Regulation 32

The liquidator shall endeavor to recover and realize all assets of and dues to the corporate person in a time-bound manner for maximization of value for the stakeholders. 33. 19 [***] 18 Inserted by Notification No. IBBI/2022-23/GN/REG.081., dated 5th April, 2022 (w.e.f. 05-04-2022). 19 Omitted vide Notification No. IBBI/2024-25/GN/REG120, dated 28th January 2025, (w.e.f. 29-01- 2025). Prior to omission, it stood as “33. Liquidator to realize uncalled capital or unpaid capital contribution. (1) The liquidator shall realize any amount due from any contributory to the corporate person. (2) Notwithstanding any charge or encumbrance on the uncalled capital of the corporate person, the liquidator shall be entitled to call and realize the uncalled capital of the corporate person and to collect the arrears if any due on calls made prior to the liquidation commencement date, by providing a notice to the contributory to make the payments within fifteen days from the receipt of the notice, but shall hold all moneys so realized subject to the rights, if any, of the holder of any such charge or encumbrance.