Asset memorandum requirements: timelines, valuation, sale manner and confidentiality undertakings govern liquidation asset realisation. Regulation 34 requires the liquidator to prepare an asset memorandum within prescribed timelines (thirty days for cases under Regulation 35(1); seventy five days for cases under Regulation 35(2)), based on the information memorandum under section 29. For assets intended for sale it must record valuations under Regulation 35, intended manner (Regulation 32) and mode (Regulation 33) of sale with reasons, expected realizations and other relevant information; similar particulars are required for other assets. The memorandum must be filed with the preliminary report to the Adjudicating Authority and shared with the Board and voting consultation committee members upon receipt of confidentiality undertakings.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Asset memorandum requirements: timelines, valuation, sale manner and confidentiality undertakings govern liquidation asset realisation.
Regulation 34 requires the liquidator to prepare an asset memorandum within prescribed timelines (thirty days for cases under Regulation 35(1); seventy five days for cases under Regulation 35(2)), based on the information memorandum under section 29. For assets intended for sale it must record valuations under Regulation 35, intended manner (Regulation 32) and mode (Regulation 33) of sale with reasons, expected realizations and other relevant information; similar particulars are required for other assets. The memorandum must be filed with the preliminary report to the Adjudicating Authority and shared with the Board and voting consultation committee members upon receipt of confidentiality undertakings.
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