2.9.35:Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

35. Distribution.

(1) The liquidator shall distribute the proceeds from realization within  thirty daysSubstituted vide the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 dated 05.04.2022. To view the Notification, Click Here. six months from the receipt of the amount to the stakeholders.

(2) The liquidation costs shall be deducted before such distribution is made.

(3) The liquidator may, with the approval of the corporate person, distribute amongst the stakeholders, an asset that cannot be readily or advantageously sold due to its peculiar nature or other special circumstances.