IBBI Liquidation Process Regulations, 2016 | Insolvency and Bankruptcy Code, 2016 | IBC Regulations

The Code

Insolvency and Bankruptcy Code, 2016 (IBC)

IBBI Liquidation Process Regulations, 2016

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Chapter I-Preliminary

Liquidation Process Regulation-1 Short title and commencement

Liquidation Process Regulation-2 Definitions

Liquidation Process Regulation-2A Contributions to liquidation costs

Liquidation Process Regulation-2B Compromise or arrangement

Chapter II-Appointment and Remuneration of Liquidator

Liquidation Process Regulation-3 Eligibility for appointment as liquidator

Liquidation Process Regulation-4 Liquidator’s fee

Chapter III-Powers and Functions of Liquidator

Liquidation Process Regulation-5 Reporting

Liquidation Process Regulation-6 Registers and books of account

Liquidation Process Regulation-7 Appointment of professionals

Liquidation Process Regulation-8 Consultation with stakeholders

Liquidation Process Regulation-9 Personnel to extend cooperation to liquidator

Liquidation Process Regulation-10 Disclaimer of onerous property

Liquidation Process Regulation-11 Extortionate credit transactions

Chapter IV-General

Liquidation Process Regulation-12 Public announcement by liquidator

Liquidation Process Regulation-12A Process email ID

Liquidation Process Regulation-13 Preliminary report

Liquidation Process Regulation-14 Early dissolution

Liquidation Process Regulation-15 Progress reports

Chapter V-Claims

Liquidation Process Regulation-16 Submission of claim

Liquidation Process Regulation-17 Claims by operational creditors

Liquidation Process Regulation-18 Claims by financial creditors

Liquidation Process Regulation-19 Claims by workmen and employees

Liquidation Process Regulation-20 Claims by other stakeholders

Liquidation Process Regulation-21 Proving security interest

Liquidation Process Regulation-21A Presumption of security interest

Liquidation Process Regulation-22 Production of bills of exchange and promissory notes

Liquidation Process Regulation-23 Substantiation of claims

Liquidation Process Regulation-24 Cost of proof

Liquidation Process Regulation-25 Determination of quantum of claim

Liquidation Process Regulation-26 Debt in foreign currency

Liquidation Process Regulation-27 Periodical payments

Liquidation Process Regulation-28 Debt payable at future time

Liquidation Process Regulation-29 Mutual credits and set-off

Liquidation Process Regulation-30 Verification of claims

Liquidation Process Regulation-30A Transfer of debt due to creditors

Liquidation Process Regulation-31 List of stakeholders

Liquidation Process Regulation-31A Stakeholders’ consultation committee

Chapter VI-Realisation of Assets

Liquidation Process Regulation-32 Sale of Assets, etc.

Liquidation Process Regulation-32A Sale as a going concern

Liquidation Process Regulation-32B Conduct of meetings of the consultation committee

Liquidation Process Regulation-33 Mode of sale

Liquidation Process Regulation-34 Asset memorandum

Liquidation Process Regulation-35 Valuation of assets or business intended to be sold

Liquidation Process Regulation-36 Asset sale report

Liquidation Process Regulation-37 Realization of security interest by secured creditor

Liquidation Process Regulation-37A Assignment of not readily realisable assets

Liquidation Process Regulation-38 Distribution of unsold assets

Liquidation Process Regulation-39 Recovery of monies due

Liquidation Process Regulation-40 Liquidator to realize uncalled capital or unpaid capital contribution

Chapter VII-Proceeds of Liquidation and Distribution of Proceeds

Liquidation Process Regulation-41 All money to be paid in to bank account

Liquidation Process Regulation-42 Distribution

Liquidation Process Regulation-43 Return of money

Liquidation Process Regulation-44 Completion of liquidation

Liquidation Process Regulation-44A Treatment of avoidance of transaction

Liquidation Process Regulation-45 Final report prior to dissolution

Liquidation Process Regulation-45A Preservation of records

Liquidation Process Regulation-46 Corporate Liquidation Account

Liquidation Process Regulation-47 Model time-line for liquidation process

Liquidation Process Regulation-47A Exclusion of period of lockdown

Schedules & Forms

Liquidation Process Regulation-Schedule-I Mode of Sale