, he shall be entitled to a fee corresponding to the amount distributed by him.
Regulation 5 of IBBI (Voluntary Liquidation Process) Regulations, 2017
The corporate person initiating the voluntary liquidation process under the Regulations may replace the liquidator by appointing another insolvency professional as liquidator by a resolution of members or partners, or contributories, as the case may be.
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