The regulations come into force from today
New Delhi, March 31:
The Insolvency and Bankruptcy Board of India (IBBI) has issued regulations pertaining to the voluntary liquidation process for corporate persons.
The regulation, which will come into force on April 1, 2017, lays down the process from initiation of voluntary liquidation of a corporate person till its dissolution.
The corporate person, for the purpose of this regulation, would include companies, limited liability partnerships and any other person incorporated with limited liability.
Initiating proceedings
A corporate person may initiate a voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declarat…
Read the full article at: http://www.thehindubusinessline.com/money-and-banking/insolvency-regulator-issues-norms-for-corporate-voluntary-liquidation/article9610619.ece
