Section 2(1) in Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
(1)In these Regulations, unless the context otherwise requires(a)"Code" means the Insolvency and Bankruptcy Code, 2016;(b)"contributory" means a member of a company, partner of a limited liability partnership, and any other person liable to contribute towards the assets of the corporate person in the event of its liquidation;(ba)[ "Corporate Voluntary Liquidation Account" means the Corporate Voluntary Liquidation Account operated and maintained by the Board under regulation 39;] [Inserted by Notification No. IBBI/2019-20/GN/REG054, dated 15.1.2020 (w.e.f. 31.3.2007).](c)"liquidation commencement date" means the date on which the proceedings for voluntary liquidation commence as per section 59(5) and Regulation 3(4);(d)"Registrar" shall have the same meaning assigned to it under section 2(75) of the Companies Act, 2013 or section 2(1)(s)of the Limited Liability Partnership Act, 2008 or the authority administering the Act under which the corporate person is incorporated, as applicable;(e)"section" means a section of the Code; and(f)"stakeholders" mean the stakeholders entitled to proceeds from the sale of liquidation assets under section 53.
