| Regulation No | (Voluntary Liquidation Process) Regulations, 2017. | (Voluntary Liquidation Process) Regulations, 2022. | Comments |
| In regulation 2, in sub-regulation (1), in clause (c) | liquidation commencement date” means the date on which the proceedings for voluntary liquidation commence as per section 59(5) and Regulation 3 [3(4)]; | liquidation commencement date” means the date on which the proceedings for voluntary liquidation commence as per section 59(5) and Regulation 3 [3(3)]; | |
| In regulation 10, in sub-regulation (2) and clause (r) of sub-regulation (2) | such other books or registers as may be necessary to account for transactions entered into by him in relation to the [corporate debtor] | such other books or registers as may be necessary to account for transactions entered into by him in relation to the [corporate person] | For the words ―corporate debtor‖, the words ―corporate person‖ shall be substituted. |
| In Reg 30 after sub-regulation (2) Proviso inserted | Provided that where no claim from creditors has been received till the last date for receipt of claims, the liquidator shall prepare the list of stakeholders within fifteen days from the last date for receipt of claims | The liquidator shall prepare the list of stakeholders within fifteen days from the last date for receipt of claims, where no claim from creditors has been received till the last date for receipt of claims. | |
| In Reg 35 in sub-regulation (1), In regulation 37, for sub-regulation (1) | The liquidator shall distribute the proceeds from realization within [six months] from the receipt of the amount to the stakeholders The liquidator shall endeavor to complete the liquidation process of the corporate person within twelve months from the liquidation commencement date”. | The liquidator shall distribute the proceeds from realization within [thirty days] from the receipt of the amount to the stakeholder The liquidator shall endeavour to complete the liquidation process of the corporate person and submit the Final Report under regulation 38 within: – (a) two hundred and seventy days from the liquidation commencement date where the creditors have approved the resolution under clause (c) of subsection (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3, and (b) ninety days from the liquidation commencement date in all other cases.] | The liquidator shall distribute the proceeds from realization within thirty days (against the previously stipulated six months) from the receipt of the amount to the stakeholders The liquidator shall endeavour to complete the liquidation process of the corporate person within two hundred and seventy days from the liquidation commencement date, where the creditors have approved the resolution under section 59(3)(c) or regulation 3(1)(c), and ninety days from the liquidation commencement date in all other cases |
| In regulation 38, for the sub-regulation (3) | The liquidator shall submit the Final Report to the Adjudicating Authority along with the application under section 59(7) | The liquidator shall submit the Final Report and the compliance certificate in Form-H along with the application under sub-section (7) of section 59 to the Adjudicating Authority. | The liquidator shall file final report and compliance report along with application to the Adjudicating Authority |
| In regulation 39, in sub-regulation (7) | A stakeholder, who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account, may apply to the Board in [Form-H] for an order for withdrawal of the amount | A stakeholder, who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account, may apply to the Board in [Form-I] for an order for withdrawal of the amount | To withdraw the amount from the liquidation account stakeholder may apply to Board in Form-I instead of Form H |
In Schedule I, for the word and letter ―Form-H, the word and letter ―Form-I shall be substituted
In the principal regulations, in Schedule I, after Form-G, the following form shall be inserted, namely: –
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