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IBBI amends Liquidation Process Regulations to enhance transparency and accountability in Liquidation

October 1, 2021
The IBBI has notified the IBBI (Liquidation Process) (Second Amendment) Regulations, 2021. The amendment expands the scope of consultation to cover all aspects related to the sale of assets and the appointment of professionals. Amendment regulations provide that Liquidator shall not require payment of any non-refundable deposit or fee for participation in an auction. It also provides that the earnest money deposit shall not exceed 10% of the reserve price in an auction
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