New Delhi, March 31:
The Insolvency and Bankruptcy Board of India (IBBI) has issued the regulations on voluntary liquidation process for corporate persons.
This regulation, which will come into force on April 1, 2017, provides the process from initiation of voluntary liquidation of a corporate person till its dissolution.
The corporate person for the purpose of this regulation would cover companies, limited liability partnerships and any other person incorporated with limited liability.
A corporate person may initiate a voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declaration to the effect that (i) the corporate person has no debt or it…
Read the full article at: http://www.thehindubusinessline.com/economy/insolvency-regulator-ibbi-comes-up-with-corporate-voluntary-liquidation-regulations/article9610214.ece