Secured creditor in liquidation proceedings.

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....specified in section 53; or (b) realise its security interest in the manner specified in this section. ^1[(2) Where the secured creditor intends to realise the security interest under clause (b) of sub-section (1), he shall inform the liquidator of such security interest and identify the asset subject to such security interest to be realised within a period of fourteen days from the liquidat....

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....curity interest maintained by an information utility; or (b) by such other means as may be specified by the Board. (4) A secured creditor may enforce, realise, settle, compromise or deal with the secured assets in accordance with such law as applicable to the security interest being realised and to the secured creditor and apply the proceeds to recover the debts due to it. (5) If in the c....

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....f the debts due to the secured creditor, the secured creditor shall- (a) account to the liquidator for such surplus; and (b) tender to the liquidator any surplus funds received from the enforcement of such secured assets. ^2[(8) The amount of insolvency resolution process, costs and the liquidation costs, and workmen's dues as referred to in clause (a) and sub-clause (i) of clause (b) of ....

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.... amended by the Insolvency and Bankruptcy Code (Amendment) Act, 2026, shall not apply to the liquidation process initiated on and before the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2026.]     ************** NOTES:- ** Come into the force w.e.f. 15-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3687(E) dated 09-12-2016 1. Substituted ....