In exercise of the powers conferred by clause (t) of subsection (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-03062026-273089 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 370] NEW DELHI, TUESDAY, JUNE 2, 2026/JYAISHTHA 12, 1948 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 1st June, 2026 Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 F. No. IBBI/2026-27/GN/REG151.—In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, namely: 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026. (2) They shall come into force on the date of publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, (hereinafter referred to as 'the principal regulations'), in regulation 2, in sub-regulation (1):- (i) for clause (ba), the following clause shall be substituted, namely:- "(ba) "committee" means a committee of creditors constituted under section 21;". (ii) in clause (ea), (a) sub-clause (v) shall be omitted. (b) sub-clause (vii) shall be omitted. 3. In the principal regulations, for regulation 2A, the following regulation shall be substituted, namely:- "2A. Contributions to liquidation costs. The liquidator may call upon the members of the committee to contribute the excess of the liquidation costs over the liquid assets of the corporate debtor, as estimated by him, in such manner and subject to such terms and conditions as approved by the committee." 4. In the principal regulations, in regulation 2B, after the third proviso, the following proviso shall be inserted, namely:- "Provided further that no compromise or arrangement under section 230 of the Companies Act, 2013 shall be filed by the liquidator unless- (a) such compromise or arrangement has been approved by requisite majority of creditors as provided in sub- section (6) of section 230 of the Companies Act, 2013; and (b) the amount realisable to the creditors under the proposed compromise or arrangement is higher than the liquidation value determined as on the insolvency commencement date." 5. In the principal regulations, after regulation 3, the following regulation shall be inserted, namely:- "3A. Recommendation of liquidator by committee of creditors. (1) For the purposes of sub-section (1) of section 34 of the Code, the committee shall, prior to the passing of the order for liquidation, recommend the name of an insolvency professional from the panel of insolvency professionals prepared by the Board in this regard, for appointment as liquidator. (2) The recommendation under sub-regulation (1) shall be made by a vote of not less than sixty-six per cent. of the voting share of the committee. (3) Upon receipt of the recommendation under sub-regulation (2), the Adjudicating Authority shall consider such recommendation while appointing the liquidator." 6. In the principal regulations, for regulation 4, the following regulation shall be substituted, namely:- "4. Liquidator's fee. (1) The committee may fix the fee of the liquidator in the first meeting after the appointment of liquidator during the liquidation process, in accordance with sub-section (8) of section 34. (2) If the committee has not fixed the fee under sub-regulation (1), the fee as a percentage of the amount distributed to the stakeholders, for the balance period of liquidation, will be as under: +---------------------------+-----------------------+---------------------+------------+ | Amount of Distribution | Percentage of fee on the amount distributed | | (In rupees) | | | | + +-----------------------+---------------------+------------+ | | in the first | in the next six | thereafter | | | six months | months | | +===========================+=======================+=====================+============+ | Amount Distributed to Stakeholders (exclusive of liquidation costs) | +--------------------------------------------------------------------------------------+ | On the first 1 crore | 5.00 | 4.00 | 2.0 | | On the next 9 crore | 4.00 | 3.00 | 1.50 | | On the next 40 crore | 2.50 | 2.0 | 1.0 | | On the next 50 crore | 1.25 | 1.0 | 0.50 | | On further sums realized | 0.25 | 0.20 | 0.10 | +---------------------------+-----------------------+---------------------+------------+ Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026." 7. In the principal regulations, in regulation 5:- (i) for sub-regulation (1), the following sub-regulation shall be substituted, namely:- "(1) The liquidator shall prepare and submit: (a) progress report(s); and (b) the final report prior to dissolution: to the Adjudicating Authority in the manner specified under these Regulations." (ii) in sub-regulation (2), the words “and minutes” shall be omitted. (iii) in sub-regulation (3), for the words "make the reports and minutes", the words "make the reports" shall be substituted. 8. In the principal regulations, in regulation 7, in sub-regulation (1), after the words "may appoint professionals" the words "with the approval of the committee” shall be inserted. 9. In the principal regulations, for regulation 8, the following regulations shall be substituted, namely:- "8. Committee of creditors. (1) The committee of creditors constituted under section 21 shall continue to function during the liquidation process: Provided that a secured creditor who has not relinquished his security interest under section 52 shall not be part of the committee. Provided further that with reference to Explanation in clause (b) in sub-section (1) of section 53, the creditor whose value of debt remains and is considered as unsecured creditor shall be a part of the committee for the remaining portion of debt and shall have the voting rights to the value of the remaining debt. Explanation: For the purposes of Explanation in clause (b) in sub-section (1) of section 53, the value of security interest shall be the liquidation value determined in accordance with Regulation 35. (2) The provisions of regulations 18 to 26 of Chapter VI and Chapter VII of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall apply mutatis mutandis to meetings of the committee under liquidation proceedings: Provided that the first meeting of the committee shall be convened within seven days of liquidation commencement date. (3) In every meeting, the liquidator shall present to the committee: (a) the actual liquidation cost along with reasons for exceeding the estimated cost, if any; (b) the consolidated status of all the legal proceedings; and (c) the progress made in the process. (4) The liquidator shall not undertake the following without the prior approval of the committee: (a) appointment and remuneration of professionals appointed under regulation 7; (b) fees of the liquidator; (c) liquidation costs; (d) valuation under sub- regulation (2) of regulation 35; (e) continuation or institution of any suits or legal proceedings by or against the corporate debtor; (f) extension of payment of balance sale consideration as provided in clause (12) of Para 1 of Schedule I, beyond ninety days, to be disclosed in the auction notice; (g) appropriate arrangement for pursuing any suit or proceedings with regard to distribution of proceeds in reference to sub-section (1B) of section 54; (h) any other matter or activity relating to the liquidation process except those listed in sub-regulation (5), as may be decided by the committee. (5) The liquidator shall not undertake the following without the prior approval of the committee obtained by a voting share of not less than sixty-six per cent., in matters relating to: (a) sale under regulation 32, including manner of sale, pre-bid qualifications, reserve price, marketing strategy and auction process; (b) the manner in which proceedings in respect of preferential transactions, undervalued transaction, extortionate credit transaction or fraudulent or wrongful trading, if any, shall be pursued after dissolution of the corporate debtor and the manner in which the proceeds, if any, from these proceedings shall be distributed; and (c) assignment of not readily realisable assets. (6) The committee shall have access to all relevant records and information as may be required by the committee. (7) The authorised representative, appointed during the corporate insolvency resolution process, shall continue to act as the authorised representative of such creditors in the liquidation process and the provisions of sub- regulations (3A) to (12) of regulation 16A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall apply mutatis mutandis. 8A. Facilitation of transfer of assets. (1) Where the corporate debtor is a corporate guarantor undergoing a liquidation process, the liquidator of such corporate debtor which has given the corporate guarantee shall coordinate with the resolution professional of the corporate debtor to whom such guarantee has been given, regarding transfer of asset in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given. (2) For the purposes of section 28A, the liquidator shall obtain approval from the committee of the corporate debtor which has given the corporate guarantee for transfer of asset in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given. (3) Where approval is granted by the committee of the corporate debtor as corporate guarantor permitting the transfer, the liquidator of such corporate debtor shall ensure that the proposed transfer is appropriately disclosed in the progress report and asset memorandum. 8B. Replacement of liquidator. The committee may by a vote of not less than sixty-six per cent., propose to replace the liquidator and shall file an application, after obtaining the written consent of the proposed liquidator in such format as notified by the Board, before the Adjudicating Authority for replacement of the liquidator: Provided that where a liquidator is proposed to be replaced, he shall continue to work till his replacement.” 10. In the principal regulations, in regulation 9, in sub-regulation (1), in clause (a), after the words "partner of the corporate debtor" the words “or any person referred to in sub-section (3) of section 34" shall be inserted. 11. In the principal regulations, in regulation 10, in sub-regulation (1), for the words "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”, the words “in pursuance of the contract, make an application, after seeking approval from the committee, before the Adjudicating Authority within ninety days from the liquidation commencement date, or such extended period as may be allowed by the Adjudicating Authority, to disclaim the property or contract” shall be substituted. 12. In the principal regulations, in regulation 12:- (i) in sub-regulation (1), for the words "Form B of Schedule II" the words "such format as notified by the Board" shall be substituted. (ii) sub-regulation (2), shall be omitted. 13. In the principal regulations, in regulation 13: - (i) for the words “Adjudicating Authority" the word “committee” shall be substituted. (ii) for the words "seventy-five" the word "thirty" shall be substituted. 14. In the principal regulations, in regulation 14, for the words “he shall consult the consultation committee and if it advises for early dissolution, he may apply, along with a detailed report incorporating the views of the consultation committee, to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution", the words "he shall place the agenda in this regard before the committee and if it decides by a voting share of not less than sixty-six per cent. for early dissolution, he shall apply, along with a detailed report incorporating the decision of the committee, to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution" shall be substituted. 15. In the principal regulations, in regulation 15:- (i) in sub-regulation (1), after the words "stipulated by the Board, to" the words "be placed before the committee" shall be inserted. (ii) in sub-regulation (2), for clause (b), the following clause shall be substituted, namely:- "(b) a statement indicating progress in liquidation, including- (i) minutes of meetings of the committee, (ii) asset memorandum, (iii) sale report(s), (iv) settlement of list of stakeholders, (v) details of any property that remains to be sold and realised, (vi) distribution made to the stakeholders, and (vii) distribution of unsold property made to the stakeholders;" (iii) in sub-regulation (5), for the illustration, the following illustration shall be substituted, namely:- “Illustration: An insolvency professional becomes a liquidator on 13th February, 2026, and ceases to act as liquidator on 12th June, 2026. He shall submit Progress Reports as under: +------------+--------------------------------+-------------------------------+ | Report No. | Period covered in the Quarter | Last Date of Submission of Report | +============+================================+===============================+ | 1 | 13th February - 31st March, 2026 | 15th April, 2026 | | 2 | April - 12th June, 2026 | 27th June, 2026 | +------------+--------------------------------+-------------------------------+ He shall submit the audited accounts of his receipts and payments as under: +-------------------+----------------------------+-----------------------+ | Audited Account No. | Period covered in the Year | Last Date of Submission | +===================+============================+=======================+ | 1 | 13th February - 31st March, 2026 | 15th April, 2026 | | 2 | April - 12th June, 2026 | 27th June, 2026 | +-------------------+----------------------------+-----------------------+ 16. In the principal regulations, in regulation 16, (i) in sub-regulation (1), for the words "shall submit its claim, or update its claim submitted during the corporate insolvency resolution process, including interest, if any, on or before the last date mentioned in the public announcement.", the words "shall submit its claim where not submitted during the corporate insolvency resolution process as on insolvency commencement date, within fourteen days of the liquidation commencement date." shall be substituted. (ii) in sub-regulation (2), for the words "including interest, if any, as on the liquidation commencement date", the words "for the newly submitted claims, if any, as on the insolvency commencement date" shall be substituted. (iii) after sub-regulation (2), the following sub-regulation shall be inserted, namely:- "(3) A stakeholder shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date." 17. In the principal regulations, in regulation 17, in sub-regulation (1), for the words "Form C of Schedule II", the words "such format as notified by the Board" shall be substituted. 18. In the principal regulations, in regulation 18, in sub-regulation (1), for the words "Form D of Schedule II", the words "such format as notified by the Board" shall be substituted. 19. In the principal regulations, in regulation 19: - (i) in sub-regulation (1), for the words "Form E of Schedule II", the words "such format as notified by the Board" shall be substituted. (ii) in sub-regulation (2), for the words "Form F of Schedule II”, the words “such format as notified by the Board" shall be substituted. 20. In the principal regulations, in regulation 20, in sub-regulation (1), for the words "Form G of Schedule II", the words "such format as notified by the Board" shall be substituted. 21. In the principal regulations, in regulation 21A:- (i) in the marginal heading, for the word "Presumption", the word "Relinquishment" shall be substituted. (ii) in sub-regulation (1), (a) after the words "A secured creditor" the words ", within fourteen days," shall be inserted. (b) for the words "Form C or Form D of Schedule II", the words “such format as notified by the Board" shall be substituted. (iii) in the proviso to sub-regulation (1), (a) for the word "thirty days" the words "fourteen days" shall be substituted. (b) for the word “presumed” the words "deemed to be relinquished" shall be substituted. (c) the words "be part of" shall be omitted. (iv) in sub-regulation (2), (a) in clause (a), for the word "ninety", the words "forty-five" shall be substituted. (b) in clause (b), for the word “one hundred and eighty", the words "ninety" shall be substituted. 22. In the principal regulations, in regulation 28, sub-regulation (1), for the words 'liquidation commencement date', the words 'insolvency commencement date' shall be substituted. 23. In the principal regulations, for regulation 30, the following regulations shall be substituted, namely:- "30. Verification of claims. (1) The liquidator shall verify the claims received under sub-regulation (1) of regulation 16, within seven days of receipt of claim and may either admit or reject the claim, in whole or in part, as the case may be. (2) The liquidator shall also verify the claims which were received but were not verified during the corporate insolvency resolution process, within seven days of the liquidation commencement date and may either admit or reject the claim, in whole or in part, as the case may be: Provided that the liquidator shall not re-verify the claim, which has already been verified during the corporate insolvency resolution process: Provided further that where the liquidator rejects a claim, he shall record in writing the reasons for such rejection. (3) The liquidator shall communicate his decision of admission or rejection of claims along with reasons, to the stakeholder within seven days of such admission or rejection of claims." 24. In the principal regulations, in regulation 31, in sub-regulation (2), for the words "forty-five", the words "thirty" shall be substituted. 25. In the principal regulations, regulation 31A shall be omitted. 26. In the principal regulations, after the proviso to regulation 32, the following clarification shall be inserted, namely:- "Clarification: It is hereby clarified that the liquidator shall not sell any immovable and movable property or actionable claims of the corporate debtor in liquidation to any person who is ineligible to be a resolution applicant under section 29A." 27. In the principal regulations, regulation 32B shall be omitted. 28. In the principal regulations, in regulation 33: (i) in sub-regulation (1), the following proviso shall be inserted, namely:- "Provided that the liquidator shall not sell the assets without prior permission of the Adjudicating Authority under this sub-regulation to: (a) a related party of the corporate debtor subject to proviso to clause (f) of sub-section (1) of Section 35; (b) his related party; or (c) any professional appointed by him." (ii) for sub-regulation (2), the following sub-regulation shall be substituted, namely:- "(2) The liquidator may sell the assets of the corporate debtor by means of private sale only after prior approval of the committee with voting share of sixty six per cent., in the manner specified in Schedule I when (a) the asset is perishable; (b) the asset is likely to deteriorate in value significantly if not sold immediately; or (c) the permission of the Adjudicating Authority has been obtained for such sale: Provided that the liquidator shall not sell the assets, by way of private sale to- (a) a related party of the corporate debtor; (b) his related party; or (c) any professional appointed by him." 29. In the principal regulations, in regulation 34: - (i) in sub-regulation (1A), for the word “seventy-five" the word "forty-five” shall be substituted. (ii) in sub-regulation (2), (a) in clause (a), after the words "value of the asset", the words "under regulation 32" shall be inserted. (b) clause (b) shall be omitted. (iii) in sub-regulation (4), for the word “preliminary", the word “progress” shall be substituted. (iv) in sub-regulation (5), the words “members of the consultation” and “having voting rights” shall be omitted. 30. In the principal regulations, in regulation 35: - (i) for sub-regulation (2), the following sub-regulation shall be substituted, namely:- "(2) In cases not covered under sub-regulation (1) or where the committee, is of the opinion that fresh valuation is required under the circumstances, the liquidator shall within seven days of the liquidation commencement date, appoint two registered valuers to determine the realisable value of the assets under regulation 32 of the corporate debtor: Provided that the following persons shall not be appointed as registered valuers, namely: - (a) a relative of the liquidator; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or (d) a partner or director of the insolvency professional entity of which the liquidator is a partner or director." (ii) in sub-regulation (3), the words “or businesses, as the case may be" shall be omitted. (iii) in sub-regulation (4), the words “or businesses" shall be omitted. (iv) in sub-regulation (5), the word “consultation” shall be omitted. (v) in sub-regulation (6), the words “members of the consultation” shall be omitted. (vi) in sub-regulation (7), the word "consultation" shall be omitted. 31. In the principal regulations, in regulation 37, in sub-regulation (2):- (i) for the words "twenty one" the word "seven" shall be substituted. (ii) for the words "thirty" the words "fourteen" shall be substituted. 32. In the principal regulations, in regulation 37A, in sub-regulation (1): - (i) for the words "in consultation with" the words "with prior approval of" shall be substituted. (ii) the words "stakeholders' consultation" and "in accordance with regulation 31A" shall be omitted. (iii) in the explanation to sub-regulation (1), after the words "section 66 of the Code" the words and mark ", whether crystallised or not” shall be inserted. 33. In the principal regulations, in regulation 38, in sub-regulation (1), after the words "The liquidator may,", the words "after approval of the committee and" shall be inserted. 34. In the principal regulations, in regulation 40, in the explanation, the word ",business” shall be omitted. 35. In the principal regulations, in regulation 41, in sub-regulation (3), for the words "Adjudicating Authority", the word "committee" shall be substituted. 36. In the principal regulations, in regulation 42: - (i) in sub-regulation (1), the words "and the asset memorandum" shall be omitted. (ii) in sub-regulation (2), for the word “ninety days", the word "fifteen days” shall be substituted. 37. In the principal regulations, in regulation 44: - (i) in sub-regulation (1), for the word "one year", the words "one hundred and eighty days" shall be substituted. (ii) in sub-regulation (2), for the words "one year", the words "one hundred and eighty days" shall be substituted. (iii) in sub-regulation (2), after the words “he shall" the words “, on receiving an instruction from the committee under this regulation" shall be inserted. (iv) after sub-regulation (2), the following clarification shall be inserted:- "Clarification: It is clarified that the liquidator shall continue to discharge his responsibilities under the liquidation process, till the application for extension is decided by the Adjudicating Authority." (v) in the explanation to sub-regulation (2), for the term "Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019" the term “Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026" shall be substituted. 38. In the principal regulations, in regulation 44A, (i) for the words "on the advice", the words "with the approval" shall be substituted. (ii) the word "consultation” shall be omitted. 39. In the principal regulations, in regulation 45, for sub-regulations (2) and (3), the following regulation shall be substituted, namely:- "(2) The liquidator shall submit an application along with the final report and the compliance certificate in such format as notified by the Board to the Adjudicating Authority for the dissolution of the corporate debtor or closure of the liquidation process." 40. In the principal regulations, in regulation 45A: - (i) in clause (e) of sub-regulation (2), the word "consultation" shall be omitted. (ii) in clause (i), the words "going concern sale in liquidation process or" shall be omitted. (iii) in clause (n) of sub-regulation (2), the words "preliminary report, asset memorandum," and "asset sale report, annual status report" shall be omitted. (iv) sub-regulation (5) shall be omitted. 41. In the principal regulations, in regulation 46, in sub-regulation (5), (7) and (7D), for the word "Form-I", the words "such format as notified by the Board" shall be substituted. 42. In the principal regulations, for regulation 47, the following regulation shall be substituted, namely:- "47. Model time-line for liquidation process. The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013) : +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | Sl. | Section / | Description of Task | Norm | Latest Timeline | | No. | Regulation | | | (Days) | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | (1) | (2) | (3) | (4) | (5) | +=====+=======================+====================================================+===================================================+====================+ | 1 | Section 33 and 34 | Commencement of liquidation and appointment of | LCD | 0 = T | | | | liquidator | | | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 2 | Section 33 (1) | Public announcement | Within 5 days of appointment of liquidator. | T + 5 | | | (b) (ii) / Reg. 12 | | | | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 3 | Reg. 35 (2) | Appointment of registered valuers | Within 7 days of LCD | T + 7 | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 4 | Reg. 8 | First meeting of committee of creditors | Within 7 days of LCD | T + 7 | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 5 | Reg. 16 / Sec. 52 and | Submission of claims; Intimation of decision on | Within 14 days of LCD | T + 14 | | | reg. 21A | relinquishment of security interest | | | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 6 | Reg. 30 | Verification of claims received under regulation 16| Within 7 days of receipt of claims | T + 21 | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 7 | Reg. 30 | Intimation about decision of acceptance/ rejection | Within 7 days of admission or rejection of claim | T + 28 | | | | of claim | | | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 8 | Reg. 31 (2) | Filing the list of stakeholders | Within 30 days from the last date of receipt of | T + 44 | | | | | claims | | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 9 | Reg. 15 | Submission of progress reports to AA | First progress report | Q1 + 15 | | | | | Second progress report | Q2 + 15 | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 10 | Proviso to Reg. 15 | Progress report in case of cessation of liquidator | Within 15 days of cessation as liquidator | Date of cessation +| | | | | | 15 | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 11 | Reg. 42 (2) | Distribution of the proceeds to the stakeholders | Within 15 days from the receipt of amount | Date of | | | | | | Realisation + 15 | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 12 | Reg. 44 | Liquidation of corporate debtor. | Within 180 days | T + 180 | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 13 | [Reg. 46 | Deposit the amount of unclaimed dividends and | Before submission of application under sub- | | | | | undistributed proceeds | regulation (2) of regulation 45 | | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ | 14 | Sch-1 Sl. No 12 | Time period to H1 bidder to provide balance sale | Within 90 days of the date of invitation to | | | | | consideration | provide the balance amount.] | | +-----+-----------------------+----------------------------------------------------+---------------------------------------------------+--------------------+ [AA: Adjudicating Authority, LCD: Liquidation Commencement Date] 43. In the principal regulations, in Schedule I, in clause 1:- (i) sub-clause (1A) shall be omitted. (ii) in sub-clause (1B), the word "consultation" shall be omitted. (iii) in sub-clause (1B), for the word "advises” the word “decides” shall be substituted. (iv) in sub-clause (4), after the words "be further reduced", the words and marks ", with the approval of the committee,", shall be inserted. (v) the proviso to sub-clause (4) shall be omitted. (vi) in sub-clause (11A), after the words “Where the liquidator” the words “, with the approval of the committee with voting share of sixty-six per cent.," shall be inserted. (vii) in sub-clause (12B), the words "consultation" and "under regulation 31A", shall be omitted. (viii) in sub-clause (12C), for the words "consultation with the consultation committee", the words "the approval of the committee with voting share of sixty-six per cent." shall be substituted. (ix) in sub-clause (12E), for the words "the liquidator may, in consultation with the consultation committee", the words "the liquidator may, with the approval of the committee with voting share of sixty-six per cent." shall be substituted. (x) in sub-clause (13), after the words “to transfer such assets", the words "with the approval of the committee with voting share of sixty-six per cent" shall be inserted. 44. In the principal regulations, in Schedule I, in clause 2, in sub-clause (3A), for the words "after consultation with the consultation committee under regulation 33" the words "in compliance with regulation 33" shall be substituted. 45. In the principal regulations, Schedule II shall be omitted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./140/2026-27] Note: The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG005, dated 15th December, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, vide No. 460 on 15th December, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2026 published vide notification No. IBBI/2026-27/GN/REG142, dated the 19th May, 2026 in the Gazette of India, Extraordinary, Part III, Section 4, No.329 on 20th May, 2026. 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