ICAI Releases Handbook on Voluntary Liquidation Process
In February 2024, the Institute of Chartered Accountants of India (ICAI) introduced a handbook to provide guidance on the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (IBC).
Evolution of the Insolvency and Bankruptcy Code
The IBC, recognized as a significant economic reform, has undergone six amendments to address implementation challenges and adapt to changing requirements.
Key Features of Voluntary Liquidation under IBC
Under the IBC provisions, solvent corporations have the option to voluntarily liquidate their assets, with oversight from an appointed insolvency professional.
Objective of the Handbook
The handbook aims to assist insolvency professionals in navigating the complexities of voluntary liquidation, focusing on practical aspects and procedural intricacies.
