There are 46 Regulations
Important definitions
Contributory - A member of the company , a Partner of the limited liability and
Any other person liable to contribute towards the assets of the corporate debtor in the event of liquidation
Identification number - Limited Liability Partnership identificatio number or the Corporate identity Number
Preliminary Report - the report prepared in accordance with regulation 13
Regulation 13 - The liquidator shall submit a Preliminary report to the Adjudicating Authority within 75 days from the liquidation commencement date
The preliminary report includes
a) The capital structure of the corporate debtor
b) The estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor
In case of books of the corporate debtor not reliable, liquidator shall also provide such estimates based on reliable recores and date otherwise available to him
c) Whether he intends to make any further inquiry into any matter relating to the promotion, formation or failure of the corporate debtor of the conduct of the business thereof and
d) The proposed plan of action for carrying out liquidator including the timeline within which he proposes to carry out and the estimated liquidation costs.
Progress Report Quarterly report prepared in accordance with Regulation 15
The liquidator shall submit progress reports to the Adjudicating authority as under
a) First progress report within fifteen days after the end of the quarter in which he is appointed
b) Subsequent progress reports within fifteen days after the end of the every quarter during which he acts as liquidator
Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process , he shall file a progress report for the quarter upto the date of his ceasing to act, within 15 days of such cessation
Progress report provide the following information
a) Appointment, tenure of appointment and cessation of appointment of professionals
b) A statement indicating progress in liquidation
i) settlement of list of stakeholders
ii) details of any property that remain to be sold and realized
iii) distribution made to the stakeholders and
iv) distribution of unsold property made to the stakeholders
c) Details fee or remuneration
i) Fee due to and received by the liquidator together with a description of the activities carried out by him
ii) The remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them
iii) other expenses incurred by the liquidator whether paid or not
d) Development in any material litigation, by or against the corporate debtor
e) filing or and developments in application for avoidance of transactions in accordance with chapter III pf Part II of the code
f) changes if any in estimated liquidation costs
3) Progress Report shall enclose an account maintained by the liquidator
a) his receipts and payments during the quarter and
b) the cumulative amount of his receipts and payments since the liquidation commencement date
4) The Progress Report shall enclose a statement indicating any material change in the expected realization of any property proposed to be sold along with the basis for such change
Provided that the above statement shall not be accessible to any person during the course of liquidation , unless permitted by the Adjudicating authority
5) Fourth quarter progress report shall enclose audited accounts of the liquidator's receipts and payments for the financial year
In case Insolvency professional ceases to act as liquidator , the audited accounts which he has acted as liquidator, shall be enclosed with the progress report to be filed after cessation of his appointment
Registered Valuer A person registered in accordance with the Companies Act, 2013
Stakeholder means the stakeholders entitled to distribution of proceeds under Section 53
Chapter II
Regulation 3
Eligibility for appointment as liquidator
Liquidator and every partner or director of the insolvency professional entity of which he is a partner or director is independent of the corporate debtor
Who is Independent
a) is eligible to be appointed as an independent director on the board of the corporate debtor under Section 149 of the Companies Act, 2013 where the corporate debtor is a company
b) is not a related party of the corporate debtor or
c) has not been an employee or proprietor or a partner
i) of a firm of auditors or company secretaries or cost auditors of the corporate debtor or
ii) of a legal or a consulting firm, that has or had any transaction with the corporate debtor contributing ten percent or more of the gross turnover of such firm, in the last three financial years
2) shall disclose the existence of any pecuniary or personal relationship with the concerned corporate debtor or any or any of its stakeholders as soon as he becomes aware of it, to the Board and the Adjudicating authority
3) An insolvency professional shall not continue as a liquidator if the insolvency professional entity of which he is a director or partner or any other partner or director of such insolvency professional entity represents any other stakeholders in the same liquidation process
Regulation No.4 Liquidator's fees
Liquidator fee is form part of liquidation costs
The liquidator shall be entitled to such fee and in such manner as has been decided by the committee of creditor before a liquidation order is passed under Sections 33 (1) (a) and 32 92)
Liquidator shall be entitled to a fee as a percentage of the amount realized net of other l;liquidation costs
a) The capital structure of the corporate debtor
b) The estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor
In case of books of the corporate debtor not reliable, liquidator shall also provide such estimates based on reliable recores and date otherwise available to him
c) Whether he intends to make any further inquiry into any matter relating to the promotion, formation or failure of the corporate debtor of the conduct of the business thereof and
d) The proposed plan of action for carrying out liquidator including the timeline within which he proposes to carry out and the estimated liquidation costs.
Progress Report Quarterly report prepared in accordance with Regulation 15
The liquidator shall submit progress reports to the Adjudicating authority as under
a) First progress report within fifteen days after the end of the quarter in which he is appointed
b) Subsequent progress reports within fifteen days after the end of the every quarter during which he acts as liquidator
Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process , he shall file a progress report for the quarter upto the date of his ceasing to act, within 15 days of such cessation
Progress report provide the following information
a) Appointment, tenure of appointment and cessation of appointment of professionals
b) A statement indicating progress in liquidation
i) settlement of list of stakeholders
ii) details of any property that remain to be sold and realized
iii) distribution made to the stakeholders and
iv) distribution of unsold property made to the stakeholders
c) Details fee or remuneration
i) Fee due to and received by the liquidator together with a description of the activities carried out by him
ii) The remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them
iii) other expenses incurred by the liquidator whether paid or not
d) Development in any material litigation, by or against the corporate debtor
e) filing or and developments in application for avoidance of transactions in accordance with chapter III pf Part II of the code
f) changes if any in estimated liquidation costs
3) Progress Report shall enclose an account maintained by the liquidator
a) his receipts and payments during the quarter and
b) the cumulative amount of his receipts and payments since the liquidation commencement date
4) The Progress Report shall enclose a statement indicating any material change in the expected realization of any property proposed to be sold along with the basis for such change
Provided that the above statement shall not be accessible to any person during the course of liquidation , unless permitted by the Adjudicating authority
5) Fourth quarter progress report shall enclose audited accounts of the liquidator's receipts and payments for the financial year
In case Insolvency professional ceases to act as liquidator , the audited accounts which he has acted as liquidator, shall be enclosed with the progress report to be filed after cessation of his appointment
CHAPTER V
CLAIMS
Regulation No. 16 Proof of claim
Progress Report Quarterly report prepared in accordance with Regulation 15
The liquidator shall submit progress reports to the Adjudicating authority as under
a) First progress report within fifteen days after the end of the quarter in which he is appointed
b) Subsequent progress reports within fifteen days after the end of the every quarter during which he acts as liquidator
Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process , he shall file a progress report for the quarter upto the date of his ceasing to act, within 15 days of such cessation
Progress report provide the following information
a) Appointment, tenure of appointment and cessation of appointment of professionals
b) A statement indicating progress in liquidation
i) settlement of list of stakeholders
ii) details of any property that remain to be sold and realized
iii) distribution made to the stakeholders and
iv) distribution of unsold property made to the stakeholders
c) Details fee or remuneration
i) Fee due to and received by the liquidator together with a description of the activities carried out by him
ii) The remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them
iii) other expenses incurred by the liquidator whether paid or not
d) Development in any material litigation, by or against the corporate debtor
e) filing or and developments in application for avoidance of transactions in accordance with chapter III pf Part II of the code
f) changes if any in estimated liquidation costs
3) Progress Report shall enclose an account maintained by the liquidator
a) his receipts and payments during the quarter and
b) the cumulative amount of his receipts and payments since the liquidation commencement date
4) The Progress Report shall enclose a statement indicating any material change in the expected realization of any property proposed to be sold along with the basis for such change
Provided that the above statement shall not be accessible to any person during the course of liquidation , unless permitted by the Adjudicating authority
5) Fourth quarter progress report shall enclose audited accounts of the liquidator's receipts and payments for the financial year
In case Insolvency professional ceases to act as liquidator , the audited accounts which he has acted as liquidator, shall be enclosed with the progress report to be filed after cessation of his appointment
CHAPTER V
CLAIMS
Regulation No. 16 Proof of claim
A person, who claims to be a stakeholder, shall prove his claim for debt or dues to his, including interest if any, as on the liquidation commencement date
Regulation No. 17 Claims by Operational creditor
1) A person claiming to be an operational creditor of the corporate debtor, other than a workman or employee , shall submit proof of claim to the liquidator in person, by post or by electronic means in Form C of Schedule II
2) The existence of debt to an operational creditor under this Regulation may be proved on the basis of
a) the records available with an information utility if any or
b) other relevant documents which adequately establish the debt, including any or all of the following
i) a contract for the supply of goods and services with corporate debtor
ii) an invoice demanding payment for the goods and services supplied to the corporate debtor
iii) an order of a court or tribunal that has adjudicated upon the non payment of debt, if any and
v) Financial accounts
Regulation no 18 Claims by financial creditors
1) A person claiming to be a financial creditor of the corporate debtor shall submit proof of claim to the liquidator - Electronic means in Form D of Schedule II
2) The existence of debt due to the financial creditor may be proved on the basis
a) the records available in an information utility if any or
b) other relevant documents which adequately establish the debt, including any or all of the following
i) a financial contract supported by financial statements as evidence of the debt
ii) a record evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor
iii) financial statements showing that the debt has not been repaid and
iv) an order of a court or tribuanl that has adjudicated upon the non payment of a debt if any
Important definitions
Contributory - A member of the company , a Partner of the limited liability and
Any other person liable to contribute towards the assets of the corporate debtor in the event of liquidation
Identification number - Limited Liability Partnership identificatio number or the Corporate identity Number
Preliminary Report - the report prepared in accordance with regulation 13
Regulation 13 - The liquidator shall submit a Preliminary report to the Adjudicating Authority within 75 days from the liquidation commencement date
The preliminary report includes
a) The capital structure of the corporate debtor
b) The estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor
In case of books of the corporate debtor not reliable, liquidator shall also provide such estimates based on reliable recores and date otherwise available to him
c) Whether he intends to make any further inquiry into any matter relating to the promotion, formation or failure of the corporate debtor of the conduct of the business thereof and
d) The proposed plan of action for carrying out liquidator including the timeline within which he proposes to carry out and the estimated liquidation costs.
Progress Report Quarterly report prepared in accordance with Regulation 15
The liquidator shall submit progress reports to the Adjudicating authority as under
a) First progress report within fifteen days after the end of the quarter in which he is appointed
b) Subsequent progress reports within fifteen days after the end of the every quarter during which he acts as liquidator
Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process , he shall file a progress report for the quarter upto the date of his ceasing to act, within 15 days of such cessation
Progress report provide the following information
a) Appointment, tenure of appointment and cessation of appointment of professionals
b) A statement indicating progress in liquidation
i) settlement of list of stakeholders
ii) details of any property that remain to be sold and realized
iii) distribution made to the stakeholders and
iv) distribution of unsold property made to the stakeholders
c) Details fee or remuneration
i) Fee due to and received by the liquidator together with a description of the activities carried out by him
ii) The remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them
iii) other expenses incurred by the liquidator whether paid or not
d) Development in any material litigation, by or against the corporate debtor
e) filing or and developments in application for avoidance of transactions in accordance with chapter III pf Part II of the code
f) changes if any in estimated liquidation costs
3) Progress Report shall enclose an account maintained by the liquidator
a) his receipts and payments during the quarter and
b) the cumulative amount of his receipts and payments since the liquidation commencement date
4) The Progress Report shall enclose a statement indicating any material change in the expected realization of any property proposed to be sold along with the basis for such change
Provided that the above statement shall not be accessible to any person during the course of liquidation , unless permitted by the Adjudicating authority
5) Fourth quarter progress report shall enclose audited accounts of the liquidator's receipts and payments for the financial year
In case Insolvency professional ceases to act as liquidator , the audited accounts which he has acted as liquidator, shall be enclosed with the progress report to be filed after cessation of his appointment
Appointment of liquidator 13th February 2017 and ceases to act as liquidator on 12th February 2019
Report No
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Period covered in the quarter
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Last date of submission of Report
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1
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13th Feb to 31st March 2017
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15th April 2017 ( Also submit audited accounts since it is fourth quarter )
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2
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April 2017 to June 2017
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15th July 2017
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3
|
July 2017 to September 2017
|
15th October 2017
|
4
|
October 2017 to December 2017
|
15th January 2017
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5
|
January 2018 to March 2018
|
15th April 2018 ( Also submit audited accounts since it is fourth quarter)
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6
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April 2018 to June 2018
|
15th July 2018
|
7
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July 2018 to September 2018
|
15th October 2018
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8
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October 2018 to December 2018
|
15th January 2017
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9
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January 2019 to 12th February 2019
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27th February 2019 ( Also submit audited accounts since he ceases to act as liquidator)
|
Registered Valuer A person registered in accordance with the Companies Act, 2013
Stakeholder means the stakeholders entitled to distribution of proceeds under Section 53
Chapter II
Regulation 3
Eligibility for appointment as liquidator
Liquidator and every partner or director of the insolvency professional entity of which he is a partner or director is independent of the corporate debtor
Who is Independent
a) is eligible to be appointed as an independent director on the board of the corporate debtor under Section 149 of the Companies Act, 2013 where the corporate debtor is a company
b) is not a related party of the corporate debtor or
c) has not been an employee or proprietor or a partner
i) of a firm of auditors or company secretaries or cost auditors of the corporate debtor or
ii) of a legal or a consulting firm, that has or had any transaction with the corporate debtor contributing ten percent or more of the gross turnover of such firm, in the last three financial years
2) shall disclose the existence of any pecuniary or personal relationship with the concerned corporate debtor or any or any of its stakeholders as soon as he becomes aware of it, to the Board and the Adjudicating authority
3) An insolvency professional shall not continue as a liquidator if the insolvency professional entity of which he is a director or partner or any other partner or director of such insolvency professional entity represents any other stakeholders in the same liquidation process
Regulation No.4 Liquidator's fees
Liquidator fee is form part of liquidation costs
The liquidator shall be entitled to such fee and in such manner as has been decided by the committee of creditor before a liquidation order is passed under Sections 33 (1) (a) and 32 92)
Liquidator shall be entitled to a fee as a percentage of the amount realized net of other l;liquidation costs
Percentage of fee on the amount realized/ distributed
Amount of realization/ Distribution ( In Rupees)
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In the first six months
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In the next six months
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In the next one year
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Thereafter
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Amount of Realization ( exclusive of liquidation costs)
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On the first one crore
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5.00
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3.75
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2.55
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1.88
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On the next 9 crore
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3.75
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2.80
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1.88
|
1.41
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On the next 40 crore
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2.50
|
1.88
|
1.25
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0.94
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On the next 50 crore
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1.25
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0.94
|
0.68
|
0.51
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On further sum realized
|
0.25
|
0.19
|
0.13
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0.10
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Amount Distributed to Stakeholders)
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On the first one crore
|
2.50
|
1.88
|
1.25
|
0.94
|
On the next 9 crore
|
1.88
|
1.40
|
0.94
|
0.71
|
On the next 40 crore
|
1.25
|
0.94
|
0.63
|
0.47
|
On the next 50 crore
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0.63
|
0.48
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0.34
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0.25
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On further sum realized
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0.13
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0.10
|
0.06
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0.05
|
4) The liquidator shall be entitled to receive half of the fee payable on realization under sub regulation (3) only after such realized amount is distributed
CHAPTER III
POWERS AND FUNCTIONS OF LIQUIDATOR
REGULATIONS 5 REPORTING
1) The liquidator shall prepare and submit the following reports
a) Preliminary Report
b) an asset memorandum
c) Progress report
d) sale report (s)
e) minutes of consultation with stakeholders and
f) the final report prior to distribution
Whom report to be submitted - Adjudicating Authority in the manner specified under these regulations
2) The liquidator shall preserve a physical as well as electronic copy of the reports and minutes for eight years after the dissolution of the corporate debtor ( Minutes and reports mentioned in sub regulation (1) )
3) Available to all stakeholders in either electronic or physical form , on receipt of
a) an application in writing
b) cost of making such reports and minutes available to it and
c) an Undertaking from the stakeholder that it shall maintain confidentiality of such reports and minutes
shall not use these to cause an undue gain or undue loss to itself or any other person
Regulations 6 Registers and books of account
1) Where the books of accounts of the corporate debtor is incomplete on the commencement date, the liquidator shall have them completed and brought up to date with all convenient speed as soon as the order for liquidation order is passed
2) The liquidator shall maintain the following registers and books as may be applicable, in relation to liquidation of the corporate debtor and shall preserve them for a period of eight years after the dissolution of the corporate debtor
a) Cash book
b) Ledger
c) Bank Ledger
d) Register of Fixed Assets and inventories
e) Securities and investment register
f) Register of Book debts and outstanding debts
g) Tenants Ledger
h) Suits Register
i) Decree Register
j) Register of claims and Dividends
k) Contribution Ledger
l) Distribution Register
m ) Fee Register
n ) Suspense Register
o) Documents Register
p) Books Register
q) Register of unclaimed dividends and undistributed properties deposited in accordance with Regulation 45 and
r) Such other books or registers as may be necessary to account for transactions entered into by him in relation to the corporate debtor
3) The registers and books under sub regualtion 2 may be maintained in the forms indicated in Schedule III with such modifications as the liquidator may deem fit in the facts and circumstances of the liquidation process
4) The liquidator shall keep receipts for all payments made or expenses incurred by him
Regulations 7 Appointment of Professionals
1) A liquidator may appoint professionals to assist him in the discharge of the duties, obligations and functions for a reasonable remuneration.
The remuneration payable to such professionals shall form part of the liquidation cost.
2) The following professionals are not eligible to be appointed by liquidator
who is his relative , is a related party of the corporate debtor or has served as an auditor to the corporate debtor in the five years preceding the liquidation commencement date.
3) Disclosure of pecuniary or personal relationship by Professional appointed or proposed to be appointed , with any of the stakeholders or the concerned corporate debtor as soon as he becomes aware of it to the liquidator
Regulation 8 Consultation with stakeholders
1) The stakeholders consulted under Section 35 (2) shall extend all assistance and cooperation to the liquidator to complete the liquidation of the corporate debtor
2) The liquidator shall maintain the particulars of any consultation with the stakeholders made under this Regulation, as specified in Form A of Schedule II
Regulation No 9 Personnel to extend cooperation to liquidator
1) The liquidator may make an application to the Adjudicating Authority for a direction that a person who
a) is or has been an officer, auditor, employee, promoter or partner of the corporate debtor
b) was the interim resolution professional, resolution professional, or the previous liquidator of the corporate debtor or
c) has possession of any of the properties of the corporate debtor
2) An application may be made under this Regulation only after the liquidator has made reasonable efforts to obtain the information from such persons and failed to obtain it.
Regulation No. 10 Disclaimer of onerous property
1) Where any part of the property of a corporate debtor consists of
a) land of any tenure , burdened with onerous convenants
b) shares or stocks in companies
c) any other property which is not saleable or is not readily saleable by reason of the possession thereof being bound either to the performance of any onerous act or to the payment of any sum money or
d) unprofitable contracts
the liquidator may, notwithstanding that
he has endeavored to sell or
has taken possession of the property or
exercised any act of ownership in relation thereto or
done anything in pursuance of the contract f,
make an application to Adjudicating authority within 6 months from the liquidation commencement date, or such extended period as may be allowed by the Adjudicating authority to disclaim the property or contract
2) The liquidator shall not make an application under sub regulation (1)
if a person interested in the property or contract inquired in writing whether he will make an application to have such property disclaimed, and he did not communicate his intention within one month from receipt of such inquiry
3) The liquidator shall serve a notice to persons interested in the onerous property or contract at least seven days before making an application for disclaimer to the Adjudicating authority
Who is interested person
a) is entitled to the benefit or subject to the burden of the contract or
b) claims an interest in a disclaimed property or is under a liability not discharged in respect of a disclaimed property
4) Subject to the order of the Adjudicating Authority approving such disclaimer,
the disclaimer shall operate to determine, from the date of disclaier, the rights, interest and liabilities of the corporate debtor in or in respect of the property or contract disclaimed , but shall not, except so far as is necessary for the purpose of releasing the corporate debtor and the property of the corporate from liability, affect the rights, interest or liabilities of any other person.
5) A person affected by the disclaimer under this Regulation shall be deemed to be a creditor of the corporate debtor for the amount of the compensation or damages payable in respect of such effect, and may accordingly be payable as a debt in liquidator under section 53 (1) (f)
Regulations No 11 Extortionate credit transactions
A transaction shall be considered an extortionate credit transaction under section 50 (2) where the terms
1) require the corporate debtor to make exorbitant payments in respect of the credit provided or
2) are unconscionable under the principles of law relating to contracts
Chapter IV
General
Regulation No 12 Public announcement by liquidator
1) The liquidator shall make an public announcement in Form B of Schedule II within five days from his appointment
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 thrity days from the liquidation commencement date
3) The announcement shall be published
a) in one English and one Regional language newspaper with wide circulation as 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
Regulation 13 Preliminary report
Regulation 13 - The liquidator shall submit a Preliminary report to the Adjudicating Authority within 75 days from the liquidation commencement date
The preliminary report includesa) The capital structure of the corporate debtor
b) The estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor
In case of books of the corporate debtor not reliable, liquidator shall also provide such estimates based on reliable recores and date otherwise available to him
c) Whether he intends to make any further inquiry into any matter relating to the promotion, formation or failure of the corporate debtor of the conduct of the business thereof and
d) The proposed plan of action for carrying out liquidator including the timeline within which he proposes to carry out and the estimated liquidation costs.
Regulation No 14 Early dissolution
Any time after the preparation of the preliminary report, if it appears to the liquidator that
a) the realization properties of the corporate debtor are insufficient to cover the cost of the liquidation process and
b) the affairs of the corporate debtor do no require any further investigation
The liquidator may apply to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution
Regulations No. 15 Progress Report
The liquidator shall submit progress reports to the Adjudicating authority as under
a) First progress report within fifteen days after the end of the quarter in which he is appointed
b) Subsequent progress reports within fifteen days after the end of the every quarter during which he acts as liquidator
Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process , he shall file a progress report for the quarter upto the date of his ceasing to act, within 15 days of such cessation
Progress report provide the following information
a) Appointment, tenure of appointment and cessation of appointment of professionals
b) A statement indicating progress in liquidation
i) settlement of list of stakeholders
ii) details of any property that remain to be sold and realized
iii) distribution made to the stakeholders and
iv) distribution of unsold property made to the stakeholders
c) Details fee or remuneration
i) Fee due to and received by the liquidator together with a description of the activities carried out by him
ii) The remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them
iii) other expenses incurred by the liquidator whether paid or not
d) Development in any material litigation, by or against the corporate debtor
e) filing or and developments in application for avoidance of transactions in accordance with chapter III pf Part II of the code
f) changes if any in estimated liquidation costs
3) Progress Report shall enclose an account maintained by the liquidator
a) his receipts and payments during the quarter and
b) the cumulative amount of his receipts and payments since the liquidation commencement date
4) The Progress Report shall enclose a statement indicating any material change in the expected realization of any property proposed to be sold along with the basis for such change
Provided that the above statement shall not be accessible to any person during the course of liquidation , unless permitted by the Adjudicating authority
5) Fourth quarter progress report shall enclose audited accounts of the liquidator's receipts and payments for the financial year
In case Insolvency professional ceases to act as liquidator , the audited accounts which he has acted as liquidator, shall be enclosed with the progress report to be filed after cessation of his appointment
Appointment of liquidator 13th February 2017 and ceases to act as liquidator on 12th February 2019
Report No
|
Period covered in the quarter
|
Last date of submission of Report
|
1
|
13th Feb to 31st March 2017
|
15th April 2017 ( Also submit audited accounts since it is fourth quarter )
|
2
|
April 2017 to June 2017
|
15th July 2017
|
3
|
July 2017 to September 2017
|
15th October 2017
|
4
|
October 2017 to December 2017
|
15th January 2017
|
5
|
January 2018 to March 2018
|
15th April 2018 ( Also submit audited accounts since it is fourth quarter)
|
6
|
April 2018 to June 2018
|
15th July 2018
|
7
|
July 2018 to September 2018
|
15th October 2018
|
8
|
October 2018 to December 2018
|
15th January 2017
|
9
|
January 2019 to 12th February 2019
|
27th February 2019 ( Also submit audited accounts since he ceases to act as liquidator)
|
CHAPTER V
CLAIMS
Regulation No. 16 Proof of claim
Progress Report Quarterly report prepared in accordance with Regulation 15
The liquidator shall submit progress reports to the Adjudicating authority as under
a) First progress report within fifteen days after the end of the quarter in which he is appointed
b) Subsequent progress reports within fifteen days after the end of the every quarter during which he acts as liquidator
Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process , he shall file a progress report for the quarter upto the date of his ceasing to act, within 15 days of such cessation
Progress report provide the following information
a) Appointment, tenure of appointment and cessation of appointment of professionals
b) A statement indicating progress in liquidation
i) settlement of list of stakeholders
ii) details of any property that remain to be sold and realized
iii) distribution made to the stakeholders and
iv) distribution of unsold property made to the stakeholders
c) Details fee or remuneration
i) Fee due to and received by the liquidator together with a description of the activities carried out by him
ii) The remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them
iii) other expenses incurred by the liquidator whether paid or not
d) Development in any material litigation, by or against the corporate debtor
e) filing or and developments in application for avoidance of transactions in accordance with chapter III pf Part II of the code
f) changes if any in estimated liquidation costs
3) Progress Report shall enclose an account maintained by the liquidator
a) his receipts and payments during the quarter and
b) the cumulative amount of his receipts and payments since the liquidation commencement date
4) The Progress Report shall enclose a statement indicating any material change in the expected realization of any property proposed to be sold along with the basis for such change
Provided that the above statement shall not be accessible to any person during the course of liquidation , unless permitted by the Adjudicating authority
5) Fourth quarter progress report shall enclose audited accounts of the liquidator's receipts and payments for the financial year
In case Insolvency professional ceases to act as liquidator , the audited accounts which he has acted as liquidator, shall be enclosed with the progress report to be filed after cessation of his appointment
Appointment of liquidator 13th February 2017 and ceases to act as liquidator on 12th February 2019
Report No
|
Period covered in the quarter
|
Last date of submission of Report
|
1
|
13th Feb to 31st March 2017
|
15th April 2017 ( Also submit audited accounts since it is fourth quarter )
|
2
|
April 2017 to June 2017
|
15th July 2017
|
3
|
July 2017 to September 2017
|
15th October 2017
|
4
|
October 2017 to December 2017
|
15th January 2017
|
5
|
January 2018 to March 2018
|
15th April 2018 ( Also submit audited accounts since it is fourth quarter)
|
6
|
April 2018 to June 2018
|
15th July 2018
|
7
|
July 2018 to September 2018
|
15th October 2018
|
8
|
October 2018 to December 2018
|
15th January 2017
|
9
|
January 2019 to 12th February 2019
|
27th February 2019 ( Also submit audited accounts since he ceases to act as liquidator)
|
CHAPTER V
CLAIMS
Regulation No. 16 Proof of claim
A person, who claims to be a stakeholder, shall prove his claim for debt or dues to his, including interest if any, as on the liquidation commencement date
Regulation No. 17 Claims by Operational creditor
1) A person claiming to be an operational creditor of the corporate debtor, other than a workman or employee , shall submit proof of claim to the liquidator in person, by post or by electronic means in Form C of Schedule II
2) The existence of debt to an operational creditor under this Regulation may be proved on the basis of
a) the records available with an information utility if any or
b) other relevant documents which adequately establish the debt, including any or all of the following
i) a contract for the supply of goods and services with corporate debtor
ii) an invoice demanding payment for the goods and services supplied to the corporate debtor
iii) an order of a court or tribunal that has adjudicated upon the non payment of debt, if any and
v) Financial accounts
Regulation no 18 Claims by financial creditors
1) A person claiming to be a financial creditor of the corporate debtor shall submit proof of claim to the liquidator - Electronic means in Form D of Schedule II
2) The existence of debt due to the financial creditor may be proved on the basis
a) the records available in an information utility if any or
b) other relevant documents which adequately establish the debt, including any or all of the following
i) a financial contract supported by financial statements as evidence of the debt
ii) a record evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor
iii) financial statements showing that the debt has not been repaid and
iv) an order of a court or tribuanl that has adjudicated upon the non payment of a debt if any
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