The Ministry of Corporate Affairs on Wednesday announced the set-up of four working groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016.
The working group three 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 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 the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
However, the 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 invite public comments on the draft regulations. Accordingly, comments on each provision of the draft regulations are invited by March 8th, 2017.
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