Completion of liquidation

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....within: - (a) two hundred and seventy days from the liquidation commencement date where the creditors have approved the resolution under clause (c) of sub-section (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3, and (b) ninety days from the liquidation commencement date in all other cases.] (2) In the event of the liquidation process continuing for more t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (iv) distribution of unsold assets made to the stakeholders; (v) developments in any material litigation, by or against the corporate person; ^6[****] (vi) filing of, and developments in applications for avoidance of transactions in accordance with Chapter III of Part II of the Code ^7[;and] ^8[(vii) the reasons for not completing the process within stipulated ti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....twelve months" 3. Substituted vide Notification No. IBBI/2023-24/GN/REG109 dated 31-01-2024 before it was read as, "(a) hold a meeting of the contributories of the corporate person within fifteen days from the end of the twelve months from the liquidation commencement date, and at the end every succeeding twelve months till dissolution of the corporate person; and" 4. Omitted vide Notific....