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TMI BlogInsolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2025X X X X Extracts X X X X X X X X Extracts X X X X ..... Process) Regulations, 2016, namely: - 1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2025. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as 'the principal regulations'), in regulation 45, in sub-regulation (3), in clause (a), after the words "sold as a going concern", the following shall be inserted, namely: - "or a compromise or arrangement has been sanctioned under section 230 of the Companies Act, 2013" 3. In the principal regulations, in regulation 46, for sub-regulation (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LIQ 4 From application for dissolution to order of dissolution: This includes details of the distribution of proceeds, receipts and payments, etc. On or before the 14th day of passing of the order for dissolution of corporate debtor or closure of the liquidation process by the Adjudicating Authority. (2) The liquidator shall ensure that the Forms and its enclosures filed under this regulation are accurate and complete. (3) The filing of a Form under this regulation after the due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after the date notified by the Board. (4) The liquidator shall be liable to any action which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uccessful bidder or reject such bid, after consultation with the consultation committee under regulation 31A. (12D) If a bidder is found ineligible, the earnest money deposited by him shall be forfeited. (12E) In case the highest bidder is found ineligible, the liquidator may, in consultation with the consultation committee, declare the next highest bidder as the successful bidder after following the same process as provided under clause (12A) to clause (12E)." 6. In the principal regulations, in Schedule II, in Form I, for table B, the following table shall be substituted, namely:- "B. Details of Stakeholders entitled to Unclaimed Dividends or Undistributed Proceeds Sl. No . Name of stakeholder entitled to receive unclaimed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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