Regulation 44 - Completion of liquidation - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

Completion of liquidation 44. 1 [ (1) The liquidator shall liquidate the corporate debtor within a period of one year from the liquidation commencement date, notwithstanding pendency of any application for avoidance of transactions under 3 [ **** ] Part II of the Code, before the Adjudicating Authority or any action thereof: 5 [ ****** ]] (2) If the liquidator fails to liquidate the corporate debtor within 2 [ one year ] , he shall make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. 4 [ Explanation. - In relation to the liquidation processes commenced prior to the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019, the requirements of this regulation as existing before such commencement, shall apply. ] ********* Notes 1. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG047 dated 25-07-2019 before it was read as (1) The liquidator shall liquidate the corporate debtor within a period of two years. 2. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG047 dated 25-07-2019 before it was read as two years 3. Omitted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 before it was read as Chapter III of 4. Inserted vide Notification No. IBBI/2022-23/GN/REG082 dated 28-04-2022 5. Omitted vide Notification No. IBBI/2022-23/GN/REG094 dated 16-09-2022 , before it was read as :- Provided that where the sale is attempted under sub-regulation (1) of regulation 32A, the liquidation process may take an additional period up to ninety days.