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of <h1>Section 36 IBC: Liquidation Estate Includes Debtor's Assets, Excludes Third-Party Assets and Employee Funds</h1> The liquidation estate under Section 36 of the Insolvency and Bankruptcy Code (IBC) comprises all assets of a corporate debtor (CD) for liquidation purposes, held by the liquidator as a fiduciary for creditors' benefit. It includes assets owned by the CD, tangible and intangible assets, and proceeds from liquidation. Excluded are third-party-owned assets, assets held in trust, and funds like provident or pension funds. Case laws highlight that tax authorities must submit claims to the liquidator, and funds due to employees are not part of the liquidation estate, thus not subject to distribution under Section 53 of the IBC.
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