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Liquidation under IBC Code PDF

<br>The liquidation process under the IBC is the one that NCLT has to opt for in the absence of a failed insolvency resolution process. However, there are more reasons as to why this process is chosen. Furthermore, the process itself entails a lot of details. <br>

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Liquidation under IBC Code PDF

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  1. Liquidation Process under IBC Presented By: Registrationwala

  2. What Is Liquidation Winding selling its assets for cash is called liquidation. Under the Insolvency and Bankruptcy law this is one of the options to insolvency of a corporate debtor. up a firm through resolve the

  3. How Is Liquidation Initiated? Liquidation is initiated after:  The insolvency resolution period has been unsuccessful.  Majority of COC have voted for liquidation.  NCLT has decided to fast track the resolution procedure  The insolvency resolution plan is not followed by the debtor. https://www.registrationwala.com/knowledge-base/insolvency/bankruptcy/liquidation- process-under-ibc

  4. Who Is A Liquidator? A liquidator is a business expert whose job it is to valuate, and properly liquidate the company assets.

  5. How Is A Liquidator Appointed? The insolvency professional himself has to act as the liquidator. However, the following are the steps if a new liquidator is needed. IBBI NCLT NCLT instructs IBBI for appoint a new IP. proposes the name of the new IP within 10 days. formulates a plan for the IP to act as a liquidator. IP is appointed.

  6. What Are The Duties Of The Liquidator? 1 Consulting with stakeholders 2 Preparing reports Money recovery 3 4 Preparing asset memorandum Asset valuation & Selling the assets 5 6 Security interest realization 7 Distributing unsold assets

  7. Process Of Liquidation Insolvency resolution failure Appointment of a liquidator Liquidator makes public announcements Submission of preliminary reports Creation of progress reports

  8. Continue Maintenance of records and books Appointing an assisting professional Recovery of assets Asset estate creation Preparation of asset memorandum

  9. Continue Valuation of assets Realization of security interests Selling the assets Distributing the profits among claimants Distributing unsold assets among claimants

  10. Contact us +91-8882-580-580 support@registrationwala.com https://www.registrationwala.com/knowledge- base/insolvency/bankruptcy

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