IBBI on 12th February, 2024 has issued the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024. The amendment provides that the liquidator shall get the approval of consultation committee for the following:
- File the proposal of compromise or arrangement only in cases where such recommendation has been made by the committee.
- Apply for early resolution.
- To initiate or continue legal proceedings.
- Run the corporate debtor as a going concern.
- Valuation