Regulation 1 Short title and commencement.
(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
(2) These Regulations shall come into force on1st April, 2017.
(3) These Regulations shall apply to the voluntary liquidation of corporate persons under Chapter V of Part II of the Insolvency and Bankruptcy Code, 2016.
VL Note : –
(1) In these Regulations, unless the context otherwise requires-
(a) “Code” means the Insolvency and Bankruptcy Code, 2016;
(b) “contributory” means a member of a company, partner of a limited liability partnership, and any other person liable to contribute towards the assets of the corporate person in the event of its liquidation;
(c) “liquidation commencement date” means the date on which the proceedings for voluntary liquidation commence as per section 59(5) and Regulation 3(4);
(d) “Registrar” shall have the same meaning assigned to it under section 2(75) of the Companies Act, 2013 or section 2(1)(s) of the Limited Liability Partnership Act, 2008 or the authority administering the Act under which the corporate person is incorporated, as applicable;
(e) “section” means a section of the Code; and
(f) “stakeholders” mean the stakeholders entitled to proceeds from the sale of liquidation assets under section 53.
(2) The term liquidation in these Regulations refers to voluntary liquidation.
(3) Unless the context otherwise requires, words and expressions used and not defined in these Regulations, but defined in the Code, shall have the meanings assigned to them in the Code.
VL Note : –