valid as on 30/11/2022

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

44. Completion of liquidation.

The liquidator shall liquidate the corporate debtor within a period of one year from the liquidation commencement date, notwithstanding pendency of any application for avoidance of transactions under Part II of the Code, before the Adjudicating Authority or any action thereof:

(1) The liquidator shall liquidate the corporate debtor within a period of two years.

(2) If the liquidator fails to liquidate the corporate debtor within two years , he shall make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation.

In relation to the liquidation processes commenced prior to the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019, the requirements of this regulation as existing before such commencement, shall apply.

The liquidator shall, on the advice of the consultation committee, provide in the application along with the final report filed under regulation 45 for the manner in which proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code, will be pursued after the dissolution or closure of liquidation process and the manner in which the proceeds, if any, from such proceedings shall be distributed.

Substituted vide IBBI (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019 applicable only to liquidation processes, which commenced on or after 25th July, 2019. To view the notification,Click Here
Omitted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021 dated 30.09.2021. To view the notification, Click Here
Omitted vide IBBI (Liquidation Process) (Second Amendment) Regulations, 2022 dated 16.09.2022. To view the notification,Click Here
Substituted vide IBBI (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019 applicable only to liquidation processes, which commenced on or after 25th July, 2019. To view the notification,Click Here
Inserted vide IBBI (Liquidation Process) (Amendment) Regulations, 2022 dated 28.04.2022. To view the notification, Click Here
Inserted vide IBBI (Liquidation Process) (Second Amendment) Regulations, 2022 dated 16.09.2022. To view the notification, Click Here

IBBI Notification dated 16.09.2022 regarding Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022


Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019


Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022 dated 28.04.2022


Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021 dated 30.09.2021


Applicability of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 notified on 25th July, 2019


IBBI Circular dated 06.05.2022 regarding withdrawal of Circular dated 26th August, 2019 for applicability of the IBBI (Liquidation Process) (Amendment) Regulations, 2019 notified on 25th July, 2019.


CAIRR PLUS on Google Playsecretarial automation?Subscribe for Updates