To alleviate the compliance burden for insolvency professionals, in relation to voluntary liquidation process of a corporate person and for enhancing the efficiency of liquidation/voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016 (“IBC”) and the regulations thereunder, the Insolvency and Bankruptcy Board of India, vide its circulars dated June 28, 2024, has introduced a set of forms on an electronic platform, designed to simplify reporting requirements for insolvency professionals handling liquidation/voluntary liquidations process under the IBC. The primary advantages of these forms include: (a) boosting the efficiency and effectiveness of the liquidation/voluntary liquidation process; (b) allowing liquidators to conveniently access and submit forms online, reducing delays and improving efficiency; and (c) decreasing the chances of errors and omissions, ensuring more accurate and reliable information.
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