In a significant development, the Insolvency and Bankruptcy Board of India (IBBI) has unveiled the outcomes of Voluntary Liquidation Processes, culminating with the Order of Dissolution as of December 31, 2023. The comprehensive report sheds light on 721 companies that underwent voluntary liquidation processes during the specified period.
The IBBI meticulously detailed each company's liquidation journey, commencing with the date of initiation of the liquidation process. Moreover, the report provides crucial insights into the date of dissolution, offering a comprehensive overview of the financial implications and timelines associated with the liquidation proceedings.
Among the notable statistics disclosed by the regulatory body, the report encompasses the total value of realisation of assets during the liquidation processes. Additionally, IBBI laid bare the outstanding amounts due to creditors and the corresponding payments made to the companies in question, offering transparency on the financial settlements.
The report delves into the intricacies of liquidation expenses incurred during the processes and highlights any surplus generated. This breakdown ensures a thorough understanding of the financial dynamics involved in the voluntary liquidation procedures.
Crucially, IBBI did not shy away from revealing the duration taken to complete each liquidation process. This transparency provides stakeholders, including creditors, investors, and the general public, with a clear picture of the efficiency and efficacy of the voluntary liquidation framework.
The Report serves as a crucial resource for understanding the nuances of voluntary liquidation processes, enabling stakeholders to make informed decisions and fostering greater transparency within the insolvency and bankruptcy landscape. As the regulatory landscape evolves, such comprehensive disclosures by IBBI play a pivotal role in ensuring accountability and promoting a robust financial ecosystem.
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