Regulation 12 - Public announcement by liquidator - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

CHAPTER IV GENERAL Public announcement by liquidator 12. (1) The liquidator shall make a public announcement in Form B of Schedule II within five days from his appointment. 1 [ (2) The public announcement shall- (a) call upon stakeholders to submit their claims or update their claims submitted during the corporate insolvency resolution process, as on the liquidation commencement date; and (b) provide the last date for submission or updation of claims, which shall be thirty days from the liquidation commencement date. ] 2 [ (c) provide that where a stakeholder does not submit its claims during the liquidation process, the claims submitted by such a stakeholder, and duly collated by the interim resolution professional or resolution professional, as the case may be, during the corporate insolvency resolution process under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, shall be deemed to be submitted under section 38. ] (3) The announcement shall be published- (a) in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the liquidator, the corporate debtor conducts material business operations; (b) on the website, if any, of the corporate debtor; and (c) on the website, if any, designated by the Board for this purpose. ********* Notes 1. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG047 dated 25-07-2019 before it was read as (2) The public announcement shall- (a) call upon stakeholders to submit their claims as on the liquidation commencement date; and (b) provide the last date for submission of claim, which shall be thirty days from the liquidation commencement date. 2. Inserted vide Notification No. IBBI/2022-23/GN/REG094 dated 16-09-2022