Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018

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..... ther to amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 , namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018. (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), for regulation 32 , the following regulation shall be substituted, namely: - 32. Sale of Assets, etc. The liquidator may sell- (a) an asset on a standalone basis; (b) the assets in a slump sale; (c) a set of assets collecti .....

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..... tion commencement date, appoint two registered valuers to determine the realisable value of the assets or businesses under clauses (a) to (f) of regulation 32 of the corporate debtor: Provided that the following persons shall not be appointed as registered valuers, namely:- (a) a relative of the liquidator; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or (d) a partner or director of the insolvency professional entity of which the liquidator is a partner or director. (3) The Registered Valuers appointed under sub-regulation (2) shall independently submit to the liquidator the estimates of realisable value of .....

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..... debtor 6. Date of closure of Insolvency Resolution Process 7. Liquidation commencement date of corporate debtor 8. Name and registration number of the insolvency professional acting as liquidator 9. Address and e-mail of the liquidator, as registered with the Board 10. Address and e-mail to be used for correspondence with the liquidator 11. Last date for submission of claims Notice i .....

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