Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
Browse the complete directory of sections, rules, and regulations under this statute.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) REGULATIONS, 2016 1 [AMENDED UPTO 22-09-2026] IBBI/2016-17/GN/REG005.-In exercise of the powers conferred by sections 5, 33, 34, 35, 37, 38, 39, 40, 41, 43, 45, 49, 50, 51, 52, 54, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations, namely- CHAPTER I PRELIMINARY
Regulation 1Short title and commencement
Regulation 2Definitions
Regulation 2AContributions to liquidation costs
Regulation 2BCompromise or arrangement
Regulation 3Eligibility for appointment as liquidator
Regulation 3ARecommendation of liquidator by committee of creditors
Regulation 4Liquidator’s fee
Regulation 5Reporting
Regulation 6Registers and books of account
Regulation 7Appointment of professionals
Regulation 8Committee of creditors
Regulation 8AFacilitation of transfer of assets
Regulation 8BReplacement of liquidator
Regulation 9Personnel to extend cooperation to liquidator
Regulation 10Disclaimer of onerous property
Regulation 11Extortionate credit transactions
Regulation 12Public announcement by liquidator
Regulation 12AProcess email ID
Regulation 13Preliminary report
Regulation 14Early dissolution
Regulation 15Progress reports
Regulation 16Submission of claim
Regulation 17Claims by operational creditors
Regulation 18Claims by financial creditors
Regulation 19Claims by workmen and employees
Regulation 20Claims by other stakeholders
Regulation 21Proving security interest
Regulation 21ARelinquishment of security interest
Regulation 22Production of bills of exchange and promissory notes
Regulation 23Substantiation of claims
Regulation 24Cost of proof
Regulation 25Determination of quantum of claim
Regulation 26Debt in foreign currency
Regulation 27Periodical payments
Regulation 28Debt payable at future time
Regulation 29Mutual credits and set-off
Regulation 30Verification of claims
Regulation 30ATransfer of debt due to creditors
Regulation 31List of stakeholders
Regulation 32Sale of Assets, etc
Regulation 33Mode of sale
Regulation 34Asset memorandum
Regulation 35Valuation of assets intended to be sold
Regulation 36Asset sale report
Regulation 37Realization of security interest by secured creditor
Regulation 37AAssignment of not readily realisable assets
Regulation 38Distribution of unsold assets
Regulation 39Recovery of monies due
Regulation 40Liquidator to realize uncalled capital or unpaid capital contribution
Regulation 41All money to be paid in to bank account
Regulation 42Distribution
Regulation 43Return of money
Regulation 44Completion of liquidation
Regulation 44ATreatment of avoidance of transaction
Regulation 45Final report prior to dissolution
Regulation 45APreservation of records
Regulation 46Corporate Liquidation Account
Regulation 46AExclusion of certain assets from the liquidation estate
Regulation 47Model time-line for liquidation process
Regulation 47AExclusion of period of lockdown
Regulation 47BFiling of Forms
Regulation Schedule ISchedule I
Regulation Schedule IIISchedule III