The Insolvency and Bankruptcy Board of India on 5th August 2020 has published the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020.
The amendment provides that the corporate person shall appoint an insolvency professional as liquidator, and, wherever required, may replace him by appointing another insolvency professional as liquidator, by a resolution passed, provided that such resolution shall contain the terms and conditions of appointment of the liquidator, including the remuneration payable to him.
Further, the insolvency professional shall, within three days of his appointment as liquidator, intimate the Board about such appointment.
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