Section 2B(1) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
(1)Where a compromise or arrangement is proposed under section 230 of the Companies Act, 2013 (18 of 2013), it shall be completed within ninety days of the order of liquidation under sub-sections (1) and (4) of section 33.[Provided that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to such compromise or arrangement.] [Inserted by Notification No. IBBI/2019-20/GN/REG053, dated 6.01.2020 (w.e.f. 15.12.2016).]
