Liquidation Regulation

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Presentation transcript:

Liquidation Regulation

Stage-wise submission of reports 66 Stage-wise submission of reports The liquidator shall prepare and submit to the AA ▫ a preliminary report Within 75 days from the liquidation commencement date ▫ an asset memorandum ▫ progress report(s) 1st Progress Report Within 15 days after the end of the quarter in which the liquidator is appointed Subsequent progress reports Within 15 days after the end of every quarter during which he acts as liquidator IP ceases to act as a liquidator Within 15 days of such cessation shall provide a report for the quarter up to the date

Stage-wise submission of reports 67 Stage-wise submission of reports The liquidator shall prepare and submit to the AA ▫ sale report(s) On sale of an asset ▫ minutes of consultation with stakeholders ▫ the final report prior to dissolution

Resolution Plan Section 5 (26) defines “resolution plan” - 68 Resolution Plan Section 5 (26) defines “resolution plan” - ▫ a plan proposed by any person for insolvency resolution of the corporate debtor as a going concern in accordance with Part II Resolution plan is prepared by resolution applicants – ▫ Resolution applicant can be creditors of the corporate debtor, prospective lenders, prospective investors, or any other person Resolution plan shall be prepared on the basis of information memorandum prepared by RP

69 Vertical comparison Section 30 (2) of the Code provides for essential components in the resolution plan which calls for vertical comparison ▫ Resolution plan must provide for – repayment of debts of operational creditors in such manner as may be specified by the Board Shall not be less that the amount to be paid to the operational creditors in the event of liquidation of the corporate debtor under section 53 Vertical comparison means a comparison between a creditor‟s entitlement in the resolution plan and in a hypothetical liquidation

Duties of liquidator Make public announcement 70 Duties of liquidator Make public announcement ▫ Within 5 days from appointment Verify the claims submitted ▫ Within 30 days from the last date for receipt of claims File the list of stakeholders with AA ▫ Within 45 days from the last date for receipt of claims Inform the secured creditor if a person is willing to buy the secured asset ▫ Within 21 days of receipt of the intimation liquidate the corporate debtor ▫ Within a period of 2 years

Liquidator‟s fee Fee payable to the liquidator shall form part of the 71 Liquidator‟s fee Fee payable to the liquidator shall form part of the liquidation cost Liquidator shall be paid fees as decided by the committee before a liquidation order is passed under section 33 (1) (a) and 33 (2) In all other cases, liquidator shall be paid fees as provided in next slide

72 Liquidator‟s fee