IBBI moots tweaks to exit liquidation

To provide an orderly framework for withdrawal from the voluntary liquidation process, the Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to existing regulations.

A Corporate Person undergoing voluntary liquidation process should be allowed to seek approval from the Adjudicating Authority for withdrawal from the process, subject to conditions, according to a discussion paper. IBBI has sought public comments on the paper. Currently, IBC provisions and voluntary liquidation rules are silent on the withdrawal process after initiation.

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