In section 348, for sub -section (1), the following sub-section shall be substituted, namely— — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

In section 348, for sub -section (1), the following sub-section shall be substituted, namely—

28. In section 348, for sub -section (1), the following sub-section shall be substituted, namely— " (1) If the winding up of a company is not concluded within one year after its commencement, the Company Liquidator shall, unless he is exempted from so doing, either wholly or in part by the Central Government, within two months of the expiry of such year and thereafter until the winding up is concluded, at intervals of not more than one year or at such shorter intervals, if any, as may be prescribed, file a statement in such form containing such particulars as may be prescribed, duly audited, by a person qualified to act as auditor of the company, with respect to the proceedings in, and position of, the liquidation, with the Tribunal: Provided that no such audit as is referred to in this sub -section shall be necessary where the provisions of section 294 apply; " .

Section 28