IBBI Voluntary Liquidation Process Regulations, 2017

The Code Insolvency and Bankruptcy Code, 2016 (IBC) Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, […]

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Insolvency and Bankruptcy Code, 2016 (IBC)

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

IBBI (Voluntary Liquidation Process) Regulations, 2017

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Chapter – I Preliminary

Regulation-1 Short title and commencement
Regulation-2 Definitions

Chapter – II Commencement of Liquidation

Regulation-3 Initiation of Liquidation
Regulation-4 Effect of liquidation

Chapter – III Appointment and Remuneration of Liquidator

Regulation-5 Appointment of liquidator
Regulation-6 Eligibility for appointment as liquidator
Regulation-7 Liquidator’s remuneration

Chapter – IV Powers and Functions of the Liquidator

Regulation-8 Reporting
Regulation-9 Preliminary Report
Regulation-10 Registers and books of account
Regulation-11 Engagement of professionals.
Regulation-12 Consultation with stakeholders
Regulation-13 Extortionate credit transactions
Regulation-14 Public announcement by the liquidator

Chapter – V Claims

Regulation-15 Proof of claim
Regulation-16 Claims by operational creditors
Regulation-17 Claims by financial creditors
Regulation-18 Claims by workmen and employees
Regulation-19 Claims by other stakeholders
Regulation-20 Proving security interest
Regulation-21 Production of bills of exchange and promissory notes
Regulation-22 Substantiation of claims
Regulation-23 Cost of proof
Regulation-24 Determination of amount of claim
Regulation-25 Debt in foreign currency
Regulation-26 Periodical payments
Regulation-27 Debt payable at future time
Regulation-28 Mutual credits and set-off
Regulation-29 Verification of claims
Regulation-30 List of stakeholders

Chapter VI – Realisation of Assets

Regulation-31 Manner of sale
Regulation-32 Recovery of monies due
Regulation-33 Liquidator to realize uncalled capital or unpaid capital contribution

Chapter VII – Proceeds of Liquidation and Distribution of Proceeds

Regulation-34 All money to be paid in to bank account
Regulation-35 Distribution
Regulation-36 Return of money
Regulation-37 Completion of liquidation
Regulation-38 Final Report
Regulation-39 Corporate Voluntary Liquidation Account
Regulation-40 Detection of Fraud or Insolvency
Regulation-41 Preservation of records

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