The Insolvency and Bankruptcy Board of India on 16th September 2022, published the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 through which it has substituted regulation 41 which deals with Preservation of records.
As per the new regulation 41, the liquidator shall preserve copies of all such records which are required to give a complete account of the voluntary liquidation process. The liquidator shall preserve copies of records relating to or forming the basis of:
- his appointment as liquidator, including the terms of appointment;
- handing over / taking over of the assignment;
- initiation of voluntary liquidation process;
- public announcement;
- claims, verification of claims, and list of stakeholders;
- engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them;
- all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders;
- statutory filings with Board and insolvency professional agencies;
- correspondence during the voluntary liquidation process;
- cost of voluntary liquidation process;
- all reports, registers, documents such as preliminary report, annual status report, final report prior to dissolution, various registers and books, etc. mentioned in Regulation 8 and 10 of principal regulations; and
- any other records, which is required to give a complete account of the process.
The liquidator shall preserve the electronic copy of all records(physical and electronic) for a minimum period of eight years; and a physical copy of records for a minimum period of three years from the date of dissolution of the corporate person, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later.
