REGULATIONS

Prev6 of 15Next

2.5. The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

Chapter I. PRELIMINARY

  1. Short title and commencement.
  2. Definitions.

Chapter II. APPOINTMENT AND REMUNERATION OF LIQUIDATOR

  1. Eligibility for appointment as liquidator.
  2. Liquidator’s fee.

Chapter III. POWERS AND FUNCTIONS OF LIQUIDATOR

  1. Reporting.
  2. Registers and books of account.
  3. Appointment of professionals.
  4. Consultation with stakeholders.
  5. Personnel to extend cooperation to liquidator.
  6. Disclaimer of onerous property.
  7. Extortionate credit transactions.

Chapter IV. GENERAL

  1. Public announcement by liquidator.
  2. Preliminary report.
  3. Early dissolution.
  4. Progress reports.

Chapter V. CLAIMS

  1. Proof of claim.
  2. Claims by operational creditors.
  3. Claims by financial creditors.
  4. Claims by workmen and employees.
  5. Claims by other stakeholders.
  6. Proving security interest.
  7. Production of bills of exchange and promissory notes.
  8. Substantiation of claims.
  9. Cost of proof.
  10. Determination of quantum of claim.
  11. Debt in foreign currency.
  12. Periodical payments.
  13. Debt payable at future time.
  14. Mutual credits and set-off.
  15. Verification of claims.
  16. List of stakeholders.

Chapter V. CLAIMS

  1. Manner of sale.
  2. Mode of sale.
  3. Asset memorandum.
  4. Valuation of assets intended to be sold.
  5. Asset sale report.
  6. Realization of security interest by secured creditor.
  7. Distribution of unsold assets.
  8. Recovery of monies due.
  9. Liquidator to realize uncalled capital or unpaid capital contribution.

Chapter VI. PROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEEDS

  1. All money to be paid in to bank account.
  2. Distribution.
  3. Return of money.
  4. Completion of liquidation.
  5. Final report prior to dissolution.
  6. Unclaimed proceeds of liquidation or undistributed assets.
Prev6 of 15Next

2.5. The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.