TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024
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....regulations'), in regulation 2B, in sub-regulation (1), for the second proviso, the following provisos shall be substituted, namely:- "Provided further that the liquidator shall file the proposal of compromise or arrangement only in cases where such recommendation has been made by the committee under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016: Provided further that the liquidator shall not file such proposal after expiry of thirty days from the liquidation commencement date." 3. In the principal regulations, in regulation 14, for the words "he may apply to the Adjudicating Authority", the words "he shall consult the consultation committee and if it advises for early dissolution, he may apply, along with a detailed report incorporating the views of the consultation committee, to the Adjudicating Authority", shall be substituted. 4. In the principal regulations, in regulation 31A, (i) in sub-regulation (1), (a) in clause (e), for the word and mark "distributed.", the word and mark "distributed;", shall be substituted. (b) after clause (e)....
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....n its advice he shall run the affairs of the corporate debtor as a going concern to the extent approved." 6. In the principal regulations, in regulation 33, in sub-regulation (2), (i) for the words "private sale in the manner specified in Schedule I when", the words, "private sale only after prior consultation with the consultation committee under regulation 31A, in the manner specified in Schedule I when", shall be substituted. (ii) in clause (b), after the word and mark "immediately;", the word "or", shall be inserted. (iii) clause (c) shall be omitted. 7. In the principal regulations, in regulation 35, (i) in sub-regulation (2), for the words, "where the liquidator is of the opinion", the words, "where the liquidator after consultation with the consultation committee under regulation 31A, is of the opinion", shall be substituted. (ii) after sub-regulation (4), the following sub-regulations shall be inserted, namely:- "(5) Where valuation is undertaken as per sub-regulation (2), the liquidator shall facilitate a meeting wherein registered valuers shall explain the methodology being adopted to arrive at valuation to the c....
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.... assets from the liquidation estate. For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor." 10. In the principal regulations, in Schedule I, in para 1, (i) in clause 3, after the proviso, the following proviso shall be inserted, namely:- "Provided further that the liquidator shall mention in the auction notice, the period extended under clause (h) of sub-regulation (1) of regulation 31A." (ii) for clause (4), clause (4A) and clause (4B), the following clause shall be substituted, namely:- "(4) The reserve price shall be the value of the asset arrived at in accordance with regulation 35 and where an auction fails, the reserve price in subsequent auctions may be further reduced by not more than ten percent at a time: Provided that in cases where the reserve price of the failed auction of the asset was fixed as per the valuation under sub-regulation (1) of regulation 35, the liquidator may, on the advice of the consultation committee, reduce the....
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.... (f) Preliminary report (g) Manner in which proceedings in respect of preferential transactions, undervalued transaction, extortionate credit transaction or fraudulent or wrongful trading, if any, shall be pursued after closure of liquidation proceedings and the manner in which the proceeds, if any, from these proceedings shall be distributed (h) Liquidation cost (i) Extension of time period for payment of balance sale consideration beyond ninety days (j) Running the business of the corporate debtor in the event the same is economically unviable (k) Early dissolution of the corporate debtor (l) Any other agenda item 13. In the principal regulations, in Schedule II, in Form H, (i) in para 4, for clause (b), the following clause shall be substituted, namely:- "(b) Amount realised during the liquidation process: Sl. No. Realisations Amount (Rs.) 1. Opening balance as on liquidation c....