The Insolvency and Bankruptcy Code, 2016
IBBI (Liquidation Process) Regulations, 2016
Chapter-VII Proceeds of Liquidation and Distribution of Proceeds
Regulation 45: Final report prior to dissolution.
45. (1) When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated.
(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same.
1[(3) The liquidator shall submit an application along with the final report2 and the compliance certificate in form H to the Adjudicating Authority for –
(a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or
(b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]
References
1. Substituted by IBBI (Liquidation Process) (Amendment) Regulations, 2019 vide Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019, w.e.f. 25.07.2019, for the sub-regulation:
“(3) The final report shall form part of the application for the dissolution of the corporate debtor to the Adjudicating Authority to be made under section 54.“.
2. The liquidator shall submit a copy of Form H along with final report filed before the Adjudicating Authority as per Regulation 45, and the order for process closure/dissolution to the Board to the email ID: liq.cirp@ibbi.gov.in, Refer IBBI Circular No. IBBI/LIQ/70/2024 dated 22.02.2024.
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