{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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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Bankruptcy Board of India (IBBI), in exercise of its powers conferred by Sections 59, 196 and 208 read with Section 240 of the Insolvency and Bankruptcy Code, 2016, has notified today the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016. The Regulations provide the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":107191,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/16\/ibbi-invites-comments-on-draft-regulations-for-voluntary-liquidation-of-corporate-persons\/","url_meta":{"origin":273904,"position":1},"title":"IBBI invites comments on Draft Regulations for Voluntary Liquidation of Corporate Persons","author":"Saba","date":"February 16, 2017","format":false,"excerpt":"The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group-3 had a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":233578,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/08\/07\/ibbi-amends-insolvency-and-bankruptcy-board-of-india-voluntary-liquidation-process-regulations-2017\/","url_meta":{"origin":273904,"position":2},"title":"IBBI amends Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017","author":"Bhumika Indulia","date":"August 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 on 05-08-2020. The Insolvency and Bankruptcy Code, 2016 enables a corporate person to initiate voluntary liquidation process if it has no debt or it will be able\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":314326,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/16\/insolvency-and-bankruptcy-board-of-india-liquidation-process-amendment-regulations-2024-legal-news\/","url_meta":{"origin":273904,"position":3},"title":"IBBI excludes assets in a real estate project that have been handed over to the allottee from liquidation process of the company","author":"Kriti","date":"February 16, 2024","format":false,"excerpt":"IBBI notifies Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Liquidation Process","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Liquidation-Process.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Liquidation-Process.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Liquidation-Process.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Liquidation-Process.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":223916,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/07\/ibbi-notifies-insolvency-and-bankruptcy-board-of-india-liquidation-process-amendment-regulations-2020\/","url_meta":{"origin":273904,"position":4},"title":"IBBI notifies &#8212; Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020","author":"Bhumika Indulia","date":"January 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6-01-2020. The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":141151,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/07\/comments-invited-on-regulations-notified-under-the-insolvency-and-bankruptcy-code-2016\/","url_meta":{"origin":273904,"position":5},"title":"Comments invited on Regulations notified under the Insolvency and Bankruptcy Code, 2016","author":"Saba","date":"July 7, 2017","format":false,"excerpt":"The Insolvency and Bankruptcy Code, 2016\u00a0(Code)\u00a0is a modern economic legislation.\u00a0Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India\u00a0(IBBI)\u00a0to make regulations subject to the conditions that the regulations: (a)\u00a0carry out the provisions of the Code,\u00a0(b)\u00a0are consistent with the Code and the rules made there under;\u00a0(c)\u00a0are made by\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/273904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=273904"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/273904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/268472"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=273904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=273904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=273904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}