Section 40(3) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
(3)No distribution shall be made to a contributory, unless he makes his contribution to the uncalled or unpaid capital as required in the constitutional documents of the corporate debtor.Explanation. - For the purpose of this chapter and Schedule I, 'assets' include an asset, all assets, a set of assets or parcel of assets, [business] [Inserted by Notification No. IBBI/2018-19/GN/REG037, dated 22.10.2018 (w.e.f. 15.12.2016).] as the case may be, which are being sold.
