Asset memorandum

(1) 73[For cases under sub-regulation (1) of regulation 35, the liquidator shall, within thirty days from the liquidation commencement date, prepare an asset memorandum in accordance with this regulation based on the information memorandum prepared under section 29, with suitable modifications.] 74[(1A) For cases covered under sub-regulation (2) of regulation 35, the liquidator shall prepare an asset memorandum in accordance with this Regulation within 75[forty-five] days from the liquidation commencement date.] (2) The asset memorandum shall provide the following details in respect of the assets which are intended to be realized by way of sale- (a) value of the asset 76[under regulation 32], valued in accordance with Regulation 35; 77[*** ] (c) intended manner of sale in accordance with Regulation 32, and reasons for the same; (d) the intended mode of sale and reasons for the same in accordance with Regulation 33; (e) expected amount of realization from sale; and (f) any other information that may be relevant for the sale of the asset. 73 Substituted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). Prior to substitution, sub-regulation (1) stood as: “On forming the liquidation estate under section 36, the liquidator shall prepare an asset memorandum in accordance with this Regulation within seventy-five days from the liquidation commencement date”. 74 Inserted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). 75 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “Seventy-five”. 76 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 77 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before omission, the words stood as under:- “[(b) value of the assets or business(s) under clauses (b) to (f) of regulation 32, valued in accordance with regulation 35, if intended to be sold under those clauses;]”.

(3) The asset memorandum shall provide the following details in respect of each of the assets other than those referred to in sub-regulation (2)- (a) value of the asset; (b) intended manner and mode of realization, and reasons for the same; (c) expected amount of realization; and (d) any other information that may be relevant for the realization of the asset. (4) The liquidator shall file the asset memorandum along with the 78[progress] report to the Adjudicating Authority. (5) 79[The liquidator shall share the asset memorandum with the Board and 80[***] committee 81[***] after receiving an undertaking from each member that such member shall maintain confidentiality of the information and shall not use such information to cause an undue gain or undue loss to itself or any other person.]