TMI BlogInitiation of LiquidationX X X X Extracts X X X X X X X X Extracts X X X X ..... ng conditions, namely:- (a) a declaration from majority of (i) the designated partners, if a corporate person is a limited liability partnership, (ii) individuals constituting the governing body in case of other corporate persons, as the case may be, verified by an affidavit stating that- (i) they have made a full inquiry into the affairs of the corporate person and they have forme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rson, if any prepared by a registered valuer; 5 [ and ] 6 [ (iii) disclosure about pending proceedings or assessments before statutory authorities, and pending litigations, in respect of the corporate person. ] (c) within four weeks of a declaration under sub-clause (a), there shall be- (i) a resolution passed by a special majority of the partners or contributories, as the case may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin seven days of such resolution. (2) The corporate person shall notify the Registrar and the Board about the resolution under sub-regulation (1) to liquidate the corporate person within seven days of such resolution or the subsequent approval by the creditors, as the case may be. (3) Subject to approval of the creditors under sub-regulation (1), the liquidation proceedings in respect of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted vide Notification No. IBBI/2022-23/GN/REG095 dated 16-09-2022 2. Omitted vide Notification No. IBBI/2023-24/GN/REG109 dated 31-01-2024 before it was read as, and 3. Inserted vide Notification No. IBBI/2023-24/GN/REG109 dated 31-01-2024 4. Inserted vide Notification No. IBBI/2023-24/GN/REG109 dated 31-01-2024 5. Inserted vide Notification No. IBBI/2023-24/GN/REG109 date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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