REGULATIONS

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2.9. The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. 

Chapter I. PRELIMINARY

  1. Short title and commencement.
  2. Definitions.

Chapter II.COMMENCEMENT OF LIQUIDATION

  1. Initiation of Liquidation.
  2. Effect of liquidation.

Chapter III.APPOINTMENT AND REMUNERATION OF LIQUIDATOR

  1. Appointment of Liquidator.
  2. Eligibility for appointment as liquidator.
  3. Liquidator’s remuneration.

Chapter IV.POWERS AND FUNCTIONS OF THE LIQUIDATOR

  1. Reporting.
  2. Preliminary Report.
  3. Registers and books of account.
  4. Engagement of professionals.
  5. Consultation with stakeholders.
  6. Extortionate credit transactions.
  7. Public announcement by the liquidator.

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 VI.REALISATION OF ASSETS

  1. Manner of sale.
  2. Recovery of monies due.
  3. Liquidator to realize uncalled capital or unpaid capital contribution.

Chapter VII.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.
  6. Corporate Voluntary Liquidation Account. Unclaimed proceeds of liquidation or undistributed assets
  7. Detection of Fraud or Insolvency.
  8. Preservation of records.
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2.9. The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.