New Delhi, Feb. 12 -- The Insolvency and Bankruptcy Board of India (IBBI) has introduced new regulations mandating liquidators to provide fortnightly progress reports, outlining reasons for any delays in completing the liquidation process within the designated 90 or 270-day timeframe.
The amendments specifically apply to voluntary liquidations, requiring liquidators to convene meetings with contributors of the corporate entity if the liquidation is not finalised within the prescribed period.
They must present a status report within 15 days after the deadline, explaining the reasons for the delay and estimating the additional time needed to complete the process, as per IBBI.
This requirement for regular progress updates, even beyond th...