(d) to take such measures to protect and preserve the assets and properties of the corporate debtor as he considers necessary; (e) to carry on the business of the corporate debtor for its beneficial liquidation as he considers necessary; (f) subject to section 52, to sell the immovable and movable property and actionable claims of the corporate debtor in liquidation by public auction or private contract, with power to transfer such property to any person or body corporate, or to sell the same in parcels in such manner as may be specified; (g) to draw, accept, make and endorse any negotiable instruments including bill of exchange, hundi or promissory note in the name and on behalf of the corporate debtor, with the same effect with respect to the liability as if such instruments were drawn, accepted, made or endorsed by or on behalf of the corporate debtor in the ordinary course of its business; (h) to take out, in his official name, letter of administration to any deceased contributory and to do in his official name any other act necessary for obtaining payment of any money due and payable from a contributory or his estate which cannot be ordinarily done in the name of the corporate debtor, and in all such cases, the money due and payable shall, for the purpose of enabling the liquidator to take out the letter of administration or recover the money, be deemed to be due to the liquidator himself; (i) to obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities; (j) to invite and settle claims of creditors and claimants and distribute proceeds in accordance with the provisions of this Code; (k) to institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate debtor; (l) to investigate the financial affairs of the corporate debtor to determine undervalued or preferential transactions; (m) to take all such actions, steps, or to sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if any, as may be necessary for liquidation, distribution of assets and in discharge of his duties and obligations and functions as liquidator; (n) to apply to the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the corporate debtor and to of the liquidation process in a manner as may be specified by the Board; and. Date of intimation to statutory authority as applicable. 2. Total amount payable in this round of distribution: Instructions: 461). Any amount which is returned unpaid should be reentered in the account under ‘Receipts’. The following heads of account may be found suitable: (1) Asset account Date of Filing with Adjudicating Authority, Date of Order of the Adjudicating Authority, Preferential transactions under section 43, Undervalued transactions under section 45, Extortionate credit transactions under section 50, Date of Deposit into the Corporate Liquidation Account, Amount deposited into the Corporate Liquidation Account (Rs. Content Filtration 6. A liquidator is expected to perform his duties equitably and impartially according to the Companies Act. ], Solemnly, affirmed at _____________________ on _________________ day, the __________day of__________ 20_____. (Please attach Identification proof. 2. Instructions: Also you will learn about the order of payment by a liquidator. ... 64 Rights and powers attaching shares 64A Issue of shares with different voting rights by public company 65 Differences in calls and payments, etc. 2. The said documents are true, valid and genuine to the best of my knowledge, information and belief. (Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Surplus of secured creditors is mostly included in the amount of assets realised for calculation of liquidator’s commission. 2. (ii) To inspect the records and returns of the company on the files of the Registrar without payment of any dues. S.O. Only contributories settled on the list of stakeholders should be entered in this Register and they should be entered in the same order as in the list. The stakeholders of [—–Name of the corporate debtor] are hereby called upon to submit  their claims with proof on or before ——-[Insert the date falling thirty days after the liquidation commencement date] [ ], to the liquidator at the address mentioned against item No. 1. Illustration: An insolvency professional becomes a liquidator on 13th February, 2017, and ceases to act as liquidator on 12th February, 2019. (vii) Official liquidator shall pay all moneys received by him as liquidator of the company into the Public Accounts of India in Reserve Bank of India. [ Effective from 15th December, 2016] (1) Subject to directions by the Tribunal, if any, in this regard, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the power—. 2. Disposal of assets on liquidation 101. In a court winding up, the liquidator has the following powers sanctioned by the court or by the committee of inspection (Section 236): (1) Power to pay any class of creditors in full. The entries in the General Ledger should be posted from the Cash Book. (v) To appoint an advocate, attorney or pleader entitled to appear before the court to assist him in the performance of his duties. 1. (4) A Progress Report shall enclose a statement indicating any material change in expected realization of any property proposed to be sold, along with the basis for such change: Provided that this statement shall not be accessible to any person during the course of liquidation, unless permitted by the Adjudicating Authority. DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, LIST OUT AND ATTACH THE DOCUMENTS RELIED ON, Name of RP during CIRP and his registration No. 9. I am entitled to receive a sum of Rs…. (iv) Within two months from the date of direction of the court, the liquidator must call a meeting of the creditors for determining the persons who are to be members of the Committees of Inspection. I, [name of deponent], currently residing at [insert address], do solemnly affirm and state as follows: 5. Subject to certain legal provisions and adherence to certain procedures the powers of a liquidator are broadly enumerated as follows: (1) He can exercise the following powers only with court sanction: (i) To institute or defend any suit, prosecution or other legal proceedings, civil or criminal in the name of the company. Address as registered with the Board: Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the Insolvency and Bankruptcy Code, 2016. (1) Where the books of account of the corporate debtor are incomplete on the liquidation commencement date, the liquidator shall have them completed and brought up-to-date, with all convenient speed, as soon as the order for liquidation is passed. I, [Name of stakeholder], currently residing at [insert address], hereby declare and state as follows: The liquidator shall keep, in the manner prescribed, proper books in which he shall cause entries or minutes to be made of the proceedings at meetings and of such other matters as may be prescribed. Name and signature of liquidator : 4. The details for the same are set out below: Signature of workman / employee or person authorised to act on his behalf, [Please enclose the authority if this is being submitted on behalf of an operational creditor]. Effective from 15.12.2016 (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:— (a) to verify claims of all the creditors; (1) A liquidator may appoint professionals to assist him in the discharge of his duties, obligations and functions for a reasonable remuneration and such remuneration shall form part of the liquidation cost. All legal expenses are met out of the cash realised. They may realise their securities and satisfy the debts. Copyright 9. 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. 1. (viii) He should realise the assets and distribute the proceeds among the creditors and the surplus, if any, among the contributories according to their rights. Applications made by or against the corporate debtor which are in the nature of suits should also be entered in this Register. (iii) other expenses incurred by the liquidator, whether paid or not; (d) developments in any material litigation, by or against the corporate debtor; (e) filing of, and developments in applications for avoidance of transactions in accordance with Chapter III of Part II of the Code; and. __________ for _____ [please state consideration]. Section 360 shall come into force on 15th December, 2016 vide Notification No. The liquidator shall have the powers set out in each of the paragraphs of the Table to this section. Date of tenancy: (3) The liquidator shall serve a notice to persons interested in the onerous property or contract at least seven days before making an application for disclaimer to the Adjudicating Authority: Explanation: A person is interested in the onerous property or contract if he-, (a) is entitled to the benefit or subject to the burden of the contract ; or. S.O. Section of the Code / Regulation No. (2) The liquidator shall maintain the following registers and books, as may be applicable, in relation to the liquidation of the corporate debtor, and shall preserve them for a period of eight years after the dissolution of the corporate debtor-. A Liquidator has a power pursuant to section 234 of the insolvency act 1986 to demand that a person in possession or control of the Company’s books and records pay, deliver, convey, surrender or transfer the property, books, papers or records to the office-holder (Liquidator). A General Ledger should be maintained with such heads of account as the liquidator may think necessary and appropriate. Particulars of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the workmen / employee which may be set-off against the claim. (vii) To appoint an agent to do any business which the liquidator is unable to do himself. The total of the debit balances and the total of the credit balances of the several heads of account in the General Ledger should agree, after taking into consideration the cash and bank balances as shown in the Cash Book. ], [Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the financial creditor which may be set-off against the claim.]. ], [Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the other stakeholder which may be set-off against the claim. The above named corporate debtor was, at liquidation commencement date, that is, the __________ day of __________ 20______ and still is, justly and truly indebted to me [or to me and[insert name of copartners], my co-partners in trade, or, as the case may be] in the sum of Rs. [Name of the workman / employee], hereby submits this proof of claim in respect of the liquidation of [name of corporate debtor]. 2.8.2 Powers of a Provisional Liquidator 13 2.9 Liquidators’ Powers of Investigation and Asset Realisation 13 2.9.1Examination 13 2.9.2 Order for Payment or Delivery of Property and Search and Seizure 13 2.9.3 Arrest and Seizure 13 2.9.4 Disclaimer of Onerous Contracts 14 2.9.5 Pooling and Contribution Orders 14 2.9.6Unfair Preference 14 2.9.7 Return of Improperly Transferred Assets 14 2.9.8 Image Guidelines 4. (v) To draw, accept, make and endorse any bill of exchange, hundi or promissory note on behalf of the company. 5. Substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 dated 06.01.2020. (iii) To sell the immovable property and actionable claims of the company by public auction or private contract with power to transfer the whole thereof to any person or body corporate. Some of the important duties are enumerated below: (i) When the liquidator receives the Statement of Affairs from the Directors, he must submit a preliminary report to the court. (d) unprofitable contracts; the liquidator may, notwithstanding that he has endeavored to sell or has taken possession of the property or exercised any act of ownership in relation thereto or done anything in pursuance of the contract, make an application to the Adjudicating Authority within six months from the liquidation commencement date, or such extended period as may be allowed by the Adjudicating Authority, to disclaim the property or contract. (9) Establishment The said documents are true, valid and genuine to the best of my knowledge, information and belief. Various duties are imposed on liquidators by the Companies Act and these may be conveniently divided into the following categories: 1. duties of notice; 2. duty to keep certain financial and administrative records; 3. duty to hold certain meetings; 4. duty to provide information; 5. duty to examine the conduct of officers of the company; 6. duty to get in and distribute the property of the company. REGISTER OF UNCLAIMED DIVIDENDS AND UNDISTRIBUTED  ASSETS DEPOSITED. __________ for _____ [please state the nature and duration of employment]. (1) The stakeholders consulted under section 35(2) shall extend all assistance and cooperation to the liquidator to complete the liquidation of the corporate debtor. Name and address of tenant: The Liquidator is accountable to shareholders and the creditors of the Company. Advance received, if any: Instructions: The details of application(s) filed / pending in respect of avoidance of transactions. The Company Liquidator is authorized to perform all the Powers and Duties as prescribed under the Companies Act, 2013. Only claims admitted either wholly or in part should be entered in this Register. Address as registered with the Board: The above named corporate debtor was, at the liquidation commencement date, that is, the __________ day of __________ 20__ and still is, justly and truly indebted to me [or to me and [insert name of copartner], my co-partners in trade, or, as the case may be,] in the sum of Rs. (d) Register of Fixed Assets and Inventories; (f) Register of Book Debts and Outstanding Debts; Register of unclaimed dividends and undistributed proceeds; and, (q) Register of unclaimed dividends and undistributed properties deposited in accordance with Regulation 45; and. (2) The liquidator shall preserve a physical as well as an electronic copy of the reports and minutes referred to in sub-regulation (1) for eight years after the dissolution of the corporate debtor. Powers of liquidator 97. 1. Liquidator's powers. 3. Fraud PART XV – CO-OPERATIVE DEVELOPMENT ADVISORY BOARD 102. (12) Fees and Commission account Instructions: (a) the first Progress Report within fifteen days after the end of the quarter in which he is appointed; (b) subsequent Progress Report(s) within fifteen days after the end of every quarter during which he acts as liquidator; and Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process, he shall file a Progress Report for the quarter up to the date of his so ceasing to act, within fifteen days of such cessation. Top Answer . 8. Duties of liquidator 98. 6. The page on the left side should be reserved for claims and the page on the right side for Distributions. To view the notification. Before uploading and sharing your knowledge on this site, please read the following pages: 1. 4. Date and place : (Regulation 12 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016), PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND EMPLOYEES, (Under Regulation 17 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016), [Address as set out in the public announcement], [Name and address of the operational creditor]. __________ for ……..[please state consideration]. (d) By making calls for the amount remaining unpaid on the shares. with the relevant section and what is eleventh schedule in section 456 of the companies Act 2016 and provide the reference of the findings . Amount deposited into Corporate Liquidation Account: Date of submission to the Board and the Authority under sub-regulation (5) of regulation 46, Date of Final Report to AA (prior to dissolution application), Amount Distributed to the Amount Claimed (%), Commencement of LCD and Appointment of Liquidator. Name of Corporate Debtor………………………………………………(in liquidation). In respect of the said sum or any part thereof, the workmen / employees have not, nor has any person, by my order, to my knowledge or belief, for my use, had or has received any manner of satisfaction or security whatsoever, save and except the following: [Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the workmen / employees which may be set-off against the claim. Section 292 of Companies Act 2013: Exercise and control of Company Liquidator’s powers Section 292 shall come into force on 15th December, 2016 vide Notification No. CHAPTER III Liquidation Process. (8) Miscellaneous receipts payments In respect of the said sum or any part thereof, I have not, nor have my partners or any of them, nor has any person, by my/our order, to my/our knowledge or belief, for my/ our use, had or received any manner of satisfaction or security whatsoever, save and except the following: [Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the operational creditor which may be set-off against the claim. (4) The liquidator shall keep receipts for all payments made or expenses incurred by him. 10. ), Bank Account from which the amount is transferred to Corporate Liquidation Account, Details of the Amount (Rs.) (2) An application may be made under this Regulation only after the liquidator has made reasonable efforts to obtain the information from such person and failed to obtain it. In this article we will discuss about the powers and duties of a liquidator of a company. Some of the important duties are enumerated below: (i) When the liquidator receives the Statement of Affairs from the Directors, he must submit a preliminary report to the court. Under ‘Particulars’, the head of accounts to which the entry relates should be indicated  so that the entry may be posted under the proper head in the General Ledger. Furthermore, the Act provides for certain powers of the court to make orders: against delinquent directors, officers of the company and others found to have participated in fraudulent trading by companies in liquidation among others. The liquidator is an insolvency professional on whom all the powers of the Board of Directors, key managerial personnel and the partners, as applicable, of the Corporate Debtor are vested by the Adjudicating Authority upon Liquidation order being passed under section 33 of the Insolvency and Bankruptcy Code, 2016. Report a Violation 10. [ ] ENACTED by the Parliament of Malaysia as follows: PART I. 472 & 486) and Schedule 11 for voluntary winding-up. Name of the Liquidator: The details for the same are set out below: Signature of financial creditor or person authorised to act on his behalf, (please enclose the authority if this is being submitted on behalf a financial creditor). In respect of the said sum or any part thereof, I have not nor has any person, by my order, to my knowledge or belief, for my use, had or received any manner of satisfaction or security whatsoever, save and except the following: [Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the workman / employee which may be set-off against the claim. (1) The liquidator shall submit Progress Reports to the Adjudicating Authority as under-. 5/2019: Queries Issued on Documents and Applications Lodged with t he Registrar PDF 6. (3) Book Debts & Outstandings account 1. vide acknowledgment no.. … dated ……. Companies Act 2016 : Practice Note No. I (Name of Liquidator) hereby certify that the details provided in this Form are true and correct to the best of my knowledge and belief, and nothing material has been concealed. 1. (b) the cumulative amount of his receipts and payments since the liquidation commencement date. (r) such other books or registers as may be necessary to account for transactions entered into by him in relation to the corporate debtor. The totals should be tallied once a month. Name of the Liquidator When instruction for including full amount of security belongs to fully secured creditors is given, then full amount is included in the amount of total assets realised for calculation of commission. [ Effective from 15th December, 2016] (1) For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidators as it may consider necessary to discharge the functions of the Official Liquidator. 627. / Limited Liability Identification No. The liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date, detailing-. To view the regulation. Instructions: 3. (Head of account). [Please list the documents relied on as evidence of proof]. The Liquidation Process has been conducted as per the timeline indicated in regulation 47 as under: 6. I, [name of deponent], currently residing at [address of deponent], do solemnly affirm and state as follows: 1. ], Verified at _______ on this _______ day of _______ 201___, (Under Regulation 20 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016), [Name and address of the other stakeholder]. 4/2018: Procedures on Resignation of Secretary under Section 237 of the Companies Act 2016 PDF 5. (15) Secured creditors (1) The Official Liquidator shall exercise such powers and perform such duties as the Central Government may prescribe. IP Registration No: (ii) To carry on the business of the company. The following are deviations /non-compliances with the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made, or circulars issued there under (If any deviation/ non-compliances were observed, please state the details and reasons for the same): 7. (2) The liquidator shall maintain the particulars of any consultation with the stakeholders made under this Regulation, as specified in. of meetings of consultation committee held, Date of submission of list of stakeholders to AA, Date of public announcement of list of stakeholders, Date of filing of preliminary report & assets memorandum to AA, Date of public announcement for auction (please add additional rows, if required), Date of order of AA to dispense with the public announcement for Auction, Date of permission of AA for physical Auction, Date of permission of AA for private sale, Date of permission of AA for distribution of unsold assets to stakeholders, Date of permission of the liquidator to realise the un-relinquished security interest by the secured creditor, Modified list of stakeholders and date of submission to AA, Date of submission of Quarterly Progress Report-I (FY-1), Date of submission of Asset Sales Report to AA, Date of submission of Quarterly Progress Report-II, Date of submission of Quarterly Progress Report-III, Date of submission of Quarterly Progress Report-IV & Audit Report, Date of submission of Quarterly Progress Report-I (FY-2). The total amount of unclaimed distribution payable into the  Public Account of India, and the amount paid into the Bank with the date of payment, should be shown at the end of the account. Verified at ______ on this _____ day of ____ 201__, PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF WORKMEN OR EMPLOYEES, (Under Regulation 19 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016), [Name and address of the authorised representative of workmen/ employees]. Under section 433(e) of the Companies Act, 1956 and under Section 271(1)(a) of the unamended Companies Act, 2013 a company could be wound up if it was "unable to pay its debts". 3677(E) dated 07.12.2016. (b) the affairs of the corporate debtor do not require any further investigation; he may apply to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution. 3. (a) the capital structure of the corporate debtor; (b) the estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor: Provided that if the liquidator has reasons to believe, to be recorded in writing, that the books of the corporate debtor are not reliable, he shall also provide such estimates based on reliable records and data otherwise available to him; (c) whether, he intends to make any further inquiry in to any matter relating to the promotion, formation or failure of the corporate debtor or the conduct of the business thereof; and. Substituted vide IBBI (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019. This video is unavailable. (Rupees … only) from the Corporate Liquidation Account, as presented above. 2. THE CO-OPERATIVES ACT 2016 Act No. (2) are unconscionable under the principles of law relating to contracts. (a) to verify claims of all the creditors; (b) to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor; (i) the fee due to and received by the liquidator together with a description of the activities carried out by him. Refer regulation 5-11 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 . The amendments to the Companies Act 2016 (“Act”) introduced under the Companies (Amendment) Bill 2019 (“Bill”) have been widely discussed since the Bill was first introduced. (b) claims an interest in a disclaimed property or is under a liability not discharged in respect of a disclaimed property. TOTAL AMOUNT OF CLAIM, INCLUDING ANY INTEREST, DETAILS OF DOCUMENTS BY REFERENCE TO WHICH THE, DETAILS OF ANY ORDER OF A COURT OF TRIBUNAL THAT, DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR, DETAILS OF ANY SECURITY HELD, THE VALUE OF THE, DETAILS OF ANY ASSIGNMENT OR TRANSFER OF DEBT IN, PAN, PASSPORT, THE IDENTITY CARD ISSUED BY THE, DETAILS OF DOCUMENTS BY REFERENCE TO WHICH, DETAILS OF ANY DISPUTE AS WELL AS THE RECORD. (in liquidation) (11) Rents, Rates and Taxes I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are true and correct to my knowledge and belief. Pdf 5 No ), if any: Instructions: 1 to initiate appropriate legal action against me if claim... Left side should be entered in this round of distribution: Instructions: 1 regulation... Shall keep receipts for all payments made or expenses incurred by him prove their claims with proof by means. 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Please powers of liquidator companies act 2016 details the nature of suits should also be entered in Register! Affirm and state as follows: 1 per Asset Memorandum and final Sale Report are under. To raise the required money as the liquidator for deficiency, if Yes, please provide details verified at on! Payments are made by or against the company Process ) ( Amendment ) Regulations 2016. 2 should be posted from the Liquidation Process ) Regulations, 2020 06.01.2020. Application to the directions of the Adjudicating Authority, the liquidator should be a separate opening for each.... 2016 PDF 5 the Corporate debtor which are in the following, namely:.... Instruction: all documents of title like title-deeds, shares, promissory notes etc.... And Schedule 11 for voluntary winding-up under Schedule 12 ( Secs, Passport, AADHAAR or!, there is a fiduciary relationship between the liquidator shall have the Powers and duties of company. 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