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Section Subject Related Regulations of IB Code
33. Initiation of liquidation 1. Short title and commencement
2. Definitions
2A. Contributions to liquidation costs
2B. Compromise or arrangement
12. Public announcement by liquidator
12A. Process email ID
34. Appointment of liquidator and fee to be paid 3. Eligibility for appointment as liquidator
3A. Recommendation of liquidator by committee of creditors
4. Liquidator's fee
34A. Replacement of liquidator by committee of creditors. 8B. Replacement of liquidator
35. Powers and duties of liquidator 5. Reporting
6. Registers and books of account
7. Appointment of professionals
8. Committee of creditors
9. Personnel to extend cooperation to liquidator
10. Disclaimer of onerous property
11. Extortionate credit transactions
13. Preliminary report
15. Progress reports
16. Submission of claim
17. Claims by operational creditors
18. Claims by financial creditors
19. Claims by workmen and employees
20. Claims by other stakeholders
21. Proving security interest
22. Production of bills of exchange and promissory notes
23. Substantiation of claims
24. Cost of proof
25. Determination of quantum of claim
26. Debt in foreign currency
27. Periodical payments
28. Debt payable at future time
29. Mutual credits and set-off
30. Verification of claims
30A. Transfer of debt due to creditors
31. List of stakeholders
32. Sale of Assets, etc.
32A. Sale as a going concern - Discontinued
33. Mode of sale
SCHEDULE I. MODE OF SALE
36. Asset sale report
38. Distribution of unsold assets
39. Recovery of monies due
40. Liquidator to realize uncalled capital or unpaid capital contribution
41. All money to be paid into bank account
36. Liquidation Estate 8A. Facilitation of transfer of assets
34. Asset memorandum
35. Valuation of assets intended to be sold
37A. Assignment of not readily realisable assets
44A. Treatment of avoidance of transaction
46A. Exclusion of certain assets from the liquidation estate
37. Powers of liquidator to access information
38. Consolidation of claims -Discontinued
39. Verification of claims - Discontinued
40. Admission or rejection of claims - Discontinued
41. Determination of valuation of claims - Discontinued 31A. Stakeholders' consultation committee- Discontinued
32B. Conduct of meetings of the consultation committee - Discontinued
42. Appeal against the decision of liquidator - Discontinued
52. Secured creditor in liquidation proceedings 21A. Relinquishment of security interest
37. Realization of security interest by secured creditor
53. Distribution of assets 43. Return of money
42. Distribution
44. Completion of liquidation
46. Corporate Liquidation Account
47A. Exclusion of period of lockdown
54. Dissolution of corporate debtor 14. Early dissolution
45. Final report prior to dissolution
45A. Preservation of records
47. Model timeline for liquidation process
47B. Filing of Forms