The Insolvency and Bankruptcy Board of India has released the draft of the IBBI (Voluntary Liquidation) Regulations, 2017 which shall come into force on the date of their publication in the Official Gazette. These Regulations shall apply to the voluntary liquidation of corporate persons under Chapter V of Part II of the Insolvency and Bankruptcy Code, 2016. Further, all pending applications and petitions relating to voluntary winding up of companies pending before a High Court, shall continue with and dealt with by the High Court in accordance with provisions of the Act till 1st April. 2017 and shall be then transferred to NCLT.
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