Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nkruptcy Board of India (Liquidation Process) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018.      (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as the principal regulations), for regulation 32, the following regulation shall be substituted, namely: - "32. Sale of Assets, etc. The liquidator may sell- (a) an asset on a standalone basis; (b) the assets in a slump sale; (c) a set of assets collectively; (d) the assets....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d valuers to determine the realisable value of the assets or businesses under clauses (a) to (f) of regulation 32 of the corporate debtor: Provided that the following persons shall not be appointed as registered valuers, namely:- (a) a relative of the liquidator; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or (d) a partner or director of the insolvency professional entity of which the liquidator is a partner or director. (3) The Registered Valuers appointed under sub-regulation (2) shall independently submit to the liquidator the estimates of realisable value of the assets or businesses, as the case may be,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iquidator, as registered with the Board   10. Address and e-mail to be used for correspondence with the liquidator   11. Last date for submission of claims   Notice is hereby given that the National Company Law Tribunal (Name of Bench) has ordered the commencement of liquidation of the [Name of the corporate debtor] on [date of passing of order of liquidation under section 33 of the Code]. The stakeholders of [----- ----- -----Name of the corporate debtor] are hereby called upon to submit their claims with proof on or before ------- -------------- ------- [Insert the date falling thirty days after the liquidation commencement date], to the liquidator at the address mentioned against item No. 10. ....