(1) Where the , the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor.
(2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly.
(3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered.
2.5.36:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
36. Asset sale report.
On sale of an asset, the liquidator shall prepare an asset sale report in respect of said asset, to be enclosed with the Progress Reports, containing –
(a) the realized value;
(b) cost of realization, if any;
(c) the manner and mode of sale;
(d) if the value realized is less than the value in the asset memorandum, the reasons for the same;
(e) the person to whom the sale is made; and
(f) any other details of the sale.
2.5.38:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
38. Distribution of unsold assets.
(1) The liquidator may, with the permission of the Adjudicating Authority, distribute amongst the stakeholders, an asset that cannot be readily or advantageously sold due to its peculiar nature or other special circumstances.
(2) The application seeking permission of the Adjudicating Authority under sub-regulation (1) shall-
(a) identify the asset;
(b) provide a value of the asset;
(c) detail the efforts made to sell the asset, if any; and
(d) provide reasons for such distribution.
2.5.39:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
39. Recovery of monies due.
The liquidator shall endeavor to recover and realize all assets of and dues to the corporate debtor in a time-bound manner for maximization of value for the stakeholders.
2.5.40:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
40. Liquidator to realize uncalled capital or unpaid capital contribution.
(1) The liquidator shall realize any amount due from any contributory to the corporate debtor.
(2) Notwithstanding any charge or encumbrance on the uncalled capital of the corporate debtor, the liquidator shall be entitled to call and realize the uncalled capital of the corporate debtor and to collect the arrears, if any, due on calls made prior to the liquidation, by providing a notice to the contributory to make the payments within fifteen days from the receipt of the notice, but shall hold all moneys so realized subject to the rights, if any, of the holder of any such charge or encumbrance.
(3) No distribution shall be made to a contributory, unless he makes his contribution to the uncalled or unpaid capital as required in the constitutional documents of the corporate debtor.
Explanation: For the purpose of this chapter and Schedule I, ‘assets’ include an asset, all assets, a set of assets or parcel of assets , as the case may be, which are being sold.
IBC-Enforcement Notification [S.O.3687(E)] dated 09/12/2016
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019