The Insolvency and Bankruptcy Board of India
(“Board”) has introduced amendment in
the Insolvency and Bankruptcy Board of India (Voluntary Liquidation
Process) Regulations, 2017 vide notification F. No.
IBBI/2022-23/GN/REG.081 dated April 5, 2022.
According to the amendment, the date of commencement of
liquidation for the corporate persons (other than an Indian
company) should be calculated from the date of receipt of approval
from creditors1, if any, representing two-thirds in
value of the debt of the corporate person.
The creditor's approval is required to be taken within 7
days of:
- passing of resolution by a special majority of partners or
contributories, as the case may be, for liquidation of the
corporate person and appointment of insolvency professional to act
as a liquidator, or
