Regulations 2. Definitions.—

(1) In these Regulations, unless the context otherwise requires-

• (a) “books of the corporate debtor” means
  • (i) the books of account and the financial statements as defined in section 2(13) and 2(40) of the Companies Act, 2013,
  • (ii) the books of account as referred to in section 34 of the Limited Liability Partnership Act, 2008, or
  • (iii) the books of accounts as specified under the applicable law,
  • as the case may be;
• (b) “Code” means the Insolvency and Bankruptcy Code, 2016;
• ²[(ba) “consultation committee” means the stakeholders’ consultation committee constituted under sub-regulation (1) of Regulation 31A ;]
• (c) “contributory” means a member of the company, a partner of the limited liability partnership, and any other person liable to contribute towards the assets of the corporate debtor in the event of its liquidation;
• ³[(ca) “Corporate Liquidation Account” means the Corporate Liquidation Account operated and maintained by the Board under Regulation 46 ;]
• (d) “electronic means” mean an authorized and secured computer programme which is capable of producing confirmation of sending communication to the participant entitled to receive such communication at the last electronic mail address provided by such participant and keeping record of such communication;
• (e) “identification number” means the Limited Liability Partnership Identification Number or the Corporate Identity Number, as the case may be;
• ⁴[(ea) “liquidation cost” under clause (16) of section 5 means-
  • (i) fee payable to the liquidator under Regulation 4 ;
  • (ii) remuneration payable by the liquidator under sub-regulation (1) of Regulation 7 ;
  • (iii) costs incurred by the liquidator under sub-regulation (2) of Regulation 24 ;
  • (iv) costs incurred by the liquidator for preserving and protecting the assets, properties, effects and actionable claims, including secured assets, of the corporate debtor;
  • (v) costs incurred by the liquidator in carrying on the business of the corporate debtor as a going concern;
  • (vi) interest on interim finance for a period of twelve months or for the period from the liquidation commencement date till repayment of interim finance, whichever is lower;
  • (vii) the amount repayable ⁵[***] under sub-regulation (3) of Regulation 2A ;
  • (viii) any other cost incurred by the liquidator which is essential for completing the liquidation process:
• Provided that the cost, if any, incurred by the liquidator in relation to compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013), if any, shall not form part of liquidation cost.]
• (f) “Preliminary Report” means the report prepared in accordance with Regulation 13 ;
• (g) “Progress Report” means the quarterly report prepared in accordance with Regulation 15 ;
• (h) “registered valuer” means a person registered as such in accordance with the Companies Act, 2013 (18 of 2013) and rules made thereunder;
• (i) “Schedule” means a schedule to these Regulations;
• (j) “section” means section of the Code; and
• (k) “stakeholders” means the stakeholders entitled to distribution of proceeds under section 53.

(2) Unless the context otherwise requires, words and expressions used and not defined in these Regulations, but defined in the Code, shall have the meanings assigned to them in the Code.

² Inserted by Notification No. IBBI/2019-20/GN/REG047, dated 25th July, 2019 (w.e.f. 25-07-2019).

³ Inserted by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020).

⁴ Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-01-2019). Prior to substitution it stood as under:

“(ea) “liquidation cost” under sub-section (16) of section 5 means-

• (a) fee payable to the liquidator under regulation 4;
• (b) remuneration payable by the liquidator under regulation 7;
• (c) cost incurred by the liquidator under regulation 24; and
• (d) interest on interim finance for a period of twelve months or for the period from the liquidation commencement date till repayment of interim finance, whichever is lower;”

⁵ Omitted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021).