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TMI BlogInsolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... ations, 2024 No. IBBI/2023-24/GN/REG109.--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 Board of India (Voluntary Liquidation Process) Regulations, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii), the following sub-clause shall be inserted, namely:- "(iii) the corporate person has made sufficient provision to meet the obligations arising on account of pending matters mentioned in sub-clause (iii) of clause (b)." (II) in clause (b), (a) in sub-clause (ii), after the words and mark "by a registered valuer;", the word "and", shall be inserted. (b) after sub-clause (ii), the follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of every succeeding two hundred and seventy days or ninety days, as the case may be, as stipulated in sub-regulation (1), till submission of application for dissolution of the corporate person; and" (c) in clause (b), (i) the word "Annual" shall be omitted. (ii) in sub-clause (iii), the word "and" shall be omitted. (iii) in sub-clause (v), the word "and" shall be omitted. (iv) in sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account, may apply to the liquidator in Form-I for withdrawal of the amount. (7A) On receipt of request under sub-regulation (7), the liquidator after verification of the claim, shall request the Board for release of amount to him for onward distribution. (7B) The Board on receipt of request under sub-regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be substituted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./727/2023-24] Note: The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 were published vide Notification No. IBBI/2016-17/GN/REG010 on 31st March, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 130 dated 31st March, 2017 and were last amended by the Insolvency and Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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