IBBI VLP Regulations 2017

Regulations 21. Production of bills of exchange and promissory notes.— Where a person seeks to prove a debt in respect of a bill of exchange, promissory note or other negotiable…

Regulations 20. Proving security interest. — The existence of a security interest may be proved by a secured creditor on the basis of- (a) the records available in an information…

Regulations 19. Claims by other stakeholders.— (1) A person, claiming to be a stakeholder other than those under Regulations 16, 17 or 18 shall submit proof of claim to the…

Regulations 18. Claims by workmen and employees. — (1) A person claiming to be a workman or an employee of the corporate person shall submit proof of claim to the…

Regulations 17. Claims by financial creditors.— (1) A person claiming to be a financial creditor of the corporate person shall submit proof of claim to the liquidator in electronic means…

Regulations 16. Claims by operational creditors. — (1) A person claiming to be an operational creditor of the corporate person, other than a workman or employee, shall submit proof of…

Regulations 15. Proof of claim. — A person, who claims to be a stakeholder, shall prove his claim for debt or dues to him, including interest, if any, as on…

Regulations 14. Public announcement by the liquidator.— (1) The liquidator shall make a public announcement in Form A of Schedule I within five days from his appointment. (2) The public…

Regulations 13. Extortionate credit transactions.— A transaction shall be considered an extortionate credit transaction under section 50(2) where the terms- (a) require the corporate person to make exorbitant payments in…

Regulations 12. Consultation with stakeholders.— (1) The stakeholders consulted under section 35(2) shall extend all assistance and cooperation to the liquidator to complete the liquidation of the corporate person. (2)…