IBBI withdraws the Circular No. IBBI/LIQ/024/2019 dated 26.08.2019 related to amendment in Liquidation Process Regulations, 2016 – IBBI Circular No. IBBI/LIQ/2/2022 dated 06th May, 2022
The Board has conducted de novo examination of Amendment Regulations 2019 and the Circular dated 26th August, 2019 in light of the evolving jurisprudence. In this regard, the Amendment Regulations 2022 provide that regulations 2A (Contributions to liquidation costs), 21A (Presumption of security interest) and 31A (Stakeholders’ consultation committee), and amendment of regulation 44 (Specifying reduced time for completion of liquidation process) as inserted / amended by the Amendment Regulations 2019 shall apply only to the liquidation processes commencing on or after the date of the commencement of the Amendment Regulations 2019. Consequently, the instant Circular is being withdrawn.