IBBI fixes timelines for the liquidation process to reduce delays

If any claim is not filed during the liquidation process, the amount of claim collated during CIRP should be verified by the liquidator

To reduce delays and realise better value through the liquidation process, the Insolvency and Bankruptcy Board of India (IBBI) has set timelines for meetings and adjudication of claims by the stakeholders’ consultation committee.

The IBBI liquidation process second amendment regulations 2022 state that the Committee of Creditors, constituted during the Corporate Insolvency Resolution Process (CIRP), should function as Stakeholders Consultation Committee (SCC) in the first 60 days.

The liquidator has been mandated to conduct the meetings of SCC in a structured and time-bound manner with better participation of stakeholders.

If any claim is not filed during the liquidation process, the