{"id":273904,"date":"2022-09-17T11:30:22","date_gmt":"2022-09-17T06:00:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=273904"},"modified":"2022-09-17T11:30:22","modified_gmt":"2022-09-17T06:00:22","slug":"declaration-must-provide-that-the-corporate-person-has-made-provision-for-preservation-of-its-records-after-its-dissolution-vide-ibbi-voluntary-liquidation-process-second-amendment-regulations-20","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/17\/declaration-must-provide-that-the-corporate-person-has-made-provision-for-preservation-of-its-records-after-its-dissolution-vide-ibbi-voluntary-liquidation-process-second-amendment-regulations-20\/","title":{"rendered":"Declaration must provide that the corporate person has made provision for preservation of its records after its dissolution vide IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page5R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The <\/span><span dir=\"ltr\" role=\"presentation\">Insolvency and Bankruptcy Board of India has notified IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 to amend the <\/span><span dir=\"ltr\" role=\"presentation\">Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.\u00a0 <\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"page5R_mcid7\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">The amendment inserts a new clause in Regulation 3 dealing with <b>Initiation of Liquidation<\/b> providing that t<\/span><\/span><span id=\"page5R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">he declaration under sub-regulation (1)(a) or under section 59(3)(a) shall provide that the corporate <\/span><span dir=\"ltr\" role=\"presentation\">person has made provision for preservation of its<\/span> <span dir=\"ltr\" role=\"presentation\">records after its dissolution.\u201d<\/span><\/span><span id=\"page5R_mcid9\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"page5R_mcid10\" class=\"markedContent\">The amendment also substitutes Regulation 41 with the following: <br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page5R_mcid10\" class=\"markedContent\"><strong><span dir=\"ltr\" role=\"presentation\">Preservation of records.<\/span><\/strong><\/span><span id=\"page5R_mcid11\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(1)<\/span> <span dir=\"ltr\" role=\"presentation\">The liquidator shall preserve copies of all such records which are required to give a complete account <\/span><span dir=\"ltr\" role=\"presentation\">of the voluntary liquidation process.<\/span><\/span><span id=\"page5R_mcid12\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(2)<\/span> <span dir=\"ltr\" role=\"presentation\">Without prejudice to the generality of the obligations under sub-regulation (1), the liquidator shall <\/span><span dir=\"ltr\" role=\"presentation\">preserve copies of records relating to or forming the basis of:-<\/span><\/span><span id=\"page5R_mcid13\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span id=\"page5R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">his appointment as liquidator, including the terms of appointment;<\/span><\/span><span id=\"page5R_mcid14\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">handing over \/ taking over of the assignment;<\/span><\/span><span id=\"page5R_mcid15\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(c)<\/span> <span dir=\"ltr\" role=\"presentation\">initiation of voluntary liquidation process;<\/span><\/span><span id=\"page5R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(d)<\/span> <span dir=\"ltr\" role=\"presentation\">public announcement;<\/span><\/span><span id=\"page5R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(e)<\/span> <span dir=\"ltr\" role=\"presentation\">claims, verification of claims, and list of stakeholders;<\/span><\/span><span id=\"page5R_mcid18\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(f)<\/span> <span dir=\"ltr\" role=\"presentation\">engagement of professionals, registered valuers, etc. including work done, reports etc., submitted <\/span><span dir=\"ltr\" role=\"presentation\">by them;<\/span><\/span><span id=\"page5R_mcid19\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(g)<\/span> <span dir=\"ltr\" role=\"presentation\">all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, <\/span><span dir=\"ltr\" role=\"presentation\">whichever applicable and their orders;<\/span><\/span><span id=\"page5R_mcid20\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(h)<\/span> <span dir=\"ltr\" role=\"presentation\">statutory filings with Board and insolvency professional agencies;<\/span><\/span><span id=\"page5R_mcid21\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(i)<\/span> <span dir=\"ltr\" role=\"presentation\">correspondence during the voluntary liquidation process;<\/span><\/span><span id=\"page5R_mcid22\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(j)<\/span> <span dir=\"ltr\" role=\"presentation\">cost of voluntary liquidation process;<\/span><\/span><span id=\"page5R_mcid23\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(k)<\/span> <span dir=\"ltr\" role=\"presentation\">all reports, registers, documents such as preliminary report, annual status report, final report <\/span><span dir=\"ltr\" role=\"presentation\">prior to dissolution, various registers and books, etc. mentioned in Regulation 8 and 10 of <\/span><\/span><span id=\"page5R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">principal<\/span><\/span><span id=\"page5R_mcid25\" class=\"markedContent\"><\/span><span id=\"page5R_mcid26\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">r<\/span><\/span><span id=\"page5R_mcid27\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">egulations<\/span><\/span><span id=\"page5R_mcid28\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">; and<\/span><\/span><span id=\"page5R_mcid29\" class=\"markedContent\"><\/span><span id=\"page5R_mcid30\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(l)<\/span> <span dir=\"ltr\" role=\"presentation\">any other records, which is required to give a complete account of the process.<\/span><\/span><span id=\"page5R_mcid31\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page5R_mcid31\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(3)<\/span> <span dir=\"ltr\" role=\"presentation\">The liquidator shall preserve:<\/span><\/span><span id=\"page5R_mcid32\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">electronic copy of all records (physical and electronic) for a minimum period of eight years; and<\/span><\/span><span id=\"page5R_mcid33\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">a physical copy of records for a minimum period of three years;<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India has notified IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 to amend the Insolvency and <\/p>\n","protected":false},"author":8808,"featured_media":268472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[29471,51757,42992],"class_list":["post-273904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-ibbi","tag-preservation-of-records","tag-voluntary-liquidation-process"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Declaration must provide that the corporate person has made provision for preservation of its records after its dissolution vide IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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