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TMI BlogLiquidation Estate.X X X X Extracts X X X X X X X X Extracts X X X X ..... or the benefit of all the creditors. (3) Subject to sub-section (4), the liquidation estate shall comprise all liquidation estate assets which shall include the following :- (a) any assets over which the corporate debtor has ownership rights, including all rights and interests therein as evidenced in the balance sheet of the corporate debtor or an information utility or records in the registry o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor in respect of which a secured creditor has relinquished security interest; (h) any other property belonging to or vested in the corporate debtor at the insolvency commencement date; and (i) all proceeds of liquidation as and when they are realised. (4) The following shall not be included in the liquidation estate assets and shall not be used for recovery in the liquidation:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld on account of avoidance transactions that may be avoided under this Chapter; (d) assets of any Indian or foreign subsidiary of the corporate debtor; or (e) any other assets as may be specified by the Board, including assets which could be subject to set-off on account of mutual dealings between the corporate debtor and any creditor. *********** Notes:- 1. Come into the force w.e.f. 15-12-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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