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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION) REGULATIONS, 2017

Draft regulations have been prepared for voluntary liquidation that can be initiated by a corporate person who has not committed any default.

The norms have been prepared under the Insolvency and Bankruptcy Code.

It has  7 Chapters, namely:
CHAPTER I     – PRELIMINARY
CHAPTER II    – COMMENCEMENT OF VOLUNTARY LIQUIDATION
CHAPTER III  – APPOINTMENT AND REMUNERATION OF LIQUIDATOR
CHAPTER IV   –  POWERS AND FUNCTIONS OF LIQUIDATOR
CHAPTER V     –  CLAIMS
CHAPTER VI   – REALISATION OF ASSETS
CHAPTER VII  – PROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEEDS
And 2 schedules, as following:
SCHEDULE I
FORM A PUBLIC ANNOUNCEMENT
SCHEDULE I
FORM B
PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND EMPLOYEES
SCHEDULE I
FORM C
PROOF OF CLAIM BY FINANCIAL CREDITORS
SCHEDULE I
FORM D
PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE
SCHEDULE I
FORM E
PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF WORKMEN OR EMPLOYEES
SCHEDULE I
FORM F
PROOF OF CLAIM BY ANY OTHER STAKEHOLDER
SCHEDULE II
(Under Regulation 10 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation) Regulations, 2017)
The formats contained in this Schedule are indicative in nature, and the liquidator may make such modifications to them as he deems fit in the facts and circumstances of the liquidation.

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