valid as on 31/05/2020

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 Chapter III of Part II of the Code, before the Adjudicating Authority or any action thereof:

Provided that where the sale is attempted under sub-regulation (1) of regulation 32A, the liquidation process may take an additional period up to ninety days.

(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.

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
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

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


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


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