About Clasis Law

Clasis Law is one of the leading full-service Indian law firms which provide speedy services while upholding the law and following every regulation in the book. The firm is recognized as highly professional and process-driven, with the necessary systems and infrastructure to provide hassle-free services to clients. It has an established capability and operational ability to advise clients across borders through its vibrant network of international law firms located around the globe, including in some of the most difficult jurisdictions in the world. The firm's clients range from Fortune 500 companies to SMEs and small businesses. In addition, it provides specialized services to international SMEs that choose India as their preferred investment destination.


The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022

The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 on 16th September, 2022. Modifications have been made in the following:

       i) Streamlining the constitution of SCC

      ii) Enlarging scope of SCC consultation

     iii) Replacement of Liquidator

     iv) Fixation of fee of the Liquidator

      v) Compromise or Arrangement

     vi) Filing Progress Reports & SCC Minutes

    vii) Timelines for certain auction events

    vii) Timeline for successive auction

     ix) Designating Auction Portal

     x) Preparing & sharing Asset Memorandum

     xi) Avoidance proceedings after closure

    xii) Submission of Claims

   xiii) Process email ID and Consent form for IP to act as Liquidator

   xiv) Records Retention after completion of Liquidation and Voluntary Liquidation Processes

 

 https://ibbi.gov.in/uploads/whatsnew/24a782fd983461d61a486066d4613986.pdf

 https://www.pib.gov.in/PressReleasePage.aspx?PRID=1860922

 https://ibbi.gov.in/uploads/legalframwork/812b4ba287f5ee0bc9d43bbf5bbe87fb.pdf

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