IBBI LP Regulations 2016

Regulations 46[47A. Exclusion of period of lockdown. Subject to the provisions of the Code, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall…

Regulations 47. 41[Model time-line for liquidation process.— The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process…

Regulations 40[46. Corporate Liquidation Account.— (1) The Board shall operate and maintain an Account to be called the Corporate Liquidation Account in the Public Accounts of India: Provided that until…

Regulations 45. Final report prior to dissolution.— (1) When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and…

Regulations 44. Completion of liquidation.— 36[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…

Regulations 43. Return of money.— A stakeholder shall forthwith return any monies received by him in distribution, which he was not entitled to at the time of distribution, or subsequently…

Regulations 42. Distribution.— (1) Subject to the provisions of section 53, the liquidator shall not commence distribution before the list of stakeholders and the asset memorandum has been filed with…

Regulations 41. All money to be paid in to bank account.— (1) The liquidator shall open a bank account in the name of the corporate debtor followed by the words…

Regulations 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…

Regulations 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…