Who is contributory ? Critically examine IBC provisions regarding Liquidator's authority to realise amount due from contributory and Contributory's right to receive any surplus left after paying all dues by Liquidator.

The IBBI (Liquidation Process) Regulations, 2016 defines "contributory" means a member of the company, a partner of the limited liability partnership, and any other person liable to contribute towards the assets of the corporate debtor in the event of its liquidation. Regulation 40 of the Liquidation Process Regulations provides for Liquidator to realize uncalled capital or unpaid capital contribution as follows: The liquidator shall realize any amount due from any contributory to the corporate person. Realisation of uncalled capital and calls in arrear: The liquidator shall be entitled to call and realize the uncalled capital of the corporate person and to collect the arrears if any due on calls made prior to the liquidation commencement date. The liquidator shall exercise this power notwithstanding any charge or encumbrance on the uncalled capital of the corporate person. A 15 days demand notice shall be served to the contributory to make the payments within fifteen days from the receipt of the notice. Along with right to serve demand notice to collect dues or calls-in-arrear, the liquidator is vested with the right to hold all moneys so realized subject to the rights, if any, of the holder of any such charge or encumbrance. Subject to the directions of the Adjudicating Authority, Liquidator under Section 35(1) (h) of Insolvency & Bankruptcy Code shall have power to take out, in his official name, letter of administration to any deceased contributory and to do in his official name any other act necessary for obtaining payment of any money due and payable from a contributory or his estate which cannot be ordinarily done in the name of the corporate debtor. 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 person. According to Section 295(3) of the Companies Act, 2013 in the case of any company, whether limited or unlimited, when all the creditors have been paid in full, any money due on any account whatever to a contributory from the company may be allowed to him by way of set- off against any subsequent call.