Voluntary Liquidation of Corporate Persons

Section 59(3)(b)(ii) of IBC

In case of voluntarily liquidation of Corporate persons, a declaration from majority of the directors of the Company shall inter alia include a report of the valuation of assets of Company issued by Registered Valuer

Relevant Period for Avoidable Transactions

Section 46(2) of IBC 2016

For the purpose of avoiding a transaction at undervalue, the Adjudicating Authority may require an independent expert (Registered Valuer) to assess evidence relating to the value of the transactions.

Fair Value and Liquidation Value

Regulation 27 read with Regulation 35 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016

The resolution professional shall within seven days of his appointment, but not later than forty-seventh day from the insolvency commencement date, appoint two Registered Valuers to determine the fair value and the liquidation value of the corporate debtor. Such fair value shall be determined in accordance with the provisions of Regulation 35.

Liquidation Process

Regulation 35 of IBBI

Within seventy-five days from the liquidation commencement date, the liquidator shall prepare an asset memorandum in respect of the assets which are intended to be realized by way of sale. The valuation of such assets shall be done by a Registered Valuer

Fast Track Insolvency Resolution Process

Regulation 26 read with regulation 34 of the IBBI (Fast Track Insolvency Resolution Process for Corporate Persons)

The interim resolution professional shall within seven days of his appointment, appoint one registered valuer to determine the liquidation value of the corporate debtor.