To provide an orderly framework for withdrawal from the voluntary liquidation process, the Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to existing regulations.
A Corporate Person undergoing voluntary liquidation process should be allowed to seek approval from the Adjudicating Authority for withdrawal from the process, subject to conditions, according to a discussion paper. IBBI has sought public comments on the paper. Currently, IBC provisions and voluntary liquidation rules are silent on the withdrawal process after initiation.
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