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ARTICLE · 05 FEBRUARY 2025

Restructuring & Insolvency Monthly Update | January 2025

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Insolvency and Bankruptcy Board of India (IBBI) – Discussion Paper on amendments to IBBI (Liquidation Process) Regulations, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017 dated November 19, 2024...

IndiaInsolvency/Bankruptcy/Re-Structuring
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Insolvency and Bankruptcy Board of India (IBBI) – Discussion Paper on amendments to IBBI (Liquidation Process) Regulations, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017 dated November 19, 2024

  • In this Discussion Paper, the Insolvency and Bankruptcy Board of India (IBBI) has proposed the following amendments in the IBBI (Liquidation Process) Regulations, 2016 (Liquidation Regulations) with the aim of enhancing the efficiency of Liquidation Processes and gaining stakeholder confidence.
    • Auction Framework under Schedule I of the Liquidation Regulations
      • Prospective Bidders shall be allowed to participate in the auction process on the basis of their affidavit of eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC). In order to avoid misuse of this provision, it is also proposed that the Ernest Money Deposit (EMD) submitted by the bidder shall stand forfeited in case of false declaration under Section 29A.

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