Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020

By INSOL INDIA EDITORIAL TEAM Posted On : August 30, 2020

On August 5, 2020, the IBBI enacted the IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 (“VLP Amendment Regulations”). The VLPAmendment Regulations substituted regulation 5 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, (“VLP Regulations”) which provides for the appointment of the liquidator. As per the substituted provision, the corporate person can, if required, replace the liquidator with another insolvency professional as the liquidator, subject to the passing of a special resolution for voluntary liquidation under the Insolvency & Bankruptcy Code, 2016 (“IBC”) or the VLP Regulations. The insolvency professional is required to intimate the IBBI of such appointment within 3 (three) days of the same.