IBBI Releases a Discussion Paper for Streamlining the Voluntary Liquidation Process
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- By Chetan Kulasri
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- Last Updated on 7 October, 2023
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Discussion paper, Dated: 05.10.2023
The IBBI has released a discussion paper to streamline the voluntary liquidation process. The key proposals include the requirement for directors to disclose any pending proceedings or litigation before statutory authorities while making declaration for initiating the process. Further, if the liquidator fails to liquidate within the stipulated time, he must submit a status report to the Board stating the reasons behind the delay. The comments may be submitted electronically by 26.10.2023.
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