Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION

New Delhi, the 15th December, 2016

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) REGULATIONS, 2016

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

1. Short title and commencement.

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

(2) These Regulations shall come into force on the date of their publication in the Official Gazette. (

3) These Regulations shall apply to the liquidation process under Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016.

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;

(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;

(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;

(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.

Please refer to the attached file for details