valid as on 12/12/2018

2.5.2:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

2. Definitions.

(1) In these Regulations, unless the context otherwise requires-

(a) “books of the corporate debtor” means

(i) the books of account and the financial statements as defined in section 2(13) and 2(40) of the Companies Act, 2013,

(ii) the books of account as referred to in section 34 of the Limited Liability Partnership Act, 2008, or

(iii) the books of accounts as specified under the applicable law, as the case may be;

(b) “Code” means the Insolvency and Bankruptcy Code, 2016;

(c) “contributory” means a member of the company, a partner of the limited liability partnership, and any other person liable to contribute towards the assets of the corporate debtor in the event of its liquidation;

(d) “electronic means” mean an authorized and secured computer programme which is capable of producing confirmation of sending communication to the participant entitled to receive such communication at the last electronic mail address provided by such participant and keeping record of such communication;

(e) “identification number” means the Limited Liability Partnership Identification Number or the Corporate Identity Number, as the case may be;

“liquidation cost” under sub-section (16) of section 5 means-

(a) fee payable to the liquidator under regulation 4;

(b) remuneration payable by the liquidator under regulation 7;

(c) cost incurred by the liquidator under regulation 24; and

(d) interest on interim finance for a period of twelve months or for the period from the liquidation commencement date till repayment of interim finance, whichever is lower.

(f) “Preliminary Report” means the report prepared in accordance with Regulation 13;

(g) “Progress Report” means the quarterly report prepared in accordance with Regulation 15;

(h) “registered valuer” means a person registered as such in accordance with the Companies Act, 2013 (18 of 2013) and rules made thereunder;

(i) “Schedule” means a schedule to these Regulations; (j) “section” means section of the Code; and

(k) “stakeholders” means the stakeholders entitled to distribution of proceeds under section 53.

(2) Unless the context otherwise requires, words and expressions used and not defined in these Regulations, but defined in the Code, shall have the meanings assigned to them in the Code.

Inserted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2018 dated 27.03.2018 effective from 01.04.2018. To view the notification,Click Here

The Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2018 w.e.f., 01.04.2018


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