INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION) REGULATIONS, 2017

INSOLVENCY-AND-BANKRUPTCY-BOARD-OF-INDIA-VOLUNTARY-LIQUIDATION-REGULATIONS-2017


Insolvency and Bankruptcy Board of India invites public comments on Draft Regulations for Voluntary Liquidation by 8th March, 2017


The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group-3 had a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and Bankruptcy Code, 2016. This Working Group had earlier developed draft regulations for corporate insolvency resolution and liquidation process. Based on these drafts and after considering public comments on the same and following the due process, the Insolvency and Bankruptcy Board of India (Board) has notified (a) the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and (b) the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

This Working Group has now submitted draft regulations for Voluntary Liquidation of Corporate Persons. A corporate person who has not committed any default may initiate voluntary liquidation subject to certain conditions. It has been decided to to invite public comments on the draft regulations. Accordingly, Insolvency and Bankruptcy Board of India (IBBI) has issued notification IBBI/2016-17/ GN/ REG00 dated 15.02.2017 and issued draft regulations regarding Voluntary Liquidation. Comments on each provision of the draft regulations are invited by 8th March, 2017. 


The Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation) Regulations, 2017 and these Regulations shall come into force on the date of their publication in the Official Gazette.

These Regulations shall apply to the voluntary liquidation of corporate persons under Chapter V of Part II of the Insolvency and Bankruptcy Code, 2016.

GAZETTE OF INDIA EXTRAORDINARY PART III, SECTION 4

PUBLISHED BY AUTHORITY NEW DELHI, [•], [•], 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION

New Delhi, [•], 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION) REGULATIONS, 2017


IBBI/2016-17/GN/REG00[•]. - In exercise of the powers conferred by sections 59, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations, namely-

CHAPTER I

PRELIMINARY


1.                        Short title and commencement.

1.   These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation) Regulations, 2017.

2.   These Regulations shall come into force on the date of their publication in the Official Gazette.

3.  These Regulations shall apply to the voluntary liquidation of corporate persons under Chapter V of Part II of the Insolvency and Bankruptcy Code, 2016.

Click here to download complete draft of "INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION) REGULATIONS, 2017"

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