Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

Chapter: I
PRELIMINARY
Regulation 1	:	Short title and commencement.
Regulation 2	:	Definitions
Regulation 2A	:	Contributions to liquidation costs
Regulation 2B	:	Compromise or arrangement
Chapter: II
APPOINTMENT AND REMUNERATION OF LIQUIDATOR
Regulation 3	:	Eligibility for appointment as liquidator
Regulation 4	:	Liquidator’s fee.
Chapter: III
POWERS AND FUNCTIONS OF LIQUIDATOR
Regulation 5	:	Reporting
Regulation 6	:	Registers and books of account
Regulation 7	:	Appointment of professionals
Regulation 8	:	Consultation with stakeholders
Regulation 9	:	Personnel to extend cooperation to liquidator
Regulation 10	:	Disclaimer of onerous property
Regulation 11	:	Extortionate credit transactions
Chapter: IV
GENERAL
Regulation 12	:	Public announcement by liquidator
Regulation 12A	:	Process email ID
Regulation 13	:	Preliminary report
Regulation 14	:	Early dissolution
Regulation 15	:	Progress reports
Chapter: V
CLAIMS
Regulation 16	:	Submission of claim
Regulation 17	:	Claims by operational creditors
Regulation 18	:	Claims by financial creditors
Regulation 19	:	Claims by workmen and employees
Regulation 20	:	Claims by other stakeholders
Regulation 21	:	Proving security interest
Regulation 21A	:	Presumption of security interest
Regulation 22	:	Production of bills of exchange and promissory notes
Regulation 23	:	Substantiation of claims
Regulation 24	:	Cost of proof
Regulation 25	:	Determination of quantum of claim
Regulation 26	:	Debt in foreign currency
Regulation 27	:	Periodical payments
Regulation 28	:	Debt payable at future time
Regulation 29	:	Mutual credits and set-off
Regulation 30	:	Verification of claims
Regulation 30A	:	Transfer of debt due to creditors
Regulation 31	:	List of stakeholders
Regulation 31A	:	Stakeholders’ consultation committee
Chapter: VI
REALISATION OF ASSETS
Regulation 32.	:	Sale of Assets, etc.
Regulation 32A	:	Sale as a going concern
Regulation 32B	:	Conduct of meetings of the consultation committee.
Regulation 33	:	Mode of sale
Regulation 34	:	Asset memorandum
Regulation 35	:	Valuation of assets or business intended to be sold.
Regulation 36	:	Asset sale report
Regulation 37	:	Realization of security interest by secured creditor
Regulation 37A	:	Assignment of not readily realisable assets
Regulation 38	:	Distribution of unsold assets
Regulation 39	:	Recovery of monies due
Regulation 40	:	Liquidator to realize uncalled capital or unpaid capital contribution
Chapter: VII
PROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEED S
Regulation 41	:	All money to be paid in to bank account
Regulation 42	:	Distribution
Regulation 43	:	Return of money
Regulation 44	:	Completion of liquidation
Regulation 44A	:	Treatment of avoidance of transaction.
Regulation 45	:	Final report prior to dissolution
Regulation 45A	:	Preservation of records.
Regulation 46	:	Corporate Liquidation Account
Regulation 46A	:	Exclusion of certain assets from the liquidation estate
Regulation 47	:	Model time-line for liquidation process
Regulation 47A	:	Exclusion of period of lockdown
Schedules
SCHEDULE I	:	MODE OF SALE
SCHEDULE II - FORM A	:	PROFORMA FOR REPORTING CONSULTATIONS WITH STAKEHOLDERS
SCHEDULE II - FORM AA	:	WRITTEN CONSENT TO ACT AS LIQUIDATOR
SCHEDULE II - FORM B	:	PUBLIC ANNOUNCEMENT
SCHEDULE II - FORM C	:	PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND EMPLOYEES
SCHEDULE II - FORM D	:	PROOF OF CLAIM BY FINANCIAL CREDITORS
SCHEDULE II - FORM E	:	PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE
SCHEDULE II - FORM F	:	PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF WORKMEN OR EMPLOYEES
SCHEDULE II - FORM G	:	PROOF OF CLAIM BY ANY OTHER STAKEHOLDER
SCHEDULE III	:	The formats contained in this Schedule are indicative in nature, and the liquidator may make such modifications to them as he deems fit in the facts and circumstances of the liquidation.