IBBI BPPG Regulations, 2019

Regulations 28. Acquisition, etc., of after acquired property by bankrupt.— (1) After a notice is given by the bankrupt under sub-section (2) of section 150, he shall not part with…

Regulations 27. Mode of sale.— (1) The bankruptcy trustee shall ordinarily sell the assets of the bankrupt through an auction as specified in Part A of Schedule II. (2) The…

Regulations 26. Voting by proxy.— (1) A creditor, who is entitled to vote, shall be entitled to appoint an individual as a proxy, who shall not be an associate of…

Regulations 25. Voting by the committee.— (1) The bankruptcy trustee shall take a vote of the creditors present in the meeting on any item listed for voting, after discussion on…

Regulations 24. Voting share.— (1) Subject to section 135, the voting share of each creditor shall be in proportion to the debt owed to such creditor. (2) The voting share…

Regulations 23. Conduct of meeting.— (1) The bankruptcy trustee shall preside over the meetings of the committee. (2) At the commencement of a meeting, the bankruptcy trustee shall take a…

Regulations 22. Quorum.— (1) Where a meeting of committee could not be held for want of quorum, unless the committee has previously decided otherwise, the meeting shall automatically stand adjourned…

Regulations 21. Notice for meeting.— (1) A bankruptcy trustee may convene a meeting of the committee as and when he considers necessary and shall convene a meeting on a request…

Regulations 20. Committee of creditors.— (1) The bankruptcy trustee shall prepare a list of creditors, within the timeline mentioned in section 132, containing the following details in respect of each…

Regulations 19. Transfer of debt due to creditors.— (1) Where a creditor assigns or transfers the debt to any person during the bankruptcy process period, both parties shall provide the…