Regulation 37

(3) No distribution shall be made to a contributory, unless he makes his contribution to the uncalled or unpaid capital as required in the constitutional documents of the corporate person. ” 20 Substituted by Notification No. IBBI/2022-23/GN/REG.081., dated 5th April, 2022 (w.e.f. 05-04- 2022). Before substitution, it stood as: “six months”.

21 [ (1) The liquidator shall endeavour to complete the liquidation process of the corporate person and submit the Final Report under regulation 38 within: - (a) two hundred and seventy days from the liquidation commencement date where the creditors have approved the resolution under clause (c) of sub- section (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3, and (b) ninety days from the liquidation commencement date in all other cases.] (2) In the event of the liquidation process continuing for more than 22 [the period stipulated in sub-regulation (1)], the liquidator shall- 23 [(a) hold a meeting of the contributories of the corporate person within fifteen days – (i) from the end of two hundred and seventy days or ninety days, as the case may be, and (ii) thereafter at the end of every succeeding two hundred and seventy days or ninety days, as the case may be, as stipulated in sub-regulation (1), till submission of application for dissolution of the corporate person; and] (b) shall present an 24 [***] Status Report(s)indicating progress in liquidation, including- (i) settlement of list of stakeholders, (ii) details of any assets that remains to be sold and realized, (iii) distribution made to the stakeholders, 25 [***] (iv) distribution of unsold assets made to the stakeholders; (v) developments in any material litigation, by or against the corporate person; 26 [***] 21 Substituted by Notification No. IBBI/2022-23/GN/REG.081., dated 5th April, 2022 (w.e.f. 05-04- 2022). Before substitution, it stood as: “(1) The liquidator shall endeavor to complete the liquidation process of the corporate person within twelve months from the liquidation commencement date”. 22 Substituted vide Notification No. IBBI/2023-24/GN/REG109, dated 31st January 2024, (w.e.f. 31.01.2024). Prior to substitution, it stood as “twelve months”. 23 Substituted vide Notification No. IBBI/2023-24/GN/REG109, dated 31st January 2024, (w.e.f. 31.01.2024). Prior to substitution, it stood as “(a) hold a meeting of the contributories of the corporate person within fifteen days from the end of the twelve months from the liquidation commencement date, and at the end every succeeding twelve months till dissolution of the corporate person; and” 24 Omitted vide Notification No. IBBI/2023-24/GN/REG109, dated 31st January 2024, (w.e.f. 31.01.2024). Prior to omission, it stood as “Annual”. 25 Omitted vide Notification No. IBBI/2023-24/GN/REG109, dated 31st January 2024, (w.e.f. 31.01.2024). Prior to omission, it stood as “and”. 26 Omitted vide Notification No. IBBI/2023-24/GN/REG109, dated 31st January 2024, (w.e.f. 31.01.2024). Prior to omission, it stood as “and”.

(vi) filing of, and developments in applications for avoidance of transactions in accordance with Chapter III of Part II of the Code 27 [; and] 28 [(vii) the reasons for not completing the process within stipulated time period and the additional time required for completing the process.] (3) The 29 [***] Status Report shall enclose the audited accounts of the liquidation showing the receipts and paymentspertaining to liquidation since the liquidation commencement date. 30 [(4) The liquidator shall file the Status Report with the Board within seven days of the meeting of contributories.]