Highlights :-
According to IBBI, regulatory framework of liquidation process has been improvised on various occasions in last five years in a bid to address the difficulties faced by stakeholders, meet evolving requirements and to achieve the objectives of the Code.
New amendments were proposed to further strengthen the regulatory framework of the liquidation process with respect to accountability of liquidator towards stakeholders.
Discussion paper also proposed to provide that if the secured creditors with 60 per cent of the value in secured debt decide to realise the security interest, this decision will be binding on the other ‘pari-passu’ charge holders.
 IBBI (Liquidation Process) Regulations, 2016
It provides that the liquidator should carry on the business of corporate debtor for its beneficial liquidation and exercise all the powers of its board of directors, managerial personnel as well as the partners. It also provides to comply with applicable laws in behalf of the firm. "It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal."

Insolvency and Bankruptcy Board of India (IBBI)
IBBI is the regulator to look after the insolvency proceedings and entities such as Insolvency Professional Agencies (IPA), Information Utilities in India and Insolvency Professionals (IP). It was established in October 2016. Insolvency and Bankruptcy Code provides IBBI statutory powers. The code was passed by Lok Sabha in May 2016. Present whole-time members of the IBBI include Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh. Sudhakar Shukla.

"The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 " .