IBBI amends voluntary liquidation process regulations to streamline it

The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to voluntary liquidation process as part of efforts to streamline the process.

Anoop Rawat, Partner (insolvency & bankruptcy) at Shardul Amarchand Mangaldas & Co, said the amendment seeks to streamline the voluntary liquidation process by reducing the timelines and imposing greater responsibilities on liquidator.

"The requirement of new form H relieves some burden off the adjudicating authorities, with relevant data and satisfaction of compliance checks being available to it in a structured tabular format.

"This shall aid in further enhancing the freedom of exit for the investors in line with India's ambitious goals of providing ease of doing business to investors during all the phases of the life-cycle of businesses," Rawat said.

IBBI, a key institution in implementing the Insolvency and Bankruptcy Code (IBC), has notified the changes in the voluntary liquidation process regulations.