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[Cites 0, Cited by 0] [Section 28] [Entire Act]

Union of India - Subsection

Section 28(2) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

(2)Subject to any contract to the contrary, where a stakeholder has proved for a claim under sub-regulation (1), and the debt has not fallen due before distribution, he is entitled to distribution of the admitted claim reduced as follows-
| X(1+r)n
where-
(a)"X" is the value of the admitted claim;
(b)"r" is the closing yield rate (%) of government securities of the maturity of "n" on the date of distribution as published by the Reserve Bank of India; and
(c)"n" is the period beginning with the date of distribution and ending with the date on which the payment of the debt would otherwise be due, expressed in years and months in a decimalized form.