IBBI proposes statutory route for withdrawal of voluntary liquidation process

Under the proposed amendments, a firm can seek the adjudicating authority’s (AA) approval for withdrawal with a special resolution from its board or partners. The move is expected to formalise the withdrawal process which currently takes place in an ad-hoc manner, making it susceptible to fraud.

from Economy-News-Economic Times https://ift.tt/2KI5q3X