Taxmann's Analysis | IBBI Takes Progressive Steps Towards Transparent Voluntary Liquidations

Download or read book Taxmann's Analysis | IBBI Takes Progressive Steps Towards Transparent Voluntary Liquidations written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2024-02-05 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: IBBI has notified the amendment in the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2024. These changes, from enhanced disclosure requirements to revised timelines and streamlined claiming processes, are designed to boost transparency, reduce delays, and improve efficiency. This article provides an in-depth examination of the key amendments that are transforming the voluntary liquidation process, which include: ‣ Amendment to Regulation 3; Disclosure of pendency proceedings or assessment by way of affidavit ‣ Amendment to Regulation 37; Change in the timeline of conducting the contributors' meeting ‣ Amendment in Regulation 39; Prescribes the detailed norms w.r.t claiming of the amount deposited into the Corporate Voluntary Liquidation Account by the stakeholders