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TMI BlogInsolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021X X X X Extracts X X X X X X X X Extracts X X X X ..... quidation Process) (Second Amendment) Regulations, 2021 No. IBBI/2021-22/GN/REG079 .- In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in sub-regulation (2), in clause (e) , for the words and figures in accordance with Chapter III of Part II , the words and figure under Part II shall be substituted. 5. In the principal regulations, in regulation 31A - (i) for sub-regulation (1), the following sub-regulation shall be substituted, namely:- (1) The liquidator shall constitute a consultation committee within sixty days ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be selected by a majority of voting share of the class, present and voting. ; (iii) in sub-regulation (10), in the proviso, after the words in writing , the words and mention it in the next progress report shall be inserted. 6. In the principal regulations, in regulation 44 , in sub-regulation (1), the words Chapter III of shall be omitted. 7. In the principal regulations, in reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidator rejects the highest bid in an auction process, he shall intimate the reasons for such rejection to the highest bidder and mention it in the next progress report. . 9. In the principal regulations, in Schedule II, in Form H, in para 2, in the table- (i) the Sl. No.19 and the entries thereof shall be omitted. (ii) in column (2), against Sl. No. 23 and Sl. No. 24, for the word ann ..... X X X X Extracts X X X X X X X X Extracts X X X X
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