PUNE: The Insolvency and Bankruptcy Board of India (Board), in exercise of its powers conferred under Section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
The press statement issued by ministry of corporate affairs has stated that these regulations inter alia provide for the details of activities from issue of liquidation order under Section 33 of the Code to dissolution order under Section 54.These Regulations come into force with immediate effect.
These regulations prohibit an insolvency professional from acting as a liquidator for a corporate debtor if he is not independent of the corporate debtor. These prohibit p…
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