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of <h1>Regulation 2B: Liquidators Must Propose Compromise in 30 Days; Completion Required in 90 Days Under Section 230.</h1> Regulation 2B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, outlines procedures for compromise or arrangement under section 230 of the Companies Act, 2013. It mandates completion within ninety days of a liquidation order, excluding ineligible parties from participation. The liquidator can only propose a compromise if recommended by the committee under specific regulations, and must do so within thirty days of liquidation commencement. Costs incurred are borne by the corporate debtor if sanctioned by the Tribunal; otherwise, the proposing parties bear the costs.
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