Circular - Formats under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

Circular - Formats under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. | IBBI circular · Complied AI

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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA 7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110 001

CIRCULAR

No. IBBI/LIQ/96/2026 | 2nd June 2026

To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on the website of the IBBI)

Subject: Formats under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations), as amended by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 specify various forms relating to the process to be notified by Board through circular .

Accordingly, in exercise of the powers conferred under section 196 of the Code read with the Liquidation Regulations, the following formats are hereby specified:

Sl. No.	Regulation	Description	Form
1.	Regulation 8B	Written Consent to Act as Liquidator	Form AA
2.	Regulation 12	Public Announcement	Form B
3.	Regulation 15	Progress Report	Form C
4.	Regulation 17	Proof of Claim by Operational Creditors except Workmen and Employees	Corresponding claim forms notified under the CIRP Regulations will be applicable*
5.	Regulation 18	Proof of Claim by Financial Creditors
6.	Regulation 19	Proof of Claim by a Workman or Employee
7.	Regulation 19	Proof of Claim by Authorised Representative of Workmen or Employees
8.	Regulation 20	Proof of Claim by any Other Stakeholder
9.	Regulation 21A	Intimation of decision on security interest	Form G
10.	Regulation 45	Compliance Certificate	Form H
11.	Regulation 46(5)	Deposit of unclaimed dividends and / or undistributed proceeds	Form I

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Stakeholders may use the corresponding claim forms notified under the CIRP Regulations for filing claims in liquidation. The references in the forms to IRP/RP may be understood as references to the liquidator.

The formats of the above Forms are enclosed at the Annexure to this Circular.
This Circular is issued in exercise of the powers conferred under section 196 read with section 240 of the Code.

Sd/- (Jithesh John) Executive Director

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Annexure

FORM AA WRITTEN CONSENT TO ACT AS LIQUIDATOR (Regulation 8B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

[Date]

From [Name of the insolvency professional] [Registration number of the insolvency professional] [Address of the insolvency professional registered with the Board]

To The Committee [name of corporate debtor]

Subject: Written Consent to act as liquidator.

I, [name], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board, note that the committee proposes to appoint me as liquidator under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 for conducting liquidation process of [name of the corporate debtor].

In accordance with aforementioned regulation, I hereby give consent to the proposed appointment.
I declare and affirm as under: - a. I am registered with the Board as an insolvency professional. b. I am not subject to any disciplinary proceedings initiated by the Board or the Insolvency Professional Agency. c. I do not suffer from any disability to act as a liquidator and have not acted as resolution professional of the corporate debtor. d. I am eligible to be appointed as liquidator of the corporate debtor under regulation 3 and other applicable provisions of the Code and regulations. e. I shall make the disclosures in accordance with the code of conduct for insolvency professionals as set out in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016; f. I am having the following processes in hand:

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Sl. No.	Role as	No. of Processes on the date of Consent
(1)	(2)	(3)
1	Interim Resolution Professional
2	Resolution Professional of a. Corporate Debtors b. Individuals
3	Liquidator of a. Liquidation Processes b. Voluntary Liquidation Processes
4	Bankruptcy Trustee
5	Authorised Representative
6	Any other (Please state)

Date: Place:

(Signature of the insolvency professional) Registration No. .......]

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FORM B PUBLIC ANNOUNCEMENT (Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

FOR THE ATTENTION OF THE STAKEHOLDERS OF [Name of Corporate Debtor]

Sl. No.	PARTICULARS	DETAILS
(1)	(2)	(3)
1.	Name of the corporate debtor
2.	Date of incorporation of corporate debtor
3.	Authority under which corporate debtor is incorporated / registered
4.	Corporate Identity No. / Limited Liability Identification No. of corporate debtor
5.	Address of the registered office and principal office (if any) of corporate debtor
6.	Date of closure of Insolvency Resolution Process

Notice is hereby given that the National Company Law Tribunal (Name of Bench) has ordered the commencement of liquidation of the [Name of the corporate debtor] on [date of passing of order of liquidation under section 33 of the Code].

Name and signature of liquidator : Date and place :

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FORM C FORMAT OF PROGRESS REPORT (QUARTERLY) [Under regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]

I, [Name of the Liquidator], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board with registration number [registration number], am the Liquidator for the Liquidation Process of [name of the corporate debtor (CD)].

The details of the progress of the Liquidation Process for the quarter …. is as under:

A. Appointment Tenure and cessation of the professionals during the quarter (Regulation 15(2)(a)):

S. No.	Name and Qualification of the Professional	Date of engagement	Date of cessation	Description of work with duration	Fee
1
2
3

B. Liquidator’s fee during the quarter (Regulation 15(2)(c)(i) &(iii)):

Name of the Liquidator	Fee due	Fee received	Other expenses incurred by the liquidator (mention paid or not)

C. Statement of progress in liquidation during the quarter (Regulation 15(2)(b)):

S. No.	Particular	Remarks
1	Minutes of the meetings of the Committee [15(2)(b)(i)]	enclose in annexure
2	Asset Memorandum [15(2)(b)(ii)]	enclose in annexure
3	Sale Reports [15(2)(b)(iii)]	enclose in annexure
4	Settlement of list of stakeholders [15(2)(b)(iv)]	enclose in annexure
5	Property remained to be sold and realised [15(2)(b)(v)]	enclose in annexure
6	Distribution made to stakeholders so far [15(2)(b)(vi)]	enclose in annexure
7

D. Development in the material litigations by or against the CD during the quarter (Regulation 15(2)(d))

S. No.	Case No.	Court/Authority	Provision of law	Last status of the case.	Next date of hearing
1
2

E. Filing and development of Preferential, Undervalued, Fraudulent & Extortionate (PUFE) transaction cases during the quarter (Regulation 15(2)(e))

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S. No.	Case No.	Provisions (Sec.43, 45, 49, 50 & 66)	Amount involved	Last status of the case	Next date of hearing
1
2

F. Changes if any in estimated liquidation cost during the quarter (Regulation 15(2)(f))

S. No.	Particular of the process	Old estimate	Revised estimate
1
2

G. Liquidation account status. Data of respective quarter (Regulation 15(3)(a))

Particulars of receipts & payments during current quarter i.e. …. to …. Mention Opening Balance if any_______

I	Particulars of Receipt	Amount in INR
1
2
3
	Total	*****

II	Particulars of Payment	Amount in INR
1
2
3
	Total	*****

Mention Closing balance if any_______

Data of cumulative from LCD to date of this Progress Report (Regulation 15(3)(b)).

Particulars of receipts & payments from LCD to date of the report Mention Opening Balance if any_______

I	Particulars of Receipt	Amount in INR
1
2
3
	Total	*****

II	Particulars of Payment	Amount in INR
1
2
3
	Total	*****

Mention Closing balance if any_______

H. Disclosure on material change in expected realisation of an asset proposed to be sold (Regulation 15(4)).

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S. No.	Particulars of the asset	Details of material change with reason
1
2
3

I. Audited Accounts (Regulation 15(5)).

Whether it is 4th Quarter report of the FY	Yes/No If yes enclose Audited Account of the receipts and payment of the FY in annexure as per Reg. 15(5).
Whether the Liquidator is ceased to operate during the process	Yes/No If yes, enclose Audited Account of the receipts and payment till the date of cessation in annexure Reg. 15(5).

J. Any other relevant information: _______________________

I (Name of Liquidator), hereby certify that the contents of this Progress Report are true and correct to the best of my knowledge and belief, and nothing material has been concealed there from.

(Signature) Name of the Liquidator: IP Registration No: Address as registered with the Board: Email ID as registered with the Board:

Date: Place:

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FORM G INTIMATION OF DECISION ON SECURITY INTEREST [Under regulation 21A of the IBBI (Liquidation Process) Regulations, 2016]

To: [Name & Address of Liquidator] Date: _____________

A. Details of Secured Creditor

Name of Creditor	PAN No.	Authorised Signatory (Name & Designation)

B. Details of Security Interest

Nature of Security	Description of Secured Asset(s)	Identification No., if any (CERSAI, ROC Charge ID, etc.)	Admitted Claim (₹)

C. Decision (Strike out whichever is not applicable) I hereby elect to relinquish the security interest to the liquidation estate under section 52(1)(a) of the Code / realise the security interest under section 52(1)(b) of the Code.

Enclosures: ☐ Security creation document ☐ CERSAI / ROC Charge ID / any other identification document, if any ☐ Board resolution / authorisation ☐ Other (specify): ______________

Name & Designation: _______________________ For and on behalf of: _______________________ Signature: ___________________________

Date: _______________ Place: _______________

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FORM H COMPLIANCE CERTIFICATE [Under Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]

The details of the Liquidation Process are as under:

Sl. No.	Particulars	Description
(1)	(2)	(3)
1.	Name of the corporate debtor
2.	Case No. & NCLT Bench
3.	Date of initiation of liquidation
4.	Date of appointment of liquidator
5.	Date of commencement of CIRP
6.	Name of RP during CIRP and his registration No. as IP

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The details of the assets as per Asset Memorandum and Final Sale Report are as under:

Sl. No.	Assets	Mode of Sale	Estimated Liquidation Value	Realisation Amount (Rs.)	Date of Transfer to Liquidation Account
(1)	(2)	(3)	(4)	(5)	(6)

Date of permission of AA for physical Auction
Date of permission of AA for private sale
Date of permission of AA for distribution of unsold assets to stakeholders
Date of permission of the liquidator to realise the un-relinquished security interest by the secured creditor
Modified list of stakeholders and date of submission to AA
Summary of dates of realizations and distributions
Date of submission of Quarterly Progress Report-I (FY-1)
Date of submission of Quarterly Progress Report-II
Date of submission of audited receipts and payment
Date of intimation to statutory authority as applicable. a) PF b) ESI c) Income Tax Dept d) Inspector of Factory e) GST/VAT f) Others
Date of deposit of unclaimed dividends or undistributed proceeds and income and interest thereon, if any, under sub-regulations (2), (3) or (4) of regulation 46
Amount deposited into Corporate Liquidation Account: (a) Amount of unclaimed dividends (b) Amount of undistributed proceeds (c) Income referred to in sub-regulation (2) and (3) of regulation 46 (d) Interest referred to in sub-regulation (4) of regulation 46 Total
Date of submission to the Board and the Authority under sub regulation (5) of regulation 46
Date of Final Report to AA (prior to dissolution application)

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(a) Liquidation value of the liquidation estate:

(b) Amount realized during the liquidation process:

Sl. No.	Realisations	Amount (Rs.)
1.	Opening balance as on liquidation commencement date (A)
	Realisations (B)
2.	Auctions of assets
3.	Private sales of assets
4.	Assignment of not readily realizable assets
5.	Distribution of unsold asset
6.	Others (specify)

Sl. No.	Stakeholders* under section 53 (1)	Amount Claimed	Amount Admitted	Amount Distributed	Amount Distributed to the Amount Claimed (%)	Remarks
(1)	(2)	(3)	(4)	(5)	(6)	(7)
1	(a): CIRP Costs
2

*If there are sub-categories in a category, please add rows for each sub-category.

4A. Details of realisation of security interest by secured creditor under section 52:

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Sl. No.	Particulars	Details
1.	Number of secured creditors who did not relinquish security interest
2.	Liquidation value of such security interest (Rs.)
3.	Amount of admitted claim of secured creditors (Rs.)
4.	Total realisation from such security interest (Rs.)
5.	Total Contribution made as per regulation 21A(2) (Rs.) (i+ii+iii)
	i. Contribution made by secured creditors toward workmen's dues (Rs.)

4B. Details of assignment of not readily realisable assets:

Sl. No.	Particulars	Details
1.	Details of the assets
2.	Liquidation value of the assets (Rs.)
3.	Amount realised (Rs.)
4.	Name of the bidder
5.	Sharing of proceeds between bidder and creditors/ corporate debtor, if any
6.	Schedule of realisation by bidder

The Liquidation Process has been conducted as per the timeline indicated in regulation 47 as under:

Section of the Code / Regulation No.	Description of Task	Timeline as per regulation 47	Actual Timeline
(1)	(2)	(3)	(4)
Section 33	Commencement of LCD and Appointment of Liquidator	T	T

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The following are deviations /non-compliances with the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made, or circulars issued there under (If any deviation/ non-compliances were observed, please state the details and reasons for the same):

Sl. No.	Deviation/Non-compliance observed	Section of the Code / Regulation No. / Circular No.	Reasons	Whether rectified or not
(1)	(2)	(3)	(4)	(5)
1
2
3

The dissolution application has been filed [before expiry of the period of one hundred and eighty days] / [after expiry of one hundred and eighty days]. Please state details of any extension sought with the reason and granted:
The details of application(s) filed / pending in respect of avoidance of transactions.

Sl. No.	Type of Transaction	Date of Filing with Adjudicating Authority	Date of Order of the Adjudicating Authority	Brief of the Order
(1)	(2)	(3)	(4)	(5)
1	Preferential transactions under section 43
2	Undervalued transactions under section 45
3	Extortionate credit transactions under section 50

All undischarged or matters pending before any Court or Tribunal relating to corporate debtor, if any, have been reported to AA.
I (Name of Liquidator), hereby certify that the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed there from.

(Signature) Name of the Liquidator: IP Registration No: Address as registered with the Board: Email id as registered with the Board:

Date:

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Place:

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FORM - I DEPOSIT OF UNCLAIMED DIVIDENDS AND / OR UNDISTRIBUTED PROCEEDS [Regulation 46 (5) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]

A. Details of Liquidation Process

Sl. No.	Description	Particulars
(1)	(2)	(3)
1	Name of the Corporate Debtor
2	Identification Number of CD (CIN/DIN)
3	CIRP Commencement Date
4	Liquidation Commencement Date
5	Date of Deposit into the Corporate Liquidation Account
6	Amount deposited into the Corporate Liquidation Account (Rs.)

B. Details of Stakeholders entitled to Unclaimed Dividends or Undistributed Proceeds

Sl. No.	Name of stakeholder entitled to receive unclaimed dividend or undistributed proceeds	Address, phone number and email address of the stakeholder	Identification Number of the stakeholder (PAN, CIN, etc.) (Please Attach Identification proof.)	Amount due to the stakeholder (Rs.)	Nature of Amount due	Applicable section of the Income Tax Act, 1961 or any other law under which tax is to be deducted	Amount of tax to be deducted (Rs.)	Reason for unclaimed dividends or undistributed proceeds	Remarks
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)

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C. Details of Deposit made into the Corporate Liquidation Account I (Name of Liquidator) have deposited Rs…… (Rupees ….only) into the Corporate Liquidation Account on …. vide acknowledgment no.. … dated ……

I (Name of Liquidator) hereby certify that the details provided in this Form are true and correct to the best of my knowledge and belief, and nothing material has been concealed.

(Signature) Name of the Liquidator IP Registration No: Address as registered with the Board: Email id as registered with the Board:

Date: Place:

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FORM J WITHDRAWAL FROM CORPORATE LIQUIDATION ACCOUNT [Regulation 46(7) and (7D) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]

Sl. No.	Description	Particulars
(1)	(2)	(3)
1	Name of the Corporate Debtor
2	Identification Number of CD (CIN/DIN)
3	CIRP Commencement Date
4	Liquidation Commencement Date
5	Date of Dissolution Order
6	Date of Deposit into the Corporate Liquidation Account

DECLARATION I, [Name of stakeholder], currently residing at [insert address], hereby declare and state as follows:

I am entitled to receive a sum of Rs…. (Rupees … only) from the Corporate Liquidation Account, as presented above.
In respect of the said sum or any part thereof, neither I nor any person, by my order, to my knowledge or belief, for my use, has received any manner of satisfaction or security whatsoever, save and except the following: ...............
I undertake to refund the entire amount with interest as decided by the Board, in case the Board finds that I am not entitled to this amount.
I authorise the Board to initiate appropriate legal action against me if my claim is found false at any time.

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Date: Place:

(Signature of the Stakeholder)

VERIFICATION I, [Name] the stakeholder hereinabove, do hereby verify that the contents of this Form are true and correct to my knowledge and belief and no material fact has been concealed therefrom.

Verified at … on this …… day of ………., 20…

(Signature of the Stakeholder)

[Note: In the case of a company or limited liability partnership, the declaration and verification shall be made by the director/manager/secretary and in the case of other entities, an officer authorised for the purpose by the entity].

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Circular - Formats under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

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