IBBI has Amended The Regulations For Liquidation

 The Indian Bankruptcy and Bankruptcy Commission (IBBI) amended the liquidation regulations under the Bankruptcy and Bankruptcy Act (IBC).

Highlights:

♦ The liquidator of the company can allocate or transfer the assets that are not easily realizable to anyone to ensure that the company cannot find the offeror under the IBC quickly.

♦ The aforementioned transfer or transfer of assets must be negotiated with the stakeholder committee.

♦ The definition of "non-liquidate assets" includes any assets of the company's debtors that cannot be sold through available options.

♦ The liquidator can sell any or all of the assets of the company in liquidation, and these assets are facing some disputes or involved in some fraudulent transactions.

IBBI:

IBBI was established in 2016 under IBC. It is responsible for the implementation of IBC. It supervises bankruptcy professionals and professional institutions, professional bankruptcy entities and information utilities. It prepares and implements rules for the bankruptcy settlement and bankruptcy processes of companies and individuals under the Code.