Highlights
- The Insolvency and Bankruptcy Board of India has implemented amendments to enhance the efficiency, transparency, and integrity of the Liquidation and Voluntary Liquidation processes, which include changes to auction timelines and stricter eligibility verification for bidders.
- Mandatory filing of a final report by liquidators when a scheme of compromise or arrangement is approved has been introduced, aimed at strengthening regulatory oversight and improving accountability in the liquidation process.
- The amendments require detailed disclosure of tax deductions by liquidators prior to depositing unclaimed dividends and undistributed proceeds into the Corporate Liquidation Account…
