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Liquidation Process
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Role of an IP in Liquidation Process
During a liquidation process, an IP acts as a liquidator and has three broad responsibilities of claim adjudication, sale of business / assets and distribution of liquidation proceeds. For performing these functions, a liquidator is entrusted to make public announcement inviting claims, verify claims, take into his custody or control the assets of CD, form a liquidation estate and endeavour to sell the assets of liquidation estate through public auction, in consultation with the stakeholders’ consultation committee. For efficient reporting, a liquidator is required to maintain registers and books of account of CD, prepare reports and submit before AA. The Code empowers him to appoint professionals, seek direction to secure cooperation from personnel, auditor, promoter, partner, IRP, RP of CD. He may also seek orders from the AA in case of any preferential, undervalued, extortionate, or fraudulent transaction. Upon realisation of liquidation estate, he distributes the sale proceeds among the stakeholders as per the waterfall. On completion of the liquidation process, he submits an application with the final report to AA for closure of the liquidation process and dissolution of the CD.