Completion of liquidation

(1) 107[The liquidator shall liquidate the corporate debtor within a period of 108[one hundred and eighty days] from the liquidation commencement date, notwithstanding pendency of any application for avoidance of transactions under 109[***] Part II of the Code, before the Adjudicating Authority or any action thereof: 110[***] (2) If the liquidator fails to liquidate the corporate debtor within 111[one hundred and eighty days], he shall 112[, on receiving an instruction from the committee under this regulation] make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. 113[Clarification: It is clarified that the liquidator shall continue to discharge his responsibilities under the liquidation process, till the application for extension is decided by the Adjudicating Authority.] “ninety days”. 107 Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to substitution it stood as under: “The liquidator shall liquidate the corporate debtor within a period of two years.”. 108 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:- “one year”. 109 Omitted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). 110 Omitted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). 111 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:- “[one year]”. 112 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 113 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).

114[Explanation.- In relation to the liquidation processes commenced prior to the commencement of the 115[Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026], the requirements of this regulation as existing before such commencement, shall apply.]