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ARTICLE · 07 MARCH 2023

Legislative Amendments - IBC Yearly Round-Up 2022

Sarthak Advocates & Solicitors
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The Insolvency and Bankruptcy Board of India ("IBBI") notified amendments to the IBBI (Voluntary Liquidation Process) Regulations, 2016, and IBBI (Liquidation Process) Regulations

IndiaInsolvency/Bankruptcy/Re-Structuring
Mani Gupta
Mani Gupta
Aman Choudhary
Aman Choudhary
Saumya Upadhyay
Saumya Upadhyay
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The Insolvency and Bankruptcy Board of India ("IBBI") notified amendments to the IBBI (Voluntary Liquidation Process) Regulations, 2016, and IBBI (Liquidation Process) Regulations, 2016 for a second time. The amended regulations, which came into force on 16.09.2022, introduce the following changes:

  1. During the first 60 days of liquidation commencement, the Committee of Creditors ("CoC") constituted during Corporate Insolvency Resolution Process ("CIRP") shall function as the Stakeholders Consultation Committee ("SCC"). The SCC shall be reconstituted after adjudication of claims based upon admitted claims.
  2. The SCC has been empowered to propose the replacement of the liquidator to the Adjudicating Authority and fix of the fees.

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