Section 8. 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;". 8. Explanation ins. by Act 26 of 2018, s. 22 (w.e.f. 6-6-2018). Resident Outside India) Regulations, 2017 made under the Foreign Exchange Management Act, 1999 (42 of 1999); (d) an asset reconstruction company registered with the Reserve Bank of India under section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (e) an Alternate Investment Fund registered with the Securities and Exchange Board of India; (f) such categories of persons as may be notified by the Central Government.].] 8. In section 249, in sub-section (1), for clause (e), the following clause shall be substituted, namely:— "(e) is being wound up under Chapter XX of this Act or under the Insolvency and Bankruptcy Code, 2016.". 9. Sections 253 to 269 shall be omitted.