With an aim to maximise recoveries in a time-bound manner and to mitigate the practical difficulties faced in the liquidation process, Insolvency and Bankruptcy Board of India (“IBBI”) recently amended the IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Regulations”). The (Liquidation Process) (Second Amendment) Regulations, 2022 (“Amended Regulations”) were notified by the IBBI on September 16, 2022. The Amended Regulations have brought radical changes including but not limited to constitution of Stakeholders Consultation Committee (“SCC”), stricter timelines for exploring a compromise or arrangement and conducting auction, filing of claims, replacement of liquidator, treatment of avoidance applications etc.
Please click here to read the full article by Manish Jha and Ankit Tripathi, published in Bar & Bench.
Manish’s key focus area is civil, commercial, and criminal litigation. Manish specialises in arbitration also.