IBBI VLP Regulations 2017

Regulations 40. Preservation of records. — The liquidator shall preserve a physical or an electronic copy of the reports, registers and books of account referred to in Regulations 8 and…

Regulations 39. Detection of Fraud or Insolvency.— (1) Where the liquidator is of the opinion that the liquidation is being done to defraud a person, he shall make an application…

Regulations 5[39. Corporate Voluntary Liquidation Account. — (1) The Board shall operate and maintain an Account to be called the Corporate Voluntary Liquidation Account in the Public Accounts of India:…

Regulations 38. Final Report. — (1) On completion of the liquidation process, the liquidator shall prepare the Final Report consisting of - (a) audited accounts of the liquidation, showing receipts…

Regulations 37. Completion of liquidation. — (1) The liquidator shall endeavor to complete the liquidation process of the corporate person within twelve months from the liquidation commencement date. (2) In…

Regulations 36. 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…

Regulations 35. Distribution. — (1) The liquidator shall distribute the proceeds from realization within six months from the receipt of the amount to the stakeholders. (2) The liquidation costs shall…

Regulations 34. All money to be paid in to bank account.— (1) The liquidator shall open a bank account in the name of the corporate person followed by the words…

Regulations 33. Liquidator to realize uncalled capital or unpaid capital contribution.— (1) The liquidator shall realize any amount due from any contributory to the corporate person. (2) Notwithstanding any charge…

Regulations 32. Recovery of monies due. — The liquidator shall endeavor to recover and realize all assets of and dues to the corporate person in a time-bound manner for maximization…