Regulation 42

(1) Subject to the provisions of section 53, the liquidator shall not commence distribution before the list of stakeholders 104 [***] has been filed with the Adjudicating Authority. (2) The liquidator shall distribute the proceeds from realization within 105 [fifteen days] from the receipt of the amount to the stakeholders. (3) The insolvency resolution process costs, if any, and the liquidation costs shall be deducted before such distribution is made. 102 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as, “[, business]”. 103 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: “Adjudicating Authority”. 104 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “and the asset memorandum”. 105 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “ninety days”.