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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION
PROCESS) REGULATIONS, 20161
[AMENDED UPTO 02-06-2026]
IBBI/2016-17/GN/REG005.-In exercise of the powers conferred by sections 5, 33, 34, 35, 37,
38, 39, 40, 41, 43, 45, 49, 50, 51, 52, 54, 196 and 208 read with section 240 of the Insolvency
and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations,
namely-
CHAPTER I
PRELIMINARY
1.
Short title and commencement.
(1)
These Regulations may be called the Insolvency and Bankruptcy Board of India
(Liquidation Process) Regulations, 2016.
(2)
These Regulations shall come into force on the date of their publication in the Official
Gazette.
(3)
These Regulations shall apply to the liquidation process under Chapter III of Part II of
the Insolvency and Bankruptcy Code, 2016.
2.
Definitions.
(1)
In these Regulations, unless the context otherwise requires-
(a)
“books of the corporate debtor” means
(i)
the books of account and the financial statements as defined in section 2(13) and
2(40) of the Companies Act, 2013,
(ii)
the books of account as referred to in section 34 of the Limited Liability
Partnership Act, 2008, or
(iii) the books of accounts as specified under the applicable law,
as the case may be;
(b)
“Code” means the Insolvency and Bankruptcy Code, 2016;
1Vide Notification No. IBBI/2016-17/GN/REG005, dated 15th December 2016, published in the Gazette of
India, Extraordinary, Part III, Sec.4, dated 15th December, 2016 (w.e.f. 15.12.2016).
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2[(ba) “committee” means a committee of creditors constituted under section 21;]
(c)
“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;
3[(ca) “Corporate Liquidation Account” means the Corporate Liquidation Account
operated and maintained by the Board under regulation 46;]
(d)
“electronic means” mean an authorized and secured computer programme which
is capable of producing confirmation of sending communication to the participant
entitled to receive such communication at the last electronic mail address provided
by such participant and keeping record of such communication;
(e)
“identification number” means the Limited Liability Partnership Identification
Number or the Corporate Identity Number, as the case may be;
4[(ea) “liquidation cost” under clause (16) of section 5 means-
(i) fee payable to the liquidator under regulation 4;
(ii) remuneration payable by the liquidator under sub-regulation (1) of regulation 7;
(iii) costs incurred by the liquidator under sub-regulation (2) of regulation 24;
(iv) costs incurred by the liquidator for preserving and protecting the assets,
properties, effects and actionable claims, including secured assets, of the corporate
debtor;
5[***]
(vi) interest on interim finance for a period of twelve months or for the period from
the liquidation commencement date till repayment of interim finance, whichever is
lower;
6[***]
2 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“[(ba) “consultation committee” means the stakeholders’ consultation committee constituted under sub-regulation
(1) of regulation 31A]”.
3 Inserted by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020).
4 Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to
substitution it stood as under:
“(ea) “liquidation cost” under sub-section (16) of section 5 means-
(a) fee payable to the liquidator under regulation 4;
(b) remuneration payable by the liquidator under regulation 7;
(c) cost incurred by the liquidator under regulation 24; and
(d) interest on interim finance for a period of twelve months or for the period from the liquidation
commencement date till repayment of interim finance, whichever is lower;”
5 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“(v) costs incurred by the liquidator in carrying on the business of the corporate debtor as a going concern;”.
6 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“(vii) the amount repayable [***] under sub-regulation (3) of regulation 2A;”.
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(viii) any other cost incurred by the liquidator which is essential for completing the
liquidation process:
Provided that the cost, if any, incurred by the liquidator in relation to compromise or
arrangement under section 230 of the Companies Act, 2013 (18 of 2013), if any, shall
not form part of liquidation cost.]
(f)
“Preliminary Report” means the report prepared in accordance with Regulation 13;
(g)
“Progress Report” means the quarterly report prepared in accordance with
Regulation 15;
(h)
“registered valuer” means a person registered as such in accordance with the
Companies Act, 2013 (18 of 2013) and rules made thereunder;
(i)
“Schedule” means a schedule to these Regulations;
(j)
“section” means section of the Code; and
(k)
“stakeholders” means the stakeholders entitled to distribution of proceeds under
section 53.
(2)
Unless the context otherwise requires, words and expressions used and not defined in
these Regulations, but defined in the Code, shall have the meanings assigned to them
in the Code.
7[ 2A. Contributions to liquidation costs.
7 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“[2A. Contributions to liquidation costs.
(1) Where the committee of creditors did not approve a plan under sub-regulations (3) of regulation 39B of the
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations,
2016, the liquidator shall call upon the financial creditors, being financial institutions, to contribute the excess of
the liquidation costs over the liquid assets of the corporate debtor, as estimated by him, in proportion to the
financial debts owed to them by the corporate debtor.
Illustration
Assume that the excess of liquidation costs over liquid assets is Rs.10, as estimated by the liquidator. Financial
creditors will be called upon to contribute, as under:
Sl.
No.
Financial creditors
Amount
of
debt
due
to
financial creditors (Rs.)
Amount to be contributed towards
liquidation cost (Rs.)
(1)
(2)
(3)
(4)
1
Financial institution A
40
04
2
Financial institution B
60
06
3
Non-financial institution A
50
00
4
Non-financial institution B
50
00
Total
200
10
(2) The contributions made under the plan approved under sub-regulation (3) of regulation 39B of the Insolvency
and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 or
contributions made under sub-regulation (1), as the case may be, shall be deposited in a designated escrow account
to be opened and maintained in a scheduled bank, within seven days of the passing of the liquidation order.
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The liquidator may call upon the members of the committee to contribute the excess of the
liquidation costs over the liquid assets of the corporate debtor, as estimated by him, in such
manner and subject to such terms and conditions as approved by the committee.]
2B. Compromise or arrangement.
(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
8[***] section 33.
9[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.]
10[Provided further that the liquidator shall file the proposal of compromise or arrangement
only in cases where such recommendation has been made by the committee under regulation
39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016:
Provided further that the liquidator shall not file such proposal after expiry of thirty days from
the liquidation commencement date.]
11[Provided further that no compromise or arrangement under section 230 of the Companies
Act, 2013 shall be filed by the liquidator unless—
(a) such compromise or arrangement has been approved by requisite majority of
creditors as provided in sub-section (6) of section 230 of the Companies Act, 2013; and
(b) the amount realisable to the creditors under the proposed compromise or
arrangement is higher than the liquidation value determined as on the insolvency
commencement date.]
(2) The time taken on compromise or arrangement, not exceeding ninety days, shall not be
included in the liquidation period.
(3) Any cost incurred by the liquidator in relation to compromise or arrangement shall be borne
by the corporate debtor, where such compromise or arrangement is sanctioned by the Tribunal
under sub-section (6) of section 230:
(3) The amount contributed under sub-regulation (2) shall be repayable with interest at bank rate referred to in
section 49 of the Reserve Bank of India Act, 1934 (2 of 1934) as part of liquidation cost.
[Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes
commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India
(Liquidation Process) (Amendment) Regulations, 2019.]”
8 Omitted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021).
9 Inserted by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020).
10 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024),
prior to substitution it stood as under –“ Provided further that where the recommendation to explore proposal of
compromise or arrangement has been made by the committee under regulation 39BA of the Insolvency and
Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the
liquidator shall file the proposal within thirty days of the order of liquidation.”
11 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
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Provided that such cost shall be borne by the parties who proposed compromise or
arrangement, where such compromise or arrangement is not sanctioned by the Tribunal under
sub-section (6) of section 230.]
CHAPTER II
APPOINTMENT AND REMUNERATION OF LIQUIDATOR
3.
Eligibility for appointment as liquidator.
(1)
An insolvency professional shall be eligible to be appointed as a liquidator if he, and
every partner or director of the insolvency professional entity of which he is a partner
or director, is independent of the corporate debtor.
Explanation– A person shall be considered independent of the corporate debtor, if he-
(a)
is eligible to be appointed as an independent director on the board of the corporate
debtor under section 149 of the Companies Act, 2013 (18 of 2013), where the
corporate debtor is a company;
(b)
is not a related party of the corporate debtor; or
(c)
has not been an employee or proprietor or a partner:
(i)
of a firm of auditors or 12[secretarial auditors] or cost auditors of the corporate
debtor; or
(ii)
of a legal or a consulting firm, that has or had any transaction with the corporate
debtor contributing ten per cent or more of the gross turnover of such firm,
in the last three financial years.
(2)
A liquidator shall disclose the existence of any pecuniary or personal relationship with
the concerned corporate debtor or any of its stakeholders as soon as he becomes aware
of it, to the Board and the Adjudicating Authority.
(3)
An insolvency professional shall not continue as a liquidator if the insolvency
professional entity of which he is a director or partner, or any other partner or director
of such insolvency professional entity represents any other stakeholder in the same
liquidation process.
12Substituted by Notification No. IBBI/ 2017-18/GN/REG028, dated 27th March, 2018 (w.e.f. 01-04-2018).
Clause 3 (1) (c) (i), prior to substitution it stood as under –
“(i) of a firm of auditors or company secretaries or cost auditors of the corporate debtor; or”.
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13[3A. Recommendation of liquidator by committee of creditors.
(1) For the purposes of sub-section (1) of section 34 of the Code, the committee shall, prior
to the passing of the order for liquidation, recommend the name of an insolvency
professional from the panel of insolvency professionals prepared by the Board in this
regard, for appointment as liquidator.
(2) The recommendation under sub-regulation (1) shall be made by a vote of not less than
sixty-six per cent. of the voting share of the committee.
(3) Upon receipt of the recommendation under sub-regulation (2), the Adjudicating
Authority shall consider such recommendation while appointing the liquidator.]
4.
14[Liquidator’s fee.
13 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
14 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“[Liquidator’s fee.
(1) The fee payable to the liquidator shall be in accordance with the decision taken by the committee of creditors
under regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016.
[(1A) Where no fee has been fixed under sub-regulation (1), the consultation committee may fix the fee of the
liquidator in its first meeting.]
(2) In cases other than those covered under sub-regulation (1) 14[and (1A)], the liquidator shall be entitled to a
fee-
(a) at the same rate as the resolution professional was entitled to during the corporate insolvency resolution
process, for the period of compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013);
and
(b) as a percentage of the amount realised net of other liquidation costs, and of the amount distributed, for the
balance period of liquidation, as under:
Amount of Realisation /
Distribution (In rupees)
Percentage of fee on the amount realised / distributed
in the first
six months
in the next six
months
thereafter
Amount of Realisation (exclusive of liquidation costs)
On the first 1 crore
5.00
3.75
1.88
On the next 9 crore
3.75
2.80
1.41
On the next 40 crore
2.50
1.88
0.94
On the next 50 crore
1.25
0.94
0.51
On further sums realized
0.25
0.19
0.10
Amount Distributed to Stakeholders
On the first 1 crore
2.50
1.88
0.94
On the next 9 crore
1.88
1.40
0.71
On the next 40 crore
1.25
0.94
0.47
On the next 50 crore
0.63
0.48
0.25
On further sums distributed
0.13
0.10
0.05
[Clarification: For the purposes of clause (b), it is hereby clarified that where a liquidator realises any amount,
but does not distribute the same, he shall be entitled to a fee corresponding to the amount realised by him. Where
a liquidator distributes any amount, which is not realised by him, he shall be entitled to a fee corresponding to the
amount distributed by him.]
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(1) The committee may fix the fee of the liquidator in the first meeting after the appointment
of liquidator during the liquidation process, in accordance with sub-section (8) of section 34.
(2) If the committee has not fixed the fee under sub-regulation (1), the fee as a percentage of
the amount distributed to the stakeholders, for the balance period of liquidation, will be as
under:
Amount of Distribution (In
rupees)
Percentage of fee on the amount distributed
in the first
six months
in the next six
months
thereafter
Amount Distributed to Stakeholders (exclusive of liquidation costs)
On the first 1 crore
5.00
4.00
2.0
On the next 9 crore
4.00
3.00
1.50
On the next 40 crore
2.50
2.0
1.0
On the next 50 crore
1.25
1.0
0.50
On further sums realized
0.25
0.20
0.10
Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the
liquidation processes commencing on or after the date of the commencement of the Insolvency
and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations,
2026.]
CHAPTER III
POWERS AND FUNCTIONS OF LIQUIDATOR
5.
Reporting.
(1)
15[The liquidator shall prepare and submit:
(a) progress report(s); and
(b) the final report prior to dissolution:
(3) Where the fee is payable under clause (b) of sub-regulation (2), the liquidator shall be entitled to receive half
of the fee payable on realisation only after such realised amount is distributed.
Clarification: Regulation 4 of these regulations, as it stood before the commencement of the Insolvency and
Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 shall continue to be
applicable in relation to the liquidation processes already commenced before the coming into force of the said
amendment Regulations.]”.
15 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“(1) The liquidator shall prepare and submit:
(a) a preliminary report;
(b) an asset memorandum;
(c) progress report(s);
(d) sale report(s);
(e) minutes of consultation with stakeholders; and
(f) the final report prior to dissolution
to the Adjudicating Authority in the manner specified under these Regulations.”.
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to the Adjudicating Authority in the manner specified under these Regulations.]
(2)
The liquidator shall preserve a physical as well as an electronic copy of the reports
16[***] referred to in sub-regulation (1) for eight years after the dissolution of the
corporate debtor.
(3)
Subject to other provisions of these Regulations, the liquidator shall 17[make the reports]
referred to sub-regulation (1) available to a stakeholder in either electronic or physical
form, on receipt of
(a)
an application in writing;
(b)
costs of making such reports and minutes available to it; and
(c)
an undertaking from the stakeholder that it shall maintain confidentiality of such
reports and minutes and shall not use these to cause an undue gain or undue loss to
itself or any other person.
6.
Registers and books of account.
(1)
Where the books of account of the corporate debtor are incomplete on the liquidation
commencement date, the liquidator shall have them completed and brought up-to-date,
with all convenient speed, as soon as the order for liquidation is passed.
(2)
The liquidator shall maintain the following registers and books, as may be applicable,
in relation to the liquidation of the corporate debtor, and shall preserve them for a period
of eight years after the dissolution of the corporate debtor-
(a)
Cash Book;
(b)
Ledger;
(c)
Bank Ledger;
(d)
Register of Fixed Assets and Inventories;
(e)
Securities and Investment Register;
(f)
Register of Book Debts and Outstanding Debts;
(g)
Tenants Ledger;
16 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior
omission, the words stood as under: -
“and minutes”.
17 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under :-
“make the reports and minutes”.
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(h)
Suits Register;
(i)
Decree Register;
(j)
Register of Claims and Dividends;
(k)
Contributories Ledger;
(l)
Distributions Register;
(m)
Fee Register;
(n)
Suspense Register;
(o)
Documents Register;
(p)
Books Register;
(q)
18[Register of unclaimed dividends and undistributed proceeds; and]
(r)
such other books or registers as may be necessary to account for transactions
entered into by him in relation to the corporate debtor.
(3)
The registers and books under sub-regulation (2) may be maintained in the forms
indicated in Schedule III, with such modifications as the liquidator may deem fit in the
facts and circumstances of the liquidation process.
(4)
The liquidator shall keep receipts for all payments made or expenses incurred by him.
7.
Appointment of professionals.
(1)
A liquidator may appoint professionals 19[with the approval of the committee] to assist
him in the discharge of his duties, obligations and functions for a reasonable
remuneration and such remuneration shall form part of the liquidation cost.
(2)
The liquidator shall not appoint a professional under sub-regulation (1) who is his
relative, is a related party of the corporate debtor or has served as an auditor to the
corporate debtor in the five years preceding the liquidation commencement date.
(3)
A professional appointed or proposed to be appointed under sub-regulation (1) shall
disclose the existence of any pecuniary or personal relationship with any of the
18 Subs by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020). Prior to
substitution it stood as under:
“Register of unclaimed dividends and undistributed properties deposited in accordance with Regulation 45;
and”.
19 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
10
stakeholders, or the concerned corporate debtor as soon as he becomes aware of it, to
the liquidator.
8.
20[Committee of creditors.
(1)
The committee of creditors constituted under section 21 shall continue to function
during the liquidation process:
Provided that a secured creditor who has not relinquished his security interest under
section 52 shall not be part of the committee.
Provided further that with reference to Explanation in clause (b) in sub-section (1) of
section 53, the creditor whose value of debt remains and is considered as unsecured
creditor shall be a part of the committee for the remaining portion of debt and shall have
the voting rights to the value of the remaining debt.
Explanation: For the purposes of Explanation in clause (b) in sub-section (1) of section
53, the value of security interest shall be the liquidation value determined in accordance
with Regulation 35.
(2)
The provisions of regulations 18 to 26 of Chapter VI and Chapter VII of the Insolvency
and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 shall apply mutatis mutandis to meetings of the committee under
liquidation proceedings:
Provided that the first meeting of the committee shall be convened within seven days
of liquidation commencement date.
(3)
In every meeting, the liquidator shall present to the committee:
(a) the actual liquidation cost along with reasons for exceeding the estimated
cost, if any;
(b) the consolidated status of all the legal proceedings; and
(c) the progress made in the process.
(4)
The liquidator shall not undertake the following without the prior approval of the
committee:
(a) appointment and remuneration of professionals appointed under regulation
7;
(b) fees of the liquidator;
(c) liquidation costs;
(d) valuation under sub- regulation (2) of regulation 35;
20 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“8. Consultation with stakeholders.
(1) The stakeholders consulted under section 35(2) shall extend all assistance and cooperation to the liquidator to
complete the liquidation of the corporate debtor.
(2) The liquidator shall maintain the particulars of any consultation with the stakeholders made under this
Regulation, as specified in Form A of Schedule II.”
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(e) continuation or institution of any suits or legal proceedings by or against the
corporate debtor;
(f) extension of payment of balance sale consideration as provided in clause (12)
of Para 1 of Schedule I, beyond ninety days, to be disclosed in the auction notice;
(g) appropriate arrangement for pursuing any suit or proceedings with regard to
distribution of proceeds in reference to sub-section (1B) of section 54;
(h) any other matter or activity relating to the liquidation process except those
listed in sub-regulation (5), as may be decided by the committee.
(5)
The liquidator shall not undertake the following without the prior approval of the
committee obtained by a voting share of not less than sixty-six per cent., in matters
relating to:
(a) sale under regulation 32, including manner of sale, pre-bid qualifications,
reserve price, marketing strategy and auction process;
(b) the manner in which proceedings in respect of preferential transactions,
undervalued transaction, extortionate credit transaction or fraudulent or
wrongful trading, if any, shall be pursued after dissolution of the corporate
debtor and the manner in which the proceeds, if any, from these proceedings
shall be distributed; and
(c) assignment of not readily realisable assets.
(6)
The committee shall have access to all relevant records and information as may be
required by the committee.
(7)
The authorised representative, appointed during the corporate insolvency resolution
process, shall continue to act as the authorised representative of such creditors in the
liquidation process and the provisions of sub-regulations (3A) to (12) of regulation 16A
of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016 shall apply mutatis mutandis.
8A. Facilitation of transfer of assets.
(1)
Where the corporate debtor is a corporate guarantor undergoing a liquidation process,
the liquidator of such corporate debtor which has given the corporate guarantee shall
coordinate with the resolution professional of the corporate debtor to whom such
guarantee has been given, regarding transfer of asset in the corporate insolvency
resolution process of the corporate debtor to whom such guarantee has been given.
(2)
For the purposes of section 28A, the liquidator shall obtain approval from the
committee of the corporate debtor which has given the corporate guarantee for transfer
of asset in the corporate insolvency resolution process of the corporate debtor to whom
such guarantee has been given.
(3)
Where approval is granted by the committee of the corporate debtor as corporate
guarantor permitting the transfer, the liquidator of such corporate debtor shall ensure
that the proposed transfer is appropriately disclosed in the progress report and asset
memorandum.
8B. Replacement of liquidator.
12
The committee may by a vote of not less than sixty-six per cent., propose to replace the
liquidator and shall file an application, after obtaining the written consent of the proposed
liquidator in such format as notified by the Board, before the Adjudicating Authority for
replacement of the liquidator:
Provided that where a liquidator is proposed to be replaced, he shall continue to work till his
replacement.]
9.
Personnel to extend cooperation to liquidator.
(1)
The liquidator may make an application to the Adjudicating Authority for a direction
that a person who-
(a)
is or has been an officer, auditor, employee, promoter or partner of the corporate
debtor 21[or any other person referred to in sub-section (3) of section 34];
(b)
was the interim resolution professional, resolution professional or the previous
liquidator of the corporate debtor; or
(c)
has possession of any of the properties of the corporate debtor;
shall cooperate with him in the collection of information necessary for the conduct of the
liquidation.
(2)
An application may be made under this Regulation only after the liquidator has made
reasonable efforts to obtain the information from such person and failed to obtain it.
10.
Disclaimer of onerous property.
(1)
Where any part of the property of a corporate debtor consists of-
(a)
land of any tenure, burdened with onerous covenants;
(b)
shares or stocks in companies;
(c)
any other property which is not saleable or is not readily saleable by reason of
the possessor thereof being bound either to the performance of any onerous act
or to the payment of any sum of money; or
(d)
unprofitable contracts;
the liquidator may, notwithstanding that he has endeavored to sell or has taken
possession of the property or exercised any act of ownership in relation thereto or done
21 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
13
anything 22[in pursuance of the contract, make an application, after seeking approval
from the committee, before the Adjudicating Authority within ninety days from the
liquidation commencement date, or such extended period as may be allowed by the
Adjudicating Authority, to disclaim the property or contract].
(2)
The liquidator shall not make an application under sub-regulation (1) if a person
interested in the property or contract inquired in writing whether he will make an
application to have such property disclaimed, and he did not communicate his intention
to do so within one month from receipt of such inquiry.
(3)
The liquidator shall serve a notice to persons interested in the onerous property or
contract at least seven days before making an application for disclaimer to the
Adjudicating Authority:
Explanation: A person is interested in the onerous property or contract if he-
(a)
is entitled to the benefit or subject to the burden of the contract; or
(b)
claims an interest in a disclaimed property or is under a liability not discharged in
respect of a disclaimed property.
(4)
Subject to the order of the Adjudicating Authority approving such disclaimer, the
disclaimer shall operate to determine, from the date of disclaimer, the rights, interest
and liabilities of the corporate debtor in or in respect of the property or contract
disclaimed, but shall not, except so far as is necessary for the purpose of releasing the
corporate debtor and the property of the corporate from liability, affect the rights,
interest or liabilities of any other person.
(5)
A person affected by the disclaimer under this Regulation shall be deemed to be a
creditor of the corporate debtor for the amount of the compensation or damages payable
in respect of such effect, and may accordingly be payable as a debt in liquidation under
section 53(1)(f).
11.
Extortionate credit transactions.
A transaction shall be considered an extortionate credit transaction under section 50(2) where
the terms-
22 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“in pursuance of the contract, make an application to the Adjudicating Authority within six months from the
liquidation commencement date, or such extended period as may be allowed by the Adjudicating Authority, to
disclaim the property or contract”.
14
(1)
require the corporate debtor to make exorbitant payments in respect of the credit
provided; or
(2)
are unconscionable under the principles of law relating to contracts.
CHAPTER IV
GENERAL
12.
Public announcement by liquidator.
(1)
The liquidator shall make a public announcement in 23[such format as notified by the
Board] within five days from his appointment.
24[***]
(3) The announcement shall be published-
(a)
in one English and one regional language newspaper with wide circulation at the
location of the registered office and principal office, if any, of the corporate debtor
and any other location where in the opinion of the liquidator, the corporate debtor
conducts material business operations;
(b)
on the website, if any, of the corporate debtor; and
(c)
on the website, if any, designated by the Board for this purpose.
25[12A. Process email ID.
The liquidator shall operate the process email account handed over to him by the resolution
professional in accordance with regulation 4C of the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons) Regulations,2016 and in the event of
his replacement, the credentials of such email ID shall be handed over to the new liquidator.]
23 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“Form B of Schedule II”.
24 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“[(2) The public announcement shall-
(a) call upon stakeholders to submit their claims or update their claims submitted during the corporate
insolvency resolution process, as on the liquidation commencement date; and
(b) provide the last date for submission or updation of claims, which shall be thirty days from the liquidation
commencement date.]
[(c) provide that where a stakeholder does not submit its claims during the liquidation process, the claims
submitted by such a stakeholder, and duly collated by the interim resolution professional or resolution
professional, as the case may be, during the corporate insolvency resolution process under the Insolvency
and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations,
2016, shall be deemed to be submitted under section 38.]”
25 Inserted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
15
13.
Preliminary report.
The liquidator shall submit a Preliminary Report to the 26[committee] within 27[thirty] days
from the liquidation commencement date, detailing-
(a)
the capital structure of the corporate debtor;
(b)
the estimates of its assets and liabilities as on the liquidation commencement date
based on the books of the corporate debtor:
Provided that if the liquidator has reasons to believe, to be recorded in writing, that the books
of the corporate debtor are not reliable, he shall also provide such estimates based on reliable
records and data otherwise available to him;
(c)
whether, he intends to make any further inquiry in to any matter relating to the
promotion, formation or failure of the corporate debtor or the conduct of the
business thereof; and
(d)
the proposed plan of action for carrying out the liquidation, including the timeline
within which he proposes to carry it out and the estimated liquidation costs.
14.
Early dissolution.
Any time after the preparation of the Preliminary Report, if it appears to the liquidator that-
(a)
the realizable properties of the corporate debtor are insufficient to cover the cost
of the liquidation process; and
(b)
the affairs of the corporate debtor do not require any further investigation;
28[ he shall place the agenda in this regard before the committee and if it decides by a voting
share of not less than sixty-six per cent. for early dissolution, he shall apply, along with a
detailed report incorporating the decision of the committee, to the Adjudicating Authority for
26 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“Adjudicating Authority”.
27 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“seventy-five”.
28 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“[he shall consult the consultation committee and if it advises for early dissolution, he may apply, along with a
detailed report incorporating the views of the consultation committee, to the Adjudicating Authority] for early
dissolution of the corporate debtor and for necessary directions in respect of such dissolution]”.
16
early dissolution of the corporate debtor and for necessary directions in respect of such
dissolution.]
15.
Progress reports.
(1)
The liquidator shall submit 29[Progress Reports, in the format stipulated by the Board,
to 30[be placed before the committee] the Adjudicating Authority and the Board”] as
under-
(a)
the first Progress Report within fifteen days after the end of the quarter in which
he is appointed;
(b)
subsequent Progress Report(s) within fifteen days after the end of every quarter
during which he acts as liquidator; and
Provided that if an insolvency professional ceases to act as a liquidator during the
liquidation process, he shall file a Progress Report for the quarter up to the date of his
so ceasing to act, within fifteen days of such cessation.
(2)
A Progress Report shall provide all information relevant to liquidation for the quarter,
including-
(a)
appointment, tenure of appointment and cessation of appointment of professionals;
(b)
31[a statement indicating progress in liquidation, including-
(i) minutes of meetings of the committee,
(ii) asset memorandum,
(iii) sale report(s),
(iv) settlement of list of stakeholders,
(v) details of any property that remains to be sold and realised,
(vi) distribution made to the stakeholders, and
(vii) distribution of unsold property made to the stakeholders;
(c)
details of fee or remuneration, including-
29 Substituted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
Prior to Substitution, the words stood as: “Progress Reports to the Adjudicating Authority”.
30 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
31 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“(b) a statement indicating progress in liquidation, including-
(i)
settlement of list of stakeholders,
(ii) details of any property that remain to be sold and realized,
(iii) distribution made to the stakeholders, and
(iv) distribution of unsold property made to the stakeholders;”.
17
(i) the fee due to and received by the liquidator together with a description of the
activities carried out by him,
(ii) the remuneration or fee paid to professionals appointed by the liquidator
together with a description of activities carried out by them,
(iii) other expenses incurred by the liquidator, whether paid or not;
(d)
developments in any material litigation, by or against the corporate debtor;
(e)
filing of, and developments in applications for avoidance of transactions 32[under
Part II] of the Code; and
(f)
changes, if any, in estimated liquidation costs.
(3)
A Progress Report shall enclose an account maintained by the liquidator showing-
(a)
his receipts and payments during the quarter; and
(b)
the cumulative amount of his receipts and payments since the liquidation
commencement date.
(4)
A Progress Report shall enclose a statement indicating any material change in expected
realization of any property proposed to be sold, along with the basis for such change:
33[***]
(5)
The Progress Report for the fourth quarter of the financial year shall enclose audited
accounts of the liquidator’s receipts and payments for the financial year:
Provided that in case an insolvency professional ceases to act as liquidator, the audited
accounts of his receipts and payments for that part of the financial year during which he has
acted as liquidator, shall be enclosed with the Progress Report to be filed after cessation of his
appointment.
32 Substituted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021).
Prior to substitution, it stood as under –
“in accordance with Chapter III of Part II”.
33 Omitted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
18
34[Illustration: An insolvency professional becomes a liquidator on 13th February, 2026, and
ceases to act as liquidator on 12th June, 2026. He shall submit Progress Reports as under:
Report No.
Period covered in the Quarter
Last Date of Submission of Report
1
13th February - 31st March, 2026
15th April, 2026
2
April – 12th June, 2026
27th June, 2026
He shall submit the audited accounts of his receipts and payments as under:
Audited Account No.
Period covered in the Year
Last Date of Submission
1
13th February - 31st March, 2026
15th April, 2026
2
April – 12th June, 2026
27th June, 2026
]
CHAPTER V
CLAIMS
16. 35[Submission of claim.
34 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“Illustration: An insolvency professional becomes a liquidator on 13th February, 2017, and ceases to act as
liquidator on 12th February, 2019. He shall submit Progress Reports as under:
Report No.
Period covered in the Quarter
Last Date of Submission of Report
1
13th February - 31st March, 2017
15th April, 2017
2
April - June, 2017
15th July, 2017
3
July - September, 2017
15th October, 2017
4
October - December, 2017
15th January, 2018
5
January - March, 2018
15th April, 2018
6
April - June, 2018
15th July, 2018
7
July - September, 2018
15th October, 2018
8
October - December, 2018
15th January, 2019
9
January - 12th February, 2019
27th February, 2019
He shall submit the audited accounts of his receipts and payments as under:
Audited Account No.
Period covered in the Year
Last Date of Submission
1
13th February - 31st March, 2017
15th April, 2017
2
April - March, 2018
15th April, 2018
3
April - 12th February, 2019
27th February, 2019
35 Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to
substitution it stood as under:
“16. Proof of claim.
A person, who claims to be a stakeholder, shall prove his claim for debt or dues to him, including interest, if any,
as on the liquidation commencement date.”
19
(1) A person, who claims to be a stakeholder, 36[shall submit its claim where not submitted
during the corporate insolvency resolution process as on insolvency commencement date,
within fourteen days of the liquidation commencement date.]
(2) A person shall prove its claim for debt or dues to him, 37[ for the newly submitted claims,
if any, as on the insolvency commencement date ].]
38[(3) A stakeholder shall update its claim as and when the claim is satisfied, partly or fully,
from any source in any manner, after the insolvency commencement date.]
17.
Claims by operational creditors.
(1)
A person claiming to be an operational creditor of the corporate debtor, other than a
workman or employee, shall submit proof of claim to the liquidator in person, by post
or by electronic means in 39[such format as notified by the Board].
(2)
The existence of debt due to an operational creditor under this Regulation may be
proved on the basis of-
(a)
the records available with an information utility, if any; or
(b)
other relevant documents which adequately establish the debt, including any or all
of the following -
(i)
a contract for the supply of goods and services with corporate debtor;
(ii)
an invoice demanding payment for the goods and services supplied to the
corporate debtor;
(iii) an order of a court or tribunal that has adjudicated upon the non-payment of a
debt, if any; and
(iv) financial accounts.
36 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“shall submit its claim, or update its claim submitted during the corporate insolvency resolution process,
including interest, if any, on or before the last date mentioned in the public announcement.”.
37 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“including interest, if any, as on the liquidation commencement date”.
38 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
39 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“Form C of Schedule II”.
20
18.
Claims by financial creditors.
(1)
A person claiming to be a financial creditor of the corporate debtor shall submit proof
of claim to the liquidator in electronic means in 40[such format as notified by the Board].
(2)
The existence of debt due to the financial creditor may be proved on the basis of-
(a)
the records available in an information utility, if any; or
(b)
other relevant documents which adequately establish the debt, including any or all
of the following-
(i)
a financial contract supported by financial statements as evidence of the debt;
(ii)
a record evidencing that the amounts committed by the financial creditor to the
corporate debtor under a facility has been drawn by the corporate debtor;
(iii) financial statements showing that the debt has not been repaid; and
(iv) an order of a court or tribunal that has adjudicated upon the non-payment of a
debt, if any.
19.
Claims by workmen and employees.
(1)
A person claiming to be a workman or an employee of the corporate debtor shall submit
proof of claim to the liquidator in person, by post or by electronic means in 41[such
format as notified by the Board].
(2)
Where there are dues to numerous workmen or employees of the corporate debtor, an
authorized representative may submit one proof of claim for all such dues on their
behalf in 42[such format as notified by the Board].
(3)
The existence of dues to workmen or employees may be proved by them, individually
or collectively, on the basis of-
(a)
records available in an information utility, if any; or
40 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“Form D of Schedule II”.
41 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“Form E of Schedule II”.
42 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“Form F of Schedule II”.
21
(b)
other relevant documents which adequately establish the dues, including any or all
of the following -
(i) a proof of employment such as contract of employment for the period for which
such workman or employee is claiming dues;
(ii) evidence of notice demanding payment of unpaid amount and any documentary
or other proof that payment has not been made; and
(iii) an order of a court or tribunal that has adjudicated upon the non-payment of
dues, if any.
(4)
The liquidator may admit the claims of a workman or an employee on the basis of the
books of account of the corporate debtor if such workman or employee has not made a
claim.
20.
Claims by other stakeholders.
(1)
A person, claiming to be a stakeholder other than those under Regulations 17(1), 18(1),
or 19(1), shall submit proof of claim to the liquidator in person, by post or by electronic
means in 43[such format as notified by the Board].
(2)
The existence of the claim of the stakeholder may be proved on the basis of -
(a)
the records available in an information utility, if any, or
(b)
other relevant documents which adequately establish the claim, including any or
all of the following-
(i)
documentary evidence of notice demanding payment of unpaid amount or bank
statements of the claimant showing that the claim has not been paid and an
affidavit that the documentary evidence and bank statements are true, valid and
genuine;
(ii)
documentary or electronic evidence of his shareholding; and
(iii)
an order of a court, tribunal or other authority that has adjudicated upon the non-
payment of a claim, if any.
43 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“Form G of Schedule II”.
22
21.
Proving security interest.
The existence of a security interest may be proved by a secured creditor on the basis of-
(a)
the records available in an information utility, if any;
(b)
certificate of registration of charge issued by the Registrar of Companies; or
(c)
proof of registration of charge with the Central Registry of Securitisation Asset
Reconstruction and Security Interest of India.
44[21A. 45[Relinquishment] of security interest.
(1) A secured creditor 46[,within fourteen days,] shall inform the liquidator of its decision to
relinquish its security interest to the liquidation estate or realise its security interest, as the
case may be, in 47[such format as notified by the Board]:
Provided that, where a secured creditor does not intimate its decision within 48[fourteen
days] from the liquidation commencement date, the assets covered under the security
interest shall be 49[deemed to be relinquished] to 50[***] the liquidation estate.
51[(2) Where a secured creditor proceeds to realise its security interest, it shall pay -
(a) as much towards the amount payable under clause (a) and sub-clause (i) of clause (b)
of sub-section (1) of section 53, as it would have shared in case it had relinquished the
security interest, to the liquidator within 52 [forty-five] days from the liquidation
commencement date; and
44 Inserted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019).
45 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as, “Presumption”.
46 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
47 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“Form C or Form D of Schedule II”.
48 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“thirty days”.
49 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as, “presumed”.
50 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
omission, the words stood as under:-
“be part of”.
51 Subs by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020). Prior to
substitution it stood as under:
“[(2) Where a secured creditor proceeds to realise its security interest, it shall pay as much towards the amount
payable under clause (a) and sub-clause (i) of clause (b) of sub-section (1) of section 53, as it would have shared
in case it had relinquished the security interest.]”
52 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
23
(b) the excess of the realised value of the asset, which is subject to security interest, over
the amount of his claims admitted, to the liquidator within 53[ninety] days from the
liquidation commencement date:
Provided that where the amount payable under this sub-regulation is not certain by
the date the amount is payable under this sub-regulation, the secured creditor shall pay
the amount, as estimated by the liquidator:
Provided further that any difference between the amount payable under this sub-
regulation and the amount paid under the first proviso shall be made good by the secured
creditor or the liquidator, as the case may be, as soon as the amount payable under this
sub-regulation is certain and so informed by the liquidator.
(3) Where a secured creditor fails to comply with sub-regulation (2), the asset, which is subject
to security interest, shall become part of the liquidation estate.
54[Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the
liquidation processes commencing on or after the date of the commencement of the Insolvency
and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.]
22. Production of bills of exchange and promissory notes.
Where a person seeks to prove a debt in respect of a bill of exchange, promissory note or other
negotiable instrument or security of a like nature for which the corporate debtor is liable, such
bill of exchange, note, instrument or security, as the case may be, shall be produced before the
liquidator before the claim is admitted.
23.
Substantiation of claims.
The liquidator may call for such other evidence or clarification as he deems fit from a claimant
for substantiating the whole or part of its claim.
24.
Cost of proof.
(1)
A claimant shall bear the cost of proving its claim.
(2)
Costs incurred by the liquidator for verification and determination of a claim shall form
part of liquidation cost:
“ninety”.
53 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“one hundred and eighty”.
54 Inserted by Notification No. IBBI/2022-23/GN/REG082, dated 28th April, 2022 (w.e.f. 28-04-2022).
24
Provided that if a claim or part of the claim is found to be false, the liquidator shall endeavor
to recover the costs incurred for verification and determination of claim from such claimant,
and shall provide the details of the claimant to the Board.
25.
Determination of quantum of claim.
Where the amount claimed by a claimant is not precise due to any contingency or any other
reason, the liquidator shall make the best estimate of the amount of the claim based on the
information available with him.
26.
Debt in foreign currency.
The claims denominated in foreign currency shall be valued in Indian currency at the official
exchange rate as on the liquidation commencement date.
Explanation- “The official exchange rate” is the reference rate published by the Reserve Bank
of India or derived from such reference rates.
27.
Periodical payments.
In the case of rent, interest and such other payments of a periodical nature, a person may claim
only for any amounts due and unpaid up to the liquidation commencement date.
28.
Debt payable at future time.
(1)
A person may prove for a claim whose payment was not yet due on the 55[ insolvency
commencement date] and is entitled to distribution in the same manner as any other
stakeholder.
(2)
Subject to any contract to the contrary, where a stakeholder has proved for a claim
under sub-regulation (1), and the debt has not fallen due before distribution, he is
entitled to distribution of the admitted claim reduced as follows-
X/ (1+r)n
where–
(a)
“X” is the value of the admitted claim;
55 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“liquidation commencement date”.
25
(b)
“r” is the closing yield rate (%) of government securities of the maturity of “n” on
the date of distribution as published by the Reserve Bank of India; and
(c)
“n” is the period beginning with the date of distribution and ending with the date
on which the payment of the debt would otherwise be due, expressed in years and
months in a decimalized form.
29.
Mutual credits and set-off.
Where there are mutual dealings between the corporate debtor and another party, the sums due
from one party shall be set off against the sums due from the other to arrive at the net amount
payable to the corporate debtor or to the other party.
Illustration: X owes Rs. 100 to the corporate debtor. The corporate debtor owes Rs. 70 to X.
After set off, Rs. 30 is payable by X to the corporate debtor.
30.
56[Verification of claims.
(1) The liquidator shall verify the claims received under sub-regulation (1) of regulation 16,
within seven days of receipt of claim and may either admit or reject the claim, in whole or in
part, as the case may be.
(2) The liquidator shall also verify the claims which were received but were not verified during
the corporate insolvency resolution process, within seven days of the liquidation
commencement date and may either admit or reject the claim, in whole or in part, as the case
may be:
Provided that the liquidator shall not re-verify the claim, which has already been
verified during the corporate insolvency resolution process:
Provided further that where the liquidator rejects a claim, he shall record in writing
the reasons for such rejection.
(3) The liquidator shall communicate his decision of admission or rejection of claims along
with reasons, to the stakeholder within seven days of such admission or rejection of claims.]
]
56 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under: -
“30. Verification of claims
The liquidator shall verify the claims submitted within thirty days from the last date for receipt of claims and
may either admit or reject the claim, in whole or in part, as the case may be.
[Provided that the liquidator shall also verify the claims collated during the corporate insolvency
resolution process but not submitted during the liquidation process, within thirty days from the last date for
receipt of claims during liquidation process and may either admit or reject the claim, in whole or in part.]”.
26
57[30A. Transfer of debt due to creditors.
(1) A creditor may assign or transfer the debt due to him or it to any other person during the
liquidation process in accordance with the laws for the time being in force dealing with such
assignment or transfer.
(2) Where any creditor assigns or transfers the debt due to him or it to any other person under
sub-regulation (1), both parties shall provide to the liquidator the terms of such assignment or
transfer and the identity of the assignee or transferee.
(3) The liquidator shall modify the list of stakeholders in accordance with the provisions of
regulation 31.]
31.
List of stakeholders.
(1)
The liquidator shall prepare a list of stakeholders, category-wise, on the basis of proofs
of claims submitted and accepted under these Regulations, with-
(a)
the amounts of claim admitted, if applicable,
(b)
the extent to which the debts or dues are secured or unsecured, if applicable,
(c)
the details of the stakeholders, and
(d)
the proofs admitted or rejected in part, and the proofs wholly rejected.
58 [(2) The liquidator shall file the list of stakeholders with the Adjudicating Authority within
59[thirty] days from the last date for receipt of the claims.]
(3) The liquidator may apply to the Adjudicating Authority to modify an entry in the list of
stakeholders filed with the Adjudicating Authority, when he comes across additional
information warranting such modification, and shall modify the entry in the manner
directed by the Adjudicating Authority.
(4) The liquidator shall modify an entry in the list of stakeholders filed with the Adjudicating
Authority, in the manner directed by the Adjudicating Authority while disposing off an
appeal preferred under section 42.
(5) The list of stakeholders, as modified from time to time, shall be-
57 Inserted by Notification No. IBBI/2020-21/GN/REG067, dated 13th November, 2020 (w.e.f. 13-11-2020).
58 Substituted by Notification F. No. IBBI/2020-21/GN/REG069, dated 4th March, 2021 (w.e.f. 04-03-2021).
59 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“forty-five”.
27
(a)
available for inspection by the persons who submitted proofs of claim;
(b)
available for inspection by members, partners, directors and guarantors of the
corporate debtor;
(c)
displayed on the website, if any, of the corporate debtor.
60[(d)
filed on the electronic platform of the Board for dissemination on its website:
Provided that this clause shall apply to every liquidation process ongoing and commencing on
or after the date of commencement of the Insolvency and Bankruptcy Board of India
(Liquidation Process) (Amendment) Regulations, 2021.]
61[*** ]
60 Inserted by Notification No. IBBI/2020-21/GN/REG069 dated 4th March, 2021 (w.e.f. 04-03-2021).
61 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“ [31A. Stakeholders’ consultation committee.
[(1) The liquidator shall constitute a consultation committee, comprising of all creditors of the corporate debtor,
within sixty days from the liquidation commencement date, based on the list of stakeholders prepared under
regulation 31, to advise him on matters relating to-
(a) remuneration of professionals appointed under regulation 7;
(b) sale under regulation 32, including manner of sale, pre-bid qualifications, reserve price, marketing strategy
and auction process.;
(c) fees of the liquidator;
(d) valuation under sub- regulation (2) of regulation 35;
(e) the manner in which proceedings in respect of preferential transactions, undervalued transaction, extortionate
credit transaction or fraudulent or wrongful trading, if any, shall be pursued after closure of liquidation
proceedings and the manner in which the proceeds, if any, from these proceedings shall be 61[distributed;]
[ [***]
(g) continuation or institution of any suits or legal proceedings by or against the corporate debtor;
(h) extension of payment of balance sale consideration as provided in clause (12) of Para 1 of Schedule I, beyond
ninety days, to be disclosed in the auction notice.]
[(1A) The committee of creditors under section 21 shall function as the consultation committee with same voting
rights till constitution of the consultation committee under sub-regulation (1).]
[(2) The voting share of a member of the consultation committee shall be in proportion to his admitted claim in
the total admitted claim:
Provided a secured creditor who has not relinquished his security interest under section 52 shall not be part of the
consultation committee;
Provided that the promoters, directors, partners or their representatives may attend the meeting of the consultation
committee, but shall not have any right to vote.
Provided further that a financial creditor or his representative, if he is a related party of the corporate debtor, shall
not have right to vote.]
[(3). The liquidator may facilitate the stakeholders of each class namely financial creditors in a class, workmen,
employees, government departments, other operational creditors, shareholders, partners, to nominate their
representative for participation in the consultation committee.]
[(4) If the stakeholders of any class fail to nominate their representatives, under sub-regulation (3), such
representatives shall be selected by a majority of voting share of the class, present and voting.]
[(4A) the representative under sub-regulation (3) or (4) shall vote in proportion to the voting share of the
stakeholders it represents.]
(5) Subject to the provisions of the Code and these regulations, representatives in the consultation committee shall
have access to all relevant records and information as may be required to provide advice to the liquidator under
sub-regulation (1).
28
CHAPTER VI
REALISATION OF ASSETS
[(6) The liquidator shall convene the first meeting of the consultation committee within seven days of the
liquidation commencement date and may convene other meetings, if he considers necessary, on a request received
from one or more members of the consultation committee:
Provided that when a request is received by the liquidator from members, individually or collectively,
having at least thirty three percent of the total voting rights, the liquidator shall mandatorily convene the meeting.]
[Provided further that the liquidator shall convene subsequent meetings within thirty days of the previous
meeting, unless the consultation committee has extended the period between such meetings:
Provided further that there shall be at least one meeting in each quarter.]
[(6A) In all cases where the liquidator proposes to continue or initiate any legal proceeding, he shall, after
presenting the economic rationale for the proposal, seek the advice of the consultation committee.
(6B) In every meeting, the liquidator shall present to the consultation committee:
(a) the actual liquidation cost along with reasons for exceeding the estimated cost, if any;
(b) the consolidated status of all the legal proceedings; and
(c) the progress made in the process.]
(7) The liquidator shall chair the meetings of consultation committee and record deliberations of the meeting.
(8) The liquidator shall place the recommendation of committee of creditors made under sub-regulation (1) of
regulation 39C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016, before the consultation committee for its information.
(9) The consultation committee shall advise the liquidator, by a vote of not less than sixty-six percent of the
representatives of the consultation committee, 61[voting].
61 [Explanation: For the purpose of this sub-regulation, the term ‘voting’ shall mean voting cast by the
representatives of the consultation committee.]
(10) The advice of the consultation committee shall not be binding on the liquidator:
Provided that where the liquidator takes a decision different from the advice given by the consultation committee,
he shall record the reasons for the same in writing [and 61[submit the records relating to the said decision, to the
Adjudicating Authority and to the Board within five days of the said decision; and include it in the next progress
report ]]
[Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes
commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India
(Liquidation Process) (Amendment) Regulations, 2019.]
[(11) The consultation committee, after recording the reasons, may by a majority vote of not less sixty-six per
cent., propose to replace the liquidator and shall file an application, after obtaining the written consent of the
proposed liquidator in Form AA of the Schedule II, before the Adjudicating Authority for replacement of the
liquidator :
Provided that where a liquidator is proposed to be replaced, he shall-
(a) continue to work till his replacement; and
(b) be suitably remunerated for work performed till his replacement.
Provided that where a consultation committee under Regulation 31A has been constituted before the
commencement of Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment)
Regulations, 2022, the liquidator within thirty days of the commencement of the said Regulations, shall re-
constitute the consultation committee as required under the said Regulations and provisions provided under
amended Regulation 31A shall come into effect only after such constitution.]”.
29
32.
62[Sale of Assets, etc.
The liquidator may sell-
(a) an asset on a standalone basis;
(b) the assets in a slump sale;
(c) a set of assets collectively; 63[or]
(d) the assets in parcels 64[:]
65[]
Provided that where an asset is subject to security interest, it shall not be sold
under any of the clauses (a) to 66[(d)] unless the security interest therein has been
relinquished to the liquidation estate.]
67[Clarification: It is hereby clarified that the liquidator shall not sell any immovable and
movable property or actionable claims of the corporate debtor in liquidation to any person who
is ineligible to be a resolution applicant under section 29A.]
68[ ]
69[***]
62 Substituted by Notification No. IBBI/2018-19/GN/REG037, dated 22nd October, 2018 (w.e.f. 22-10-2018).
Regulation 32, prior to substitution it stood as under:
“[32. Manner of sale.
The liquidator may
(a)
sell an asset on a standalone basis; or
(b)
sell
(i)
the assets in a slump sale,
(ii)
a set of assets collectively, or
62[(iii) the assets in parcels; or;]
62[(c) sell the corporate debtor as a going concern.]”
63 Inserted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).
64 Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).
Prior to substitution, it stood as “:”.
65 Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).
66 Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).
Prior to substitution, it stood as “(f)”.
67 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
68 Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).
69 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“[32B Conduct of meetings of the consultation committee.
Save as otherwise provided under Chapter III of Part II of the Code and these Regulations, the provisions of
regulations 18 to 26 of Chapter VI and Chapter VII of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016 shall apply mutatis mutandis to meetings of the
consultation committee under liquidation proceedings]”.
30
33.
Mode of sale.
(1)
The liquidator shall ordinarily sell the assets of the corporate debtor through an auction
in the manner specified in Schedule I.
70[Provided that the liquidator shall not sell the assets without prior permission of the
Adjudicating Authority under this sub-regulation to:
(a) a related party of the corporate debtor subject to proviso to clause (f) of sub-section
(1) of Section 35;
(b) his related party; or
(c) any professional appointed by him.]
(2)
71[ The liquidator may sell the assets of the corporate debtor by means of private sale
only after prior approval of the committee with voting share of sixty six per cent., in
the manner specified in Schedule I when –
(a)
the asset is perishable;
(b)
the asset is likely to deteriorate in value significantly if not sold immediately;
or
(c)
the permission of the Adjudicating Authority has been obtained for such sale:
Provided that the liquidator shall not sell the assets, by way of private sale to-
(a) a related party of the corporate debtor;
(b) his related party; or
(c) any professional appointed by him.]
70 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
71 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“(2) The liquidator may sell the assets of the corporate debtor by means of 71[private sale only after prior
consultation with the consultation committee under regulation 31A, in the manner specified in Schedule I when
]-
(a)
the asset is perishable;
(b)
the asset is likely to deteriorate in value significantly if not sold immediately;71[or]
[***]
(c)
the prior permission of the Adjudicating Authority has been obtained for such sale:
Provided that the liquidator shall not sell the assets, without prior permission of the Adjudicating Authority,
by way of private sale to-
(c)
a related party of the corporate debtor;
(d)
his related party; or
(e)
any professional appointed by him.”.
31
(3)
The liquidator shall not proceed with the sale of an asset if he has reason to believe that
there is any collusion between the buyers, or the corporate debtor’s related parties and
buyers, or the creditors and the buyer, and shall submit a report to the Adjudicating
Authority in this regard, seeking appropriate orders against the colluding parties.
34.
Asset memorandum.
(1)
72[For cases under sub-regulation (1) of regulation 35, the liquidator shall, within thirty
days from the liquidation commencement date, prepare an asset memorandum in
accordance with this regulation based on the information memorandum prepared under
section 29, with suitable modifications.]
73[(1A) For cases covered under sub-regulation (2) of regulation 35, the liquidator shall prepare
an asset memorandum in accordance with this Regulation within 74[forty-five] days
from the liquidation commencement date.]
(2)
The asset memorandum shall provide the following details in respect of the assets
which are intended to be realized by way of sale-
(a) value of the asset 75[under regulation 32], valued in accordance with Regulation 35;
76[*** ]
(c) intended manner of sale in accordance with Regulation 32, and reasons for the same;
(d) the intended mode of sale and reasons for the same in accordance with Regulation
33;
(e) expected amount of realization from sale; and
(f) any other information that may be relevant for the sale of the asset.
72 Substituted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
Prior to substitution, sub-regulation (1) stood as: “On forming the liquidation estate under section 36, the
liquidator shall prepare an asset memorandum in accordance with this Regulation within seventy-five days from
the liquidation commencement date”.
73 Inserted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
74 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under: -
“Seventy-five”.
75 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
76 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
omission, the words stood as under:-
“[(b) value of the assets or business(s) under clauses (b) to (f) of regulation 32, valued in accordance with
regulation 35, if intended to be sold under those clauses;]”.
32
(3)
The asset memorandum shall provide the following details in respect of each of the
assets other than those referred to in sub-regulation (2)-
(a)
value of the asset;
(b)
intended manner and mode of realization, and reasons for the same;
(c)
expected amount of realization; and
(d)
any other information that may be relevant for the realization of the asset.
(4)
The liquidator shall file the asset memorandum along with the 77[progress] report to the
Adjudicating Authority.
(5)
78[The liquidator shall share the asset memorandum with the Board and 79[***]
committee 80[***] after receiving an undertaking from each member that such member
shall maintain confidentiality of the information and shall not use such information to
cause an undue gain or undue loss to itself or any other person.]
35.
81[Valuation of assets intended to be sold.
(1)Where the valuation has been conducted under regulation 35 of the Insolvency and
Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 or regulation 34 of the Insolvency and Bankruptcy Board of India
(Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017,
77 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as, “preliminary”.
78 Substituted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
Prior to substitution, sub-regulation (5) stood as: “The asset memorandum shall not be accessible to any person
during the course of liquidation, unless permitted by the Adjudicating Authority”.
79 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“members of the consultation”.
80 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“having voting rights”.
81 Substituted by Notification No. IBBI/2018-19/GN/REG037, dated 22nd October, 2018 (w.e.f. 22-10-2018).
Regulation 35, prior to substitution it stood as under:
“35. Valuation of assets intended to be sold.
(1) The liquidator shall appoint at least two registered valuers to value the assets as required under Regulation
34(2).
(2) The provisions of Regulation 7 shall apply mutatis mutandis to registered valuers appointed under sub-
regulation (1).
(3) The registered valuers appointed under sub-regulation (1) shall independently submit to the liquidator the
estimates of the realizable value of the asset(s) computed in accordance with internationally accepted
valuation standards, after physical verification of the assets of the corporate debtor.
(4) The average of the estimates received under sub-regulation (3) shall be considered the value of the assets.”
33
as the case may be, the liquidator shall consider the average of the estimates of the
values arrived under those provisions for the purposes of valuations under these
regulations.
82[(2) In cases not covered under sub-regulation (1) or where the committee, is of the
opinion that fresh valuation is required under the circumstances, the liquidator shall
within seven days of the liquidation commencement date, appoint two registered
valuers to determine the realisable value of the assets under regulation 32 of the
corporate debtor:
Provided that the following persons shall not be appointed as registered valuers,
namely: -
(a) a relative of the liquidator;
(b) a related party of the corporate debtor;
(c) an auditor of the corporate debtor at any time during the five years preceding the
insolvency commencement date; or
(d) a partner or director of the insolvency professional entity of which the liquidator is
a partner or director.]
82 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“(2) [In cases not covered under sub-regulation (1) or 82[where the liquidator after consultation with the
consultation committee under regulation 31A, is of the opinion ]that fresh valuation is required under the
circumstances, he shall within seven days] of the liquidation commencement date, appoint two registered valuers
to determine the realisable value of the assets or businesses under clauses (a) to (f) of regulation 32 of the corporate
debtor:
[Provided that, in respect of a corporate debtor classified as a micro, small or medium enterprise under
sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006),
the liquidator shall appoint one registered valuer for each asset class of the corporate debtor, unless the liquidator
after consultation with the consultation committee decides, for reasons to be recorded in writing, to appoint two
registered valuers.]
Provided [further] that the following persons shall not be appointed as registered valuers, namely: -
(a) a relative of the liquidator;
(b) a related party of the corporate debtor;
(c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement
date; or
(d) a partner or director of the insolvency professional entity of which the liquidator is a partner or director.”.
34
(3) The Registered Valuers appointed under sub-regulation (2) shall independently
submit to the liquidator the estimates of realisable value of the assets 83[***], computed
in accordance with the 84[such valuation standards as notified by the Board through
circular], after physical verification of the assets of the corporate debtor.
(4) The average of two estimates received under sub-regulation (3) shall be taken as the
value of the assets 85[***].]
86[(5) Where valuation is undertaken as per sub-regulation (2), the liquidator shall
facilitate a meeting wherein registered valuers shall explain the methodology being
adopted to arrive at valuation to the 87[***] committee before finalisation of valuation
reports.
(6) The liquidator shall share the valuation reports with the 88[***] committee after
obtaining an undertaking that they shall maintain the confidentiality of such reports and
shall not use these reports to cause an undue gain or undue loss to itself or any other
person.
(7) In case there is deviation of twenty five percent in the valuation of an asset class
under sub-regulation (2) from valuation under regulation 35 of the Insolvency and
Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016, the liquidator shall facilitate a meeting wherein the registered
valuers shall explain the reasons for the difference to the 89[***] committee.]
83 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“or businesses, as the case may be”.
84 Substituted by Notification No. IBBI/2025-26/GN/REG136, dated 25th February, 2026 (w.e.f. 25-02-2026).
Before substitution, the words stood as under:
“Companies (Registered Valuers and Valuation) Rules, 2017”
85 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“or businesses”.
86 Inserted by Notification No. IBBI/2023-24/GN/REG112,dated 12th February,2024 (w.e.f. 12.02.2024).
87 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as, “consultation”.
88 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as, “members of the consultation”.
89 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as, “consultation”.
35
90[(8) For the purposes of this regulation, a registered valuer shall prepare the valuation
report and maintain such documentation as per the format notified by the Board through
circular.]
36.
Asset sale report.
On sale of an asset, the liquidator shall prepare an asset sale report in respect of said asset, to
be enclosed with the Progress Reports, containing -
(a)
the realized value;
(b)
cost of realization, if any;
(c)
the manner and mode of sale;
(d)
if the value realized is less than the value in the asset memorandum, the reasons
for the same;
(e)
the person to whom the sale is made; and
(f)
any other details of the sale.
37.
Realization of security interest by secured creditor
(1)
A secured creditor who seeks to realize its security interest under section 52 shall
intimate the liquidator of the price at which he proposes to realize its secured asset.
(2)
The liquidator shall inform the secured creditor within 91[seven] days of receipt of the
intimation under sub-regulation (1) if a person is willing to buy the secured asset before
the expiry of 92[fourteen] days from the date of intimation under sub-regulation (1), at
a price higher than the price intimated under sub-regulation (1).
(3)
Where the liquidator informs the secured creditor of a person willing to buy the secured
asset under sub-regulation (2), the secured creditor shall sell the asset to such person.
90 Inserted by Notification No. IBBI/2025-26/GN/REG136, dated 25th February, 2026 (w.e.f. 25-02-2026).
91 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“twenty one”.
92 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as, “thirty”.
36
(4)
If the liquidator does not inform the secured creditor in accordance with sub-regulation
(2), or the person does not buy the secured asset in accordance with sub-regulation (2),
the secured creditor may realize the secured asset in the manner it deems fit, but at least
at the price intimated under sub-regulation (1).
(5)
Where the secured asset is realized under sub-regulation (3), the secured creditor shall
bear the cost of identification of the buyer under sub-regulation (2).
(6)
Where the secured asset is realized under sub-regulation (4), the liquidator shall bear
the cost 93[***] incurred to identify the buyer under sub-regulation (2).
(7)
The provisions of this Regulation shall not apply if the secured creditor enforces his
security interest under the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (54 of 2002) or the Recovery of Debts and
Bankruptcy Act, 1993 (51 of 1993).
94[(8) A secured creditor shall not sell or transfer an asset, which is subject to security interest,
to any person, who is not eligible under the Code to submit a resolution plan for insolvency
resolution of the corporate debtor.]
95[37A. Assignment of not readily realisable assets.
(1) A liquidator may assign or transfer a not readily realisable asset through a transparent
process, 96[with prior approval of ] the 97[***] committee 98[***], for a consideration to any
person, who is eligible to submit a resolution plan for insolvency resolution of the corporate
debtor.
Explanation. — For the purposes of this sub-regulation, “not readily realisable asset” means
any asset included in the liquidation estate which could not be sold through available options
and includes contingent or disputed assets and assets underlying proceedings for preferential,
undervalued, extortionate credit and fraudulent transactions referred to in sections 43 to 51 and
section 66 of the Code 99[, whether crystallised or not].]
38.
Distribution of unsold assets.
93 Omitted by Notification No. IBBI/2020-21/GN/REG062 dated 5th August, 2020 (w.e.f. 05-08-2020).
94 Inserted by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020).
95 Inserted by Notification No. IBBI/2020-21/GN/REG067, dated 13th November, 2020 (w.e.f. 13-11-2020).
96 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“in consultation with”.
97 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior
omission, the words stood as under: -
“stakeholders’ consultation”.
98 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior
omission, the words stood as under: -
“in accordance with regulation 31A”.
99 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
37
(1)
The liquidator may, 100[after approval of the committee and] with the permission of the
Adjudicating Authority, distribute amongst the stakeholders, an asset that 101[could not
be sold, assigned or transferred] due to its peculiar nature or other special
circumstances.
(2)
The application seeking permission of the Adjudicating Authority under sub-regulation
(1) shall-
(a)
identify the asset;
(b)
provide a value of the asset;
(c)
detail the efforts made to sell the asset, if any; and
(d)
provide reasons for such distribution.
39.
Recovery of monies due.
The liquidator shall endeavor to recover and realize all assets of and dues to the corporate
debtor in a time-bound manner for maximization of value for the stakeholders.
40.
Liquidator to realize uncalled capital or unpaid capital contribution.
(1)
The liquidator shall realize any amount due from any contributory to the corporate
debtor.
(2)
Notwithstanding any charge or encumbrance on the uncalled capital of the corporate
debtor, the liquidator shall be entitled to call and realize the uncalled capital of the
corporate debtor and to collect the arrears, if any, due on calls made prior to the
liquidation, by providing a notice to the contributory to make the payments within
fifteen days from the receipt of the notice, but shall hold all moneys so realized subject
to the rights, if any, of the holder of any such charge or encumbrance.
(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.
100 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
101 Substituted by Notification No. IBBI/2020-21/GN/REG067, dated 13th November, 2020 (w.e.f. 13-11-2020).
Prior to substitution it stood as under:
“cannot be readily or advantageously sold”.
38
Explanation: For the purpose of this chapter and Schedule I, ‘assets’ include an asset, all assets,
a set of assets or parcel of assets 102[*** ], as the case may be, which are being sold.
CHAPTER VII
PROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEEDS
41.
All money to be paid in to bank account.
(1)
The liquidator shall open a bank account in the name of the corporate debtor followed
by the words ‘in liquidation’, in a scheduled bank, for the receipt of all moneys due to
the corporate debtor.
(2)
The liquidator shall deposit in the bank account opened under sub-regulation (1) all
moneys, including cheques and demand drafts received by him as the liquidator of the
corporate debtor, and the realizations of each day shall be deposited into the bank
account without any deduction not later than the next working day.
(3)
The liquidator may maintain a cash of one lakh rupees or such higher amount as may
be permitted by the 103[committee] to meet liquidation costs.
(4)
All payments out of the account by the liquidator above five thousand rupees shall be
made by cheques drawn or online banking transactions against the bank account.
42.
Distribution.
(1)
Subject to the provisions of section 53, the liquidator shall not commence distribution
before the list of stakeholders 104[***] has been filed with the Adjudicating Authority.
(2)
The liquidator shall distribute the proceeds from realization within 105[fifteen days]
from the receipt of the amount to the stakeholders.
(3)
The insolvency resolution process costs, if any, and the liquidation costs shall be
deducted before such distribution is made.
102 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as, “[, business]”.
103 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“Adjudicating Authority”.
104 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“and the asset memorandum”.
105 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under: -
“ninety days”.
39
43.
Return of money.
A stakeholder shall forthwith return any monies received by him in distribution, which
he was not entitled to at the time of distribution, or subsequently became not entitled to.
44.
Completion of liquidation.
(1)
106[The liquidator shall liquidate the corporate debtor within a period of 107[one hundred
and eighty days] from the liquidation commencement date, notwithstanding pendency
of any application for avoidance of transactions under 108[***] Part II of the Code,
before the Adjudicating Authority or any action thereof:
109[***]
(2)
If the liquidator fails to liquidate the corporate debtor within 110[one hundred and eighty
days], he shall 111 [, on receiving an instruction from the committee under this
regulation] make an application to the Adjudicating Authority to continue such
liquidation, along with a report explaining why the liquidation has not been completed
and specifying the additional time that shall be required for liquidation.
112[Clarification: It is clarified that the liquidator shall continue to discharge his
responsibilities under the liquidation process, till the application for extension is
decided by the Adjudicating Authority.]
113 [Explanation.- In relation to the liquidation processes commenced prior to the
commencement of the 114[Insolvency and Bankruptcy Board of India (Liquidation
Process) (Fourth Amendment) Regulations, 2026], the requirements of this regulation
as existing before such commencement, shall apply.]
115[44A. Treatment of avoidance of transaction.
106 Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019). Prior
to substitution it stood as under:
“The liquidator shall liquidate the corporate debtor within a period of two years.”.
107 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“one year”.
108 Omitted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021).
109 Omitted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
110 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“[one year]”.
111 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
112 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
113 Inserted by Notification No. IBBI/2022-23/GN/REG082, dated 28th April, 2022 (w.e.f. 28-04-2022).
114 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019”.
115 Inserted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
40
The liquidator shall, 116[with the approval] of the 117[***] committee, provide in the
application along with the final report filed under regulation 45 for the manner in which
proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent
or wrongful trading under Chapter VI of Part II of the Code, will be pursued after the
dissolution or closure of liquidation process and the manner in which the proceeds, if
any, from such proceedings shall be distributed.]
45.
Final report prior to dissolution.
(1)
When the corporate debtor is liquidated, the liquidator shall make an account of the
liquidation, showing how it has been conducted and how the corporate debtor’s assets
have been liquidated.
118[(2) The liquidator shall submit an application along with the final report and the compliance
certificate in such format as notified by the Board to the Adjudicating Authority for the
dissolution of the corporate debtor or closure of the liquidation process.]
119[45A. Preservation of records.
(1) The liquidator shall preserve copies of all such records which give a complete account of
the liquidation process.
(2) Without prejudice to the generality of the provisions of sub-regulation (1), the liquidator
shall preserve copies of records relating to or forming the basis of:-
(a) his appointment as liquidator, including the terms of appointment;
(b) handing over and taking over of the assignment;
(c) admission of corporate debtor into liquidation;
(d) public announcement;
(e) the constitution of 120[***] committee and minutes of 121[***] committee meetings
during liquidation process;
(f) claims, verification of claims, and list of stakeholders;
(g) details of relinquishment or otherwise by secured creditors in liquidation process;
116 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“on the advice”.
117 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as, “consultation”.
118 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the
liquidator shall explain the reasons for the same.
(3) [The liquidator shall submit an application along with the final report and the compliance certificate in form
H to the Adjudicating Authority for –
(a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern
[or a compromise or arrangement has been sanctioned under section 230 of the Companies Act, 2013]; or
(b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]”
119 Inserted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
120 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, word stood as, “consultation”.
121 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, word stood as, “consultation”.
41
(h) engagement of professionals, registered valuers, etc. including work done, reports etc.,
submitted by them;
(i) Invitation, consideration and approval of plans / proposals / scheme received, in case
of 122[***] compromise or arrangement under section 230 of the Companies Act,
2013;
(j) all filings with the Adjudicating Authority, Appellate Authority, High Courts,
Supreme Court, whichever applicable and their orders;
(k) statutory filings with Board and insolvency professional agencies;
(l) correspondence during the liquidation process;
(m) cost of liquidation process;
(n) all reports, registers, documents such as 123[***] progress reports, 124[], final report
prior to dissolution, various registers and books, etc. mentioned in regulations 5 and
6 of these Regulations.
(o) preferential, undervalued, extortionate credit transactions or fraudulent or wrongful
trading.
(p) any other records, which is required to give a complete account of the process.
(3) The liquidator shall preserve:
(a) electronic copy of all records (physical and electronic) for a minimum period of eight
years; and
(b) a physical copy of records for a minimum period of three years;
from the date of dissolution of the corporate debtor or closure of the liquidation process or
the conclusion of any proceeding relating to the liquidation process, before the Board, the
Adjudicating Authority, Appellate Authority or any Court, whichever is later.
(4) In case of replacement of liquidator, the outgoing liquidator shall handover the records
under sub-regulation (1) and (2) to the new liquidator and be responsible for preserving the
records not handed over, for any reason, to the new liquidator.
125[***]
(6) The records of the corporate debtor shall be preserved by the liquidator as per the applicable
laws.
(7) The liquidator shall preserve the records at a secure place and shall be obliged to produce
records as may be required under the Code and the Regulations made thereunder.
122 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“going concern sale in liquidation process or”.
123 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“preliminary report, asset memorandum,”.
124 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“asset sale report, annual status report”.
125 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“(5) Where the corporate debtor has been sold as a going concern under clause (e) of regulation 32, the general
records of the corporate debtor shall be handed over to the successful buyer.”.
42
Explanation - The records referred to in this regulation include records pertaining to the period
of a liquidation process during which the liquidator acted as such, irrespective of the fact that
he did not take up the assignment from its commencement or continued the assignment till its
conclusion.]
126[46. Corporate Liquidation Account.
127[(1) The Board shall maintain and operate an account to be called the Corporate Liquidation
Account with a scheduled bank.]
Provided that until the Corporate Liquidation Account is operated as part of the Public
Accounts of India, the Board shall open a separate bank account with a scheduled bank for the
purposes of this regulation.
(2) A liquidator shall deposit the amount of unclaimed dividends, if any, and undistributed
proceeds, if any, in a liquidation process along with any income earned thereon till the date of
deposit into the Corporate Liquidation Account before he submits an application under sub-
regulation (3) of regulation 45.
(3) A liquidator, who holds any amount of unclaimed dividends or undistributed proceeds in a
liquidation process on the date of commencement of the Insolvency and Bankruptcy Board of
India (Liquidation Process) (Amendment) Regulations, 2020, shall deposit the same within
fifteen days of the date of such commencement, along with any income earned thereon till the
date of deposit.
(4) A liquidator, who fails to deposit any amount into the Corporate Liquidation Account under
this regulation, shall deposit the same along with interest thereon at the rate of twelve percent
per annum from the due date of deposit till the date of deposit.
126Substituted by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020). Prior to
substitution it stood as under:
“46. Unclaimed proceeds of liquidation or undistributed assets.
(1)
Before the order of dissolution is passed under section 54(2), the liquidator shall apply to the Adjudicating Authority for an order to pay
into the Companies Liquidation Account in the Public Account of India any unclaimed proceeds of liquidation or undistributed assets
or any other balance payable to the stakeholders in his hands on the date of the order of dissolution.
(2)
Any liquidator who retains any money which should have been paid by him into the Companies Liquidation Account under this
Regulation shall pay interest on the amount retained at the rate of twelve per cent per annum, and also pay such penalty as may be
determined by the Board.
(3)
The liquidator shall, when making any payment referred to in sub-regulation (1), furnish to the authority with which the corporate debtor
is registered, and the Board, a statement setting forth the nature of the sums included, the names and last known addresses of the
stakeholders entitled to participate therein, the amount to which each is entitled to and the nature of their claim.
(4)
The liquidator shall be entitled to a receipt from the Reserve Bank of India for any money paid to it under sub-regulation (2), and such
receipt shall be an effectual discharge of the liquidator in respect thereof.
(5)
A person claiming to be entitled to any money paid into the Companies Liquidation Account may apply to the Board for an order for
payment of the money claimed; which may, if satisfied that such person is entitled to the whole or any part of the money claimed, make
an order for the payment to that person of the sum due to him, after taking such security from him as it may think fit.
(6)
Any money paid into the Companies Liquidation Account in pursuance of this Regulation, which remains unclaimed thereafter for a
period of fifteen years, shall be transferred to the general revenue account of the Central Government.”
127 Substituted vide Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025). Prior to
substitution, it stood as “(1) The Board shall operate and maintain an Account to be called the Corporate Liquidation Account
in the Public Accounts of India:”
43
(5) A liquidator shall submit to the authority with which the corporate debtor is registered and
the Board, the evidence of deposit of the amount into the Corporate Liquidation Account under
this regulation, and a statement in 128[such format as notified by the Board] setting forth the
nature of the amount deposited into the Corporate Liquidation Account, and the names and last
known addresses of the stakeholders entitled to receive the unclaimed dividends or
undistributed proceeds.
(6) The liquidator shall be entitled to a receipt from the Board for any amount deposited into
the Corporate Liquidation Account under this regulation.
129[(7) Prior to dissolution of the corporate person, a stakeholder, who claims to be entitled to
any amount deposited into the Corporate Liquidation Account, may apply to the liquidator in
130[such format as notified by the Board] for withdrawal of the amount.
(7A) On receipt of request under sub-regulation (7), the liquidator after verification of the
claim, shall request the Board for release of amount to him for onward distribution.
(7B) The Board on receipt of request under sub-regulation (7A) may release the amount to the
liquidator.
(7C) The liquidator shall, after making the distribution to the stakeholder, shall intimate the
Adjudicating Authority of such distribution.
(7D) After dissolution of the corporate person, a stakeholder, who claims to be entitled to any
amount deposited in the Corporate Liquidation Account, may apply to the Board in 131[such
format as notified by the Board] for an order for withdrawal of the amount.
(7E) If any person other than the stakeholder claims to be entitled to any amount deposited to
the Corporate Liquidation Account, he shall submit evidence to satisfy the liquidator or the
Board, as the case may be, that he is so entitled.]
(8) The Board may, if satisfied that the stakeholder or any other person referred to under
132 [sub-regulation (7D)] is entitled to withdrawal of any amount from the Corporate
128 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“Form I”.
129 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024),
prior to substitution it stood as under: “(7) A stakeholder, who claims to be entitled to any amount deposited
into the Corporate Liquidation Account, may apply to the Board in Form J for an order for withdrawal of the
amount:
Provided that if any other person other than the stakeholder claims to be entitled to any amount deposited into
the Corporate Liquidation Account, he shall submit evidence to satisfy the Board that he is so entitled.”.
130 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“Form I”.
131 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“Form I”.
132 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024),
prior to substitution it stood as “sub-regulation (7)”.
44
Liquidation Account, make an order for the same in favour of that stakeholder or that other
person.
(9) The Board shall maintain a corporate debtor-wise ledger of the amount deposited into and
the amount withdrawn from the Corporate Liquidation Account under this regulation.
(10) The Board shall nominate an officer of the level of Executive Director of the Board as the
custodian of the Corporate Liquidation Account and no proceeds shall be withdrawn without
his approval.
(11) The Board shall maintain proper accounts of the Corporate Liquidation Account and get
the same audited annually.
(12) The audit report along with the statement of accounts of the Corporate Liquidation
Account referred to in sub-regulation (11) shall be placed before the Governing Board and shall
be forwarded to the Central Government.
(13) Any amount deposited into the Corporate Liquidation Account in pursuance of this
regulation, which remains unclaimed or undistributed for a period of fifteen years from the
date of order of dissolution of the corporate debtor and any amount of income or interest
received or earned in the Corporate Liquidation Account shall be transferred to the
Consolidated Fund of India.]
133[46A. Exclusion of certain assets from the liquidation estate.
For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor
has given possession to an allottee in a real estate project, such asset shall not form a part of
the liquidation estate of the corporate debtor.]
134[47. Model time-line for liquidation process.
133 Inserted by Notification No. IBBI/2023-24/GN/REG112,dated 12th February,2024 (w.e.f. 12.02.2024).
134 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
Before substitution, the words stood as under:-
“47. [Model time-line for liquidation process.
The following Table presents a model timeline of liquidation process of a corporate debtor from the
liquidation commencement date, assuming that the process does not include compromise or arrangement
under section 230 of the Companies Act, 2013 (18 of 2013) or sale under regulation 32A:
Model Timeline for Liquidation Process
Sl.
No.
Section /
Regulation
Description of Task
Norm
Latest
Timeline
(Days)
(1)
(2)
(3)
(4)
(5)
1
Section 33 and
34
Commencement
of
liquidation
and
appointment of liquidator
LCD
0 = T
2
Section 33 (1)
(b)
(ii)
/
Reg. 12 (1, 2, 3)
Public announcement in Form B Within 5 days of appointment of
liquidator.
T + 5
3
Reg. 35 (2)
Appointment of registered valuers
Within 7 days of LCD
T + 7
45
The following Table presents a model timeline of liquidation process of a corporate debtor
from the liquidation commencement date, assuming that the process does not include
compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013) :
Model Timeline for Liquidation Process
134[3A.
Reg. 31A (6)
First meeting of SCC
Within 7 days of LCD
T+7]
4
134 [Section 38
(1), Reg. 17, 18,
19, 20 and 21A]
Submission of claims;
Within 30 days of LCD
T + 30
Intimation of decision on relinquishment of
security interest
5
Section 38 (5)
Withdrawal/ modification of claim Within 14 days of submission of
claim
T + 44
6
Reg. 30
Verification of claims received under
regulation 12(2)(b)
Within 30 days from the last date
for receipt of claims
T + 60
7
Reg. 31A
Constitution of SCC
Within 60 days of LCD
T + 60
8
Section 40 (2)
Intimation about decision of acceptance/
rejection of claim
Within 7 days of admission or
rejection of claim
T + 67
9
Reg. 31 (2)
Filing the list of stakeholders 134[***]
Within 45 days from the last date of
receipt of claims
T + 75
10
Section 42
Appeal by a creditor against the decision of
the liquidator
Within 14 days of receipt of such
decision
T + 81
11
Reg. 13
Preliminary report to the AA Within 75 days of LCD
T + 75
12
Reg. 34
Asset memorandum
Within 134[30/75] days of LCD
T +
134[30/75]
13
Reg. 15 (1), (2),
(3), (4) and (5),
and 36
Submission of progress reports to AA;
Asset Sale report to be enclosed with every
Progress Report, if sales are made
First progress report
Q1 + 15
Q-2
Q2 + 15
Q-3
Q3 + 15
Q-4
Q4 + 15
FY:
1
Audited
accounts
of
liquidator's receipt & payments for
the financial year
15th April
14
Proviso to Reg.
15 (1)
Progress report in case of cessation of
liquidator
Within 15 days of cessation as
liquidator
Date of
cessation
+ 15
15
Reg. 37 (2, 3)
Information to secured creditors
Within 21 days of receipt of
intimation from secured creditor
Date of
intimation
+ 21
16
Reg. 42 (2)
Distribution
of
the
proceeds
to
the
stakeholders
Within 3 months from the receipt of
amount
Date of
Realisation
+ 90
17
Reg.10 (1)
Application to AA for Disclaimer of onerous
property
Within 6 months from the LCD
T + 6
months
18
Reg.10 (3)
Notice to persons interested in the onerous
property or contract
At least 7 days before making an
application
to
AA
for
134[disclaimer].
19
Reg. 44
Liquidation of corporate debtor.
Within one year
T + 365
20
134[Reg. 46
Deposit the amount of unclaimed dividends
and undistributed proceeds
Before submission of application
under
sub-regulation
(3)
of
regulation 45
21
Sch-1 Sl. No 12
Time period to H1 bidder to provide balance
sale consideration
Within 90 days of the date of
invitation to provide the balance
amount.]
[AA: Adjudicating Authority, LCD: Liquidation Commencement Date, SCC: Stakeholders’ Consultation Committee]
”.
46
Sl.
N
o.
Sectio
n /
Regul
ation
Description of Task
Norm
Latest
Timeline
(Days)
(1)
(2)
(3)
(4)
(5)
1
Sectio
n
33
and 34
Commencement of liquidation
and appointment of liquidator
LCD
0 = T
2
Sectio
n
33
(1) (b)
(ii)
/
Reg.
12
Public announcement
Within 5 days of appointment
of liquidator.
T + 5
3
Reg.
35 (2)
Appointment of registered
valuers
Within 7 days of LCD
T + 7
4
Reg. 8 First meeting of committee of
creditors
Within 7 days of LCD
T+ 7
5
Reg.
16
/
Sec.
52 and
reg.
21A
Submission of claims;
Within 14 days of LCD
T + 14
Intimation of decision on
relinquishment
of
security
interest
6
Reg.
30
Verification
of
claims
received under regulation 16
Within 7 days of receipt of
claims
T + 21
7
Reg.
30
Intimation about decision of
acceptance/ rejection of claim
Within 7 days of admission or
rejection of claim
T + 28
8
Reg.
31 (2)
Filing the list of stakeholders Within 30 days from the last
date of receipt of claims
T + 44
9
Reg.
15
Submission
of
progress
reports to AA
First progress report
Q1 + 15
Second progress report
Q2 + 15
10 Provis
o
to
Reg.
15
Progress report in case of
cessation of liquidator
Within 15 days of cessation as
liquidator
Date of
cessation
+ 15
11 Reg.
42 (2)
Distribution of the proceeds to
the stakeholders
Within 15 days from the receipt
of amount
Date of
Realisation
+ 15
12 Reg.
44
Liquidation
of
corporate
debtor.
Within 180 days
T + 180
13
[Reg.
46
Deposit
the
amount
of
unclaimed
dividends
and
undistributed proceeds
Before
submission
of
application
under
sub-
regulation (2) of regulation 45
14 Sch-1
Sl. No
12
Time period to H1 bidder to
provide
balance
sale
consideration
Within 90 days of the date of
invitation to provide the balance
amount.]
[AA: Adjudicating Authority, LCD: Liquidation Commencement Date]
]
47
135[Exclusion of period of lockdown.
47A. Subject to the provisions of the Code, the period of lockdown imposed by the Central
Government in the wake of Covid-19 outbreak shall not be counted for the purposes of
computation of the time-line for any task that could not be completed due to such lockdown,
in relation to any liquidation process.]
136[47B. Filing of Forms.
137[(1) The liquidator shall file the Forms, along with enclosures thereto, as notified by Board,
from time to time, on an electronic platform of the Board, as per the timelines stipulated for
each form.]
(2) The liquidator shall ensure that the Forms and its enclosures filed under this regulation are
accurate and complete.
(3) The filing of a Form under this regulation after the due date of submission, whether by
correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per
Form for each calendar month of delay after the date notified by the Board.
(4) The liquidator shall be liable to any action which the Board may take as deemed fit under
the Code or any regulation made thereunder, including refusal to issue or renew Authorisation
for Assignment, for -
(i) failure to file a Form along with requisite information and records;
(ii) inaccurate or incomplete information or records filed in or along with a Form;
(iii) delay in filing the Form.]
135 Inserted by Notification No. IBBI/2020-21/GN/REG060, dated 20th April, 2020 (w.e.f. 17.4.2020).
136 Inserted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025).
137 Substituted by Notification No. IBBI/2025-26/GN/REG134, dated 02nd January, 2026 (w.e.f. 02-01-2026).
Before substitution, it stood as under:
“(1) The liquidator shall file the Forms, along with the enclosures thereto, on an electronic platform of the Board,
as per the timelines stipulated against each Form, as per the Table below: -
TABLE
Form
No.
Period Covered and Scope
Timeline
LIQ 1
From liquidation commencement date till public
announcement: This
includes
details
of
the
liquidator, corporate debtor, the liquidator’s fee,
etc.
On or before the 10th day of the subsequent
month, after a public announcement has been
made.
LIQ 2
From
public
announcement
till
Progress
Report: This includes details of valuation, sale,
litigations, avoidance of transactions, meetings of
consultation committee, receipts and payments, etc.
On or before the 10th day of the subsequent
month, after submission of each Progress
Report to the Adjudicating Authority.
LIQ 3
From final report to application for dissolution:
This includes details of unclaimed proceeds, sale,
litigations, avoidance transactions, realisation,
distribution of proceeds, receipts and payments, etc.
On or before the 10th day of the subsequent
month, after submission of the dissolution
/closure application to the Adjudicating
Authority.
LIQ 4
From application for dissolution to order of
dissolution: This includes details of the distribution
of proceeds, receipts and payments, etc.
On or before the 14th day of passing of the
order for dissolution of corporate debtor or
closure of the liquidation process by the
Adjudicating Authority.
”
48
SCHEDULE I
MODE OF SALE
(Under Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process)
Regulations, 2016)
1.
AUCTION
(1)
Where an asset is to be sold through auction, a liquidator shall do so the in the manner
specified herein.
138[ 139[***]
(1B) The liquidator shall issue public notice for the next auction, in case of failure of the
auction, within fifteen days from the last failed auction unless the 140[] committee
141[decides] to deviate from the specified time period.
(1C) Notwithstanding anything contained in this Schedule, the liquidator shall complete an
auction process within thirty-five days from the issue of public notice for auction.
142[ ****]
143[(1E) The liquidator shall provide to the prospective bidder, access of the assets under
auction to facilitate their inspection and due diligence.]
(1F) A prospective bidder in an auction process shall deposit earnest money deposit at least
up to two days before the date of auction.]
(2)
The liquidator shall prepare a marketing strategy, with the help of marketing
professionals, if required, for sale of the asset. The strategy may include-
138 Inserted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
139 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“(1A) Subject to provisions of regulation 2B, the liquidator shall issue a public notice of an auction for sale
under regulation 32 within forty-five days from the liquidation commencement date unless the consultation
committee advises to extend the timeline.”
140 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, word stood as, “consultation”.
141 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
Before substitution, the words stood as, “advises”.
142 Omitted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025).
143 Substituted vide Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025).
Prior to substitution, it stood as “(1E) The liquidator shall provide to qualified bidder at least seven days, for
inspection or due diligence of assets under auction, from the date of declaration of qualified bidder.”
49
(a)
releasing advertisements;
(b)
preparing information sheets for the asset;
(c)
preparing a notice of sale; and
(d)
liaising with agents.
(3)
The liquidator shall prepare terms and conditions of sale, including reserve price,
earnest money deposit as well as pre-bid qualifications, if any.
144[Provided that the liquidator shall not require payment of any non-refundable
deposit or fee for participation in an auction under the liquidation process:
Provided further that the earnest money deposit shall not exceed ten percent. of the
reserve price.]
145[Provided further that the liquidator shall mention in the auction notice, the period
extended under clause (h) of sub-regulation (1) of regulation 31A.]
(4)
146[The reserve price shall be the value of the asset arrived at in accordance with
regulation 35 and where an auction fails, the reserve price in subsequent auctions may
be further reduced 147[, with the approval of the committee,] by not more than ten
percent at a time:
148[***.]] .
(5)
The liquidator shall 149[issue a public notice] of an auction in the manner specified in
Regulation 12(3);
144 Inserted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021).
145 Inserted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February,2024 (w.e.f. 12.02.2024).
146 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024),
prior to substitution it stood as: “(4) The reserve price shall be the value of the asset arrived at in accordance
with regulation 35.
(4A) Where an auction fails at the reserve price, the liquidator may reduce the reserve price by up to twenty five
percent of such value to conduct subsequent auction.
(4B) Where an auction fails at reduced price under clause (4A), the reserve price in subsequent auctions may be
further reduced by not more than ten percent at a time.”.
147 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
148 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“Provided that in cases where the reserve price of the failed auction of the asset was fixed as per the valuation
under sub-regulation (1) of regulation 35, the liquidator may, on the advice of the consultation committee, reduce
the reserve price up to twenty-five percent, once during the process.”
149 Substituted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021).
Prior to substitution, it stood as under:
“make a public announcement”.
50
Provided that the liquidator may apply to Adjudicating Authority to dispense with the
requirement of Regulation 12(3)(a) keeping in view the value of the asset intended to
be sold by auction.
150[(5A) The public notice shall state that prospective bidders shall submit an undertaking that
they do not suffer from any ineligibility under section 29A of the Code to the extent
applicable and that if found ineligible at any stage, the earnest money deposited shall
be forfeited.]
(6)
The liquidator shall provide all assistance necessary for the conduct of due diligence
by interested buyers.
(7)
151[From a date to be notified through circular by the Board, the liquidator shall sell
the assets only through an electronic auction platform empanelled by the Board.]
(8)
If the liquidator is of the opinion that a physical auction is likely to maximize the
realization from the sale of assets and is in the best interests of the creditors, he may
sell assets through a physical auction after obtaining the permission of the Adjudicating
Authority. The liquidator may engage the services of qualified professional auctioneers
specializing in auctioning such assets for this purpose.
(9)
An auction shall be transparent, and the highest bid at any given point shall be visible
to the other bidders.
(10)
If the liquidator is of the opinion that an auction where bid amounts are not visible is
likely to maximize realizations from the sale of assets and is in the best interests of the
creditors, he may apply, in writing, to the Adjudicating Authority for its permission to
conduct an auction in such manner.
(11)
If required, the liquidator may conduct multiple rounds of auctions to maximize the
realization from the sale of the assets, and to promote the best interests of the creditors.
152[(11A) Where the liquidator 153[with the approval of the committee with voting share of
sixty-six per cent.] rejects the highest bid in an auction process, he shall intimate the reasons
for such rejection to the highest bidder and mention it in the next progress report.]
150 Inserted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January, 2025 (w.e.f. 29-01-2025).
151 Substituted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). Prior
to substitution it stood as under: “The liquidator shall sell the assets through an electronic auction on an online
portal, if any, designated by the Board, where the interested buyers can register, bid and receive confirmation of
the acceptance of their bid online”.
152 Inserted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021).
153 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
51
(12)
154[On the close of the auction, the highest bidder shall be invited to provide balance
sale consideration within ninety days or such period as mentioned in the auction notice
under clause 3, of the date of such demand:
Provided that payments made after thirty days shall attract interest at the rate of twelve per
cent.:
Provided further that the sale shall be cancelled if the payment is not received within the
period provided under this clause.]
155[(12A) Within three days of declaring the highest bidder, the liquidator shall conduct due
diligence and verify the eligibility of the highest bidder.
(12B) The liquidator shall present the auction results, details of highest bidder, and the due
diligence conducted on it to the 156[] committee 157[].
(12C) The liquidator shall declare the highest bidder as the successful bidder or reject such bid,
after 158[the approval of the committee with voting share of sixty-six per cent.] under
regulation 31A.
(12D) If a bidder is found ineligible, the earnest money deposited by him shall be forfeited.
(12E) In case the highest bidder is found ineligible, 159[the liquidator may, with the approval
of the committee with voting share of sixty-six per cent.], declare the next highest bidder
as the successful bidder after following the same process as provided under clause (12A)
to clause (12E).]
(13)
On payment of the full amount, the sale shall stand completed, the liquidator shall
execute certificate of sale or sale deed to transfer such assets 160[with the approval of
the committee with voting share of sixty-six per cent] and the assets shall be delivered
to him in the manner specified in the terms of sale.]
2.
PRIVATE SALE
154 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024),
prior to substitution it stood as: “On the close of the auction, the highest bidder shall be invited to provide
balance sale consideration within ninety days of the date of such demand:
Provided that payments made after thirty days shall attract interest at the rate of 12%:
Provided further that the sale shall be cancelled if the payment is not received within ninety days.”
155 Inserted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January, 2025 (w.e.f. 29-01-2025).
156 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, word stood as, “consultation”.
157 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, stood as under:-
“under regulation 31A”.
158 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under: -
“consultation with the consultation committee”.
159 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:-
“the liquidator may, in consultation with the consultation committee”.
160 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
52
(1)
Where an asset is to be sold through private sale, a liquidator shall conduct the sale in
the manner specified herein.
(2)
The liquidator shall prepare a strategy to approach interested buyers for assets to be
sold by private sale.
(3)
Private sale may be conducted through directly liaising with potential buyers or their
agents, through retail shops, or through any other means that is likely to maximize the
realizations from the sale of assets.
161[(3A) The private sale shall be confirmed to the buyer 162[ in compliance with regulation 33].]
(4)
The sale shall stand completed in accordance with the terms of sale.
(5)
Thereafter, the assets shall be delivered to the purchaser, on receipt of full consideration
for the assets, in the manner specified in the terms of sale.
163[***]
161 Inserted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February,2024 (w.e.f. 12.02.2024).
162 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before
substitution, the words stood as under:
“after consultation with the consultation committee under regulation 33”.
163 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to
omission, the words stood as under:
“
SCHEDULE II
[FORM A
PROFORMA FOR REPORTING TO COMMITTEECONSULTATIONS WITH STAKEHOLDERS
(Under Regulation 8 and Regulation 31A of the Insolvency and Bankruptcy Board of India (Liquidation
Process) Regulations, 2016)
Sl. No. Basic details of CD and meeting
(a)
Name and Registration no. of Liquidator
(b)
Name of corporate debtor
I
Date of the meeting
(d)
Date of last meeting
I
Number of days since last meeting
(f)
Details of agenda of last meeting which were not
approved by the SCCCoC
-
Details of agenda items
Para of the minutes of the
meeting where the same was
discussed
Remarks
(a)
Remuneration of professionals appointed under
regulation 7, including process advisors, IPE, etc.
53
(b)
Sale under regulation 32, including manner of sale, pre-
bid qualifications, reserve price, marketing strategy and
auction process
I
Fees of the liquidator
(d)
Valuation under sub-regulation (2) of regulation 35
I
Status of Litigations and cost benefit analysis of
pursuing these litigations
(f)
Preliminary Progress report
(g)
Manner in which proceedings in respect of preferential
transactions, undervalued transaction, extortionate
credit transaction or fraudulent or wrongful trading, if
any, shall be pursued after closure dissolution of the
corporate debtor of liquidation proceedings and the
manner in which the proceeds, if any, from these
proceedings shall be distributed
(h)
Liquidation cost
(i)
Extension of time period for payment of balance sale
consideration beyond ninety days
(j)
Running the business of the corporate debtor in the
event the same is economically unviable
(kj)
Early dissolution of the corporate debtor
(lk)
Any other agenda item
]
[FORM AA
WRITTEN CONSENT TO ACT AS LIQUIDATOR
(Under regulation 31A 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 Stakeholders’ Consultation 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 consultation committee proposes to appoint me as liquidator under the under regulation
31A of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 for conducting
liquidation process of [name of the corporate debtor].
2. In accordance with aforementioned regulation, I hereby give consent to the proposed appointment.
3. 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
[name of the corporate debtor]..
54
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:
Sl. No.
Role as
No. of Processes on the date of Consent
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: (Signature of the insolvency professional)
Place:
Registration No. .......]
SCHEDULE II
[ 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.
Name of 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
7.
Liquidation commencement date of corporate debtor
8.
Name and registration number of the insolvency professional acting as
liquidator
9.
Address and e-mail of the liquidator, as registered with the Board
10.
Address and e-mail to be used for correspondence with the liquidator
11.
Last date for submission of claims
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].
55
The stakeholders of [-----Name of the corporate debtor] are hereby called upon to submit their claims with proof
on or before ------- [insert the date falling thirty fourteen days from the liquidation commencement date], to the
liquidator at the address mentioned against item No.10.
The financial creditors shall submit their claims with proof by electronic means only. All other creditors may
submit the claims with the proof in person, by post or by electronic means.
Submission of false or misleading proof of claims shall attract penalties.
[In case a stakeholder does not submit its claims during the liquidation process, the claims submitted by such a
stakeholder during the corporate insolvency resolution process under the Insolvency and Bankruptcy Board of
India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, shall be deemed to be submitted
under section 38liquidation process.]
Name and signature of liquidator
:
Date and place
:
:
SCHEDULE II
FORM C
PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND EMPLOYEES
(Under Regulation 17 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,
2016)
[Date]
To
The Liquidator
[Name of the Liquidator]
[Address as set out in the public announcement]
From
[Name and address of the operational creditor]
Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the
Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the operational creditor] hereby submits this proof of claim in respect of the liquidation of [name of
corporate debtor]. The details for the same are set out below:
1. NAME OF OPERATIONAL CREDITOR
(IF AN INCORPORATED BODY PROVIDE IDENTIFICATION
NUMBER AND PROOF OF INCORPORATION, IF A PARTNERSHIP
OR INDIVIDUAL PROVIDE IDENTIFICATION RECORDS* OF ALL
THE PARTNERS OR THE INDIVIDUAL)
56
2. ADDRESS
OF
OPERATIONAL
CREDITOR
FOR
CORRESPONDENCE
3. TOTAL AMOUNT OF CLAIM, INCLUDING ANY INTEREST, AS AT
LIQUIDATION COMMENCEMENT DATE AND DETAILS OF
NATURE OF CLAIM
PRINCIPAL
:
INTEREST
:
TOTAL CLAIM
:
4. DETAILS OF DOCUMENTS BY REFERENCE TO WHICH THE DEBT
CAN BE SUBSTANTIATED
5. DETAILS OF ANY DISPUTE AS WELL AS THE RECORD OF
PENDENCY OF SUIT OR ARBITRATION PROCEEDINGS
6. DETAILS OF HOW AND WHEN DEBT INCURRED
7. DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR
OTHER MUTUAL DEALINGS BETWEEN THE CORPORATE
DEBTOR AND THE OPERATIONAL CREDITOR WHICH MAY BE
SET-OFF AGAINST THE CLAIM
8. DETAILS OF ANY RETENTION OF TITLE IN RESPECT OF GOODS
OR PROPERTIES TO WHICH THE DEBT REFERS OR ANY OTHER
SECURITY
[8A.
WHETHER SECURITY INTEREST RELINQUISHED Yes/ No]
9. DETAILS OF ANY ASSIGNMENT OR TRANSFER OF DEBT IN HIS
FAVOUR
10. DETAILS
OF
THE
BANK
ACCOUNT
TO
WHICH
THE
OPERATIONAL CREDITOR’S SHARE OF THE PROCEEDS OF
LIQUIDATION CAN BE TRANSFERRED
11. LIST OUT AND ATTACH THE DOCUMENTS RELIED ON IN
SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)
Signature of operational creditor or person authorised to act on his behalf
(Please enclose the authority if this is being submitted on behalf of the operational creditor)
Name in BLOCK LETTERS
Position with or in relation to creditor
Address of person signing
*PAN, Passport, AADHAAR Card or the identity card issued by the Election Commission of India.
57
AFFIDAVIT
I, [name of deponent], currently residing at [address of deponent], do solemnly affirm and state as follows:
1.
The above named corporate debtor was, at liquidation commencement date, that is, the __________ day
of __________ 20______ and still is, justly and truly indebted to me [or to me and[insert name of co-
partners], my co-partners in trade, or, as the case may be] in the sum of Rs. __________ for _____
[please state consideration].
2.
In respect of my claim of the said sum or any part thereof, I have relied on and the documents specified
below:
[Please list the documents relied on as evidence of debt.]
3.
The said documents are true, valid and genuine to the best of my knowledge, information and belief.
4.
In respect of the said sum or any part thereof, I have not, nor have my partners or any of them, nor has
any person, by my/our order, to my/our knowledge or belief, for my/ our use, had or received any manner
of satisfaction or security whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate
debtor and the operational creditor which may be set-off against the claim.]
Solemnly, affirmed at _____________________ on _________________ day, the __________day
of__________ 20_____
Before me,
Notary / Oath Commissioner
Deponent's signature
VERIFICATION
I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are
true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.
Verified at ________ on this ________ day of ________ 201_____
Deponent's signature
SCHEDULE II
FORM D
PROOF OF CLAIM BY FINANCIAL CREDITORS
(Under Regulation 18 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,
2016)
[Date]
To
The Liquidator
[Name of the Liquidator]
[Address as set out in the public announcement]
From
58
[Name and address of the registered office and principal office of the financial creditor]
Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the
Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the financial creditor] hereby submits this proof of claim in respect of the liquidation of [name of
corporate debtor]. The details for the same are set out below:
1.
NAME OF FINANCIAL CREDITOR
(IF AN INCORPORATED BODY PROVIDE IDENTIFICATION
NUMBER
AND
PROOF
OF INCORPORATION,
IF
A
PARTNERSHIP OR INDIVIDUAL PROVIDE IDENTIFICATION
RECORDS* OF ALL THE PARTNERS OR THE INDIVIDUAL)
2.
ADDRESS AND EMAIL OF FINANCIAL CREDITOR FOR
CORRESPONDENCE.
3.
TOTAL AMOUNT OF CLAIM, INCLUDING ANY INTEREST,
AS AT THE LIQUIDATION COMMENCEMENT DATE AND
DETAILS OF NATURE OF CLAIM (WHETHER TERM LOAN,
SECURED, UNSECURED)
PRINCIPAL
:
INTEREST
:
TOTAL CLAIM
:
4.
DETAILS OF DOCUMENTS BY REFERENCE TO WHICH THE
DEBT CAN BE SUBSTANTIATED
5.
DETAILS OF ANY ORDER OF A COURT OF TRIBUNAL THAT
HAS ADJUDICATED ON THE NON-PAYMENT OF DEBT
6.
DETAILS OF HOW AND WHEN DEBT INCURRED
7.
DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR
OTHER MUTUAL DEALINGS BETWEEN THE CORPORATE
DEBTOR AND THE FINANCIAL CREDITOR WHICH MAY BE
SET-OFF AGAINST THE CLAIM
8.
DETAILS OF ANY SECURITY HELD, THE VALUE OF THE
SECURITY, AND THE DATE IT WAS GIVEN
[8A.
WHETHER
SECURITY
INTEREST
RELINQUISHED
Yes/ No]
9.
DETAILS OF ANY ASSIGNMENT OR TRANSFER OF DEBT IN
HIS FAVOUR
10.
DETAILS OF THE BANK ACCOUNT TO WHICH THE
FINANCIAL CREDITOR’S SHARE OF THE PROCEEDS OF
LIQUIDATION CAN BE TRANSFERRED
59
11. LIST OUT AND ATTACH THE DOCUMENTS RELIED ON IN
SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)
Signature of financial creditor or person authorised to act on his behalf
(please enclose the authority if this is being submitted on behalf a financial creditor)
Name in BLOCK LETTERS
Position with or in relation to creditor
Address of person signing
*PAN, Passport, AADHAAR Card or the identity card issued by the Election Commission of India.
AFFIDAVIT
I, [name of deponent], currently residing at [address of deponent], do solemnly affirm and state as follows:
1.
The above named corporate debtor was, at the liquidation commencement date, that is, the __________
day of __________ 20____ and still is, justly and truly indebted to me [or to me and [insert name of co-
partners], my co-partners in trade, or, as the case may be] in the sum of Rs. __________ for ……..[please
state consideration].
2.
In respect of my claim of the said sum or any part thereof, I have relied on the documents specified
below:
[Please list the documents relied on as evidence of debt and of non-payment.]
3.
The said documents are true, valid and genuine to the best of my knowledge, information and belief.
4.
In respect of the said sum or any part thereof, I have not, nor have my partners or any of them, nor has
any person, by my/our order, to my/our knowledge or belief, for my/ our use, had or received any manner
of satisfaction or security whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate
debtor and the financial creditor which may be set-off against the claim.]
Solemnly, affirmed at _____________________ on _________________ day, the __________day
of__________ 20_____
Before me,
Notary / Oath Commissioner.
Deponent's signature.
VERIFICATION
60
I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are
true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.
Verified at ________ on this ________ day of ________ 201___.
Deponent's signature.
SCHEDULE II
FORM E
PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE
(Under Regulation 19 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016)
[Date]
To
The Liquidator
[Name of the Liquidator]
[Address as set out in public announcement]
From
[Name and address of the workman / employee]
Subject: Submission of proof of claim in respect of liquidation of (Name of corporate debtor) under the
Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the workman / employee], hereby submits this proof of claim in respect of the liquidation of [name of
corporate debtor]. The details for the same are set out below:
1. NAME OF WORKMAN / EMPLOYEE
2. PAN, PASSPORT, THE IDENTITY CARD ISSUED BY
THE ELECTION COMMISSION
OF INDIA
OR
AADHAAR CARD OF WORKMAN / EMPLOYEE
3. ADDRESS AND EMAIL ADDRESS (IF ANY) OF
WORKMAN / EMPLOYEE FOR CORRESPONDENCE
4. TOTAL AMOUNT OF CLAIM
(INCLUDING
ANY
INTEREST
AS
AT
THE
LIQUIDATION COMMENCEMENT DATE)
5. DETAILS OF DOCUMENTS BY REFERENCE TO WHICH
THE DEBT CAN BE SUBSTANTIATED.
61
6. DETAILS OF ANY DISPUTE AS WELL AS THE RECORD
OF PENDENCY OR ORDER OF SUIT OR ARBITRATION
PROCEEDINGS
7. DETAILS OF HOW AND WHEN CLAIM AROSE
8. DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS,
OR OTHER MUTUAL DEALINGS BETWEEN THE
CORPORATE
DEBTOR
AND
THE
WORKMAN /
EMPLOYEE WHICH MAY BE SET-OFF AGAINST THE
CLAIM
9. DETAILS OF THE BANK ACCOUNT TO WHICH THE
WORKMAN / EMPLOYEE’S SHARE OF THE PROCEEDS
OF LIQUIDATION CAN BE TRANSFERRED
10. LIST OUT AND ATTACH THE DOCUMENTS RELIED
ON IN SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)
Signature of workman / employee or person authorised to act on his behalf
[Please enclose the authority if this is being submitted on behalf of an operational creditor]
Name in BLOCK LETTERS
Position with or in relation to creditor
Address of person signing
AFFIDAVIT
I, [name of deponent], currently residing at [insert address], do solemnly affirm and state as follows:
5.
[Name of corporate debtor], the corporate debtor was, at the liquidation commencement date, that is, the
__________ day of __________ 20__, justly and truly indebted to me in the sum of Rs. [insert amount
of claim].
6.
In respect of my claim of the said sum or any part thereof, I have relied on the documents specified
below:
[Please list the documents relied on as evidence of claim]
7.
The said documents are true, valid and genuine to the best of my knowledge, information and belief.
62
8.
In respect of the said sum or any part thereof, I have not nor has any person, by my order, to my
knowledge or belief, for my use, had or received any manner of satisfaction or security whatsoever, save
and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate
debtor and the workman / employee which may be set-off against the claim.]
Solemnly, affirmed at [insert place] on _________________ day, the __________day of__________ 20_____
Before me,
Notary/ Oath Commissioner
Deponent's signature
VERIFICATION
I, the Deponent hereinabove, do hereby verify and affirm that the contents of paragraph ___ to __of this affidavit
are true and correct to my knowledge and belief and no material facts have been concealed therefrom.
Verified at ______ on this _____ day of ____ 201__
Deponent's signature.
SCHEDULE II
FORM F
PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF WORKMEN OR EMPLOYEES
(Under Regulation 19 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,
2016)
[Date]
To
The Liquidator
[Name of the Liquidator]
[Address as set out in the public announcement]
From
[Name and address of the authorised representative of workmen/ employees]
Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the
Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
63
I, [name of duly authorised representative of the workmen/ employees] currently residing at [address of duly
authorised representative of the workmen/ employees], on behalf of the workmen and employees employed by
the above named corporate debtor, solemnly affirm and say:
1.
That the abovenamed corporate debtor was, on the liquidation commencement date, that is, the ________
day of ______ 20 ___ and still is, justly truly indebted to the several persons whose names, addresses,
and descriptions appear in the Annexure below in amounts severally set against their names in such
Annexure for wages, remuneration and other amounts due to them respectively as workmen or/ and
employees in the employ of the corporate debtor in respect of services rendered by them respectively to
the corporate debtor during such periods as are set out against their respective names in the said
Annexure.
2.
That for which said sums or any part thereof, they have not, nor has any of them, had or received any
manner of satisfaction or security whatsoever, save and except the following:
[Please state details of any mutual credits, mutual debts, or other mutual dealings between the corporate
debtor and the workmen / employees which may be set-off against the claim.]
Signature
:
ANNEXURE
1.
Details of Employees/ Workmen
S NO. NAME OF
EMPLOYEE/
WORKMEN
IDENTIFICATION
NUMBER
(PAN/,
PASSPORT
NUMBER/,
AADHAAR NO. / ID
CARD
ISSUED
BY
THE
ELECTION
COMMISSION
AND
EMPLOYEE ID NO.,
IF ANY
TOTAL
AMOUNT
DUE AND DETAILS
ON
NATURE
OF
CLAIM
PERIOD
OVER
WHICH AMOUNT
DUE
DETAILS
OF
EVIDENCE OF DEBT
INCLUDING
EMPLOYMENT
CONTRACTS
AND
OTHER PROOFS
1.
2.
3.
4.
5.
2.
Particulars of how dues were incurred by the corporate debtor, including particulars of any dispute as
well as the record of pendency of suit or arbitration proceedings.
3.
Particulars of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor
and the workmen / employee which may be set-off against the claim.
4.
Please list out and attach the documents relied on to prove the claim.
64
AFFIDAVIT
I, [insert full name, address and occupation of deponent] do solemnly affirm and state as follows:
1.
The above named corporate debtor was, at the liquidation commencement date that is, the __________
day of __________ 20__ and still is, justly and truly indebted to the workmen and employees in the sum
of Rs. __________ for _____ [please state the nature and duration of employment].
2.
In respect of my claim of the said sum or any part thereof, I have relied on the documents specified
below:
[Please list the documents relied on as evidence of proof]
3.
The said documents are true, valid and genuine to the best of my knowledge, information and belief.
4.
In respect of the said sum or any part thereof, the workmen / employees have not, nor has any person,
by my order, to my knowledge or belief, for my use, had or has received any manner of satisfaction or
security whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate
debtor and the workmen / employees which may be set-off against the claim.]
Solemnly, affirmed at _____________________ on _________________ day, the __________day
of__________ 20_____
Before me,
Notary / Oath Commissioner.
Deponent's signature
VERIFICATION
I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are
true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.
Verified at _______ on this _______ day of _______ 201___
Deponent's signature
SCHEDULE II
FORM G
PROOF OF CLAIM BY ANY OTHER STAKEHOLDER
(Under Regulation 20 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,
2016)
[Date]
To
The Liquidator
[Name of the Liquidator]
65
[Address as set out in the public announcement]
From
[Name and address of the other stakeholder]
Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the
Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the other stakeholder] hereby submits this proof of claim in respect of the liquidation in the case of
[name of corporate debtor]. The details for the same are set out below:
1. NAME OF OTHER STAKEHOLDER
(IF
AN
INCORPORATED
BODY
PROVIDE
IDENTIFICATION
NUMBER
AND
PROOF
OF
INCORPORATION.
IF
A
PARTNERSHIP
OR
INDIVIDUAL PROVIDE IDENTIFICATION RECORDS*
OF ALL THE PARTNERS OR THE INDIVIDUAL)
2. ADDRESS
AND
EMAIL
OF
THE
OTHER
STAKEHOLDER FOR CORRESPONDENCE.
3. TOTAL AMOUNT OF CLAIM, INCLUDING ANY
INTEREST AS AT LIQUIDATION COMMENCEMENT
AND DETAILS OF NATURE OF CLAIM
PRINCIPAL CLAIM
:
INTEREST
:
TOTAL CLAIM
:
4. DETAILS OF DOCUMENTS BY REFERENCE TO
WHICH THE CLAIM CAN BE SUBSTANTIATED
5. DETAILS OF HOW AND WHEN CLAIM AROSE
6. DETAILS OF ANY MUTUAL CREDIT, MUTUAL
DEBTS, OR OTHER MUTUAL DEALINGS BETWEEN
THE CORPORATE DEBTOR AND THE OTHER
STAKEHOLDER WHICH MAY BE SET-OFF AGAINST
THE CLAIM
7. DETAILS OF ANY RETENTION OF TITLE IN RESPECT
OF GOODS OR PROPERTIES TO WHICH THE CLAIM
REFERS
8. DETAILS OF ANY ASSIGNMENT OR TRANSFER OF
DEBT IN HIS FAVOUR
66
9. DETAILS OF THE BANK ACCOUNT TO WHICH THE
OTHER STAKEHOLDER’S SHARE OF THE PROCEEDS
OF LIQUIDATION CAN BE TRANSFERRED
10. LIST OUT AND ATTACH THE DOCUMENTS RELIED
ON IN SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)
Signature of other stakeholder or person authorised to act on his behalf
(Please enclose the authority if this is being submitted on behalf of the other stakeholder)
Name in BLOCK LETTERS
Position with or in relation to creditor
Address of person signing
*PAN, Passport, AADHAAR Card or the identity card issued by the Election Commission of India.
AFFIDAVIT
I, [insert full name, address and occupation of deponent to be given] do solemnly affirm and state as follows:
1.
The above named corporate debtor was, at the liquidation commencement date, that is, the __________
day of __________ 20__ and still is, justly and truly indebted to me [or to me and [insert name of co-
partner], my co-partners in trade, or, as the case may be,] in the sum of Rs. __________ for _____
[please state consideration].
2.
In respect of my claim of the said sum or any part thereof, I have relied on the documents specified
below:
[Please list the documents relied on as evidence of proof.]
3.
The said documents are true, valid and genuine to the best of my knowledge, information and belief.
4.
In respect of the said sum or any part thereof, I have not, nor have my partners or any of them, nor has
any person, by my/our order, to my/our knowledge or belief, for my/ our use, had or received any manner
of satisfaction or security whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate
debtor and the other stakeholder which may be set-off against the claim.]
Solemnly, affirmed at _____________________ on _________________ day, the __________day
of__________ 20_____
Before me,
Notary / Oath Commissioner.
67
Deponent's signature.
VERIFICATION
I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are
true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.
Verified at ______ on this ______ day of ______ 201__
Deponent's signature.
[FORM H
COMPLIANCE CERTIFICATE
[Under Regulation 45(3) 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)].
2. 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
7
Name of Liquidator and his registration No. as IP
8
Date of Publication of Public Announcement under Form B
9
Date of Intimation to Registry and Information Utility, if any, about
commencement of Liquidation
10
Date of handover of charge by RP
11
Date of submission of compliance, if any, directed by AA in the liquidation order
and its particulars
12
Date of appointment of registered valuers, if any
13
Date of notice for uncalled capital/unpaid capital contribution
14
Date of realisation of uncalled capital/unpaid capital contribution
15
Date of opening of liquidation account with Bank A/c details
16
Date of constitution of Consultation Committee
17
No. of meetings of consultation committee held
18
Date of submission of list of stakeholders to AA
[***]
20
Date of filing of preliminary progress report & assets memorandum to AA
21
Fair value
22
Liquidation value
23
Date of public [notice] for auction (please add additional rows, if required)
24
Date of order of AA to dispense with the public [notice] for Auction
25
Date of permission of AA for physical Auction
68
26
Date of permission of AA for private sale
27
Date of permission of AA for distribution of unsold assets to stakeholders
28
Date of permission of the liquidator to realise the un-relinquished security interest
by the secured creditor
29
Modified list of stakeholders and date of submission to AA
30
Summary of dates of Date of first realisationrealizations and distributions
31
Date of second realisation
32
Date of first distribution
33
Date of second distribution
3431
Date of submission of Quarterly Progress Report-I (FY-1)
35
Date of submission of Asset Sales Report to AA
3632
Date of submission of Quarterly Progress Report-II
33
Date of submission of audited receipts and payment
37
Date of submission of Quarterly Progress Report-III
38
Date of submission of Quarterly Progress Report-IV & Audit Report
39
Date of submission of Quarterly Progress Report-I (FY-2)
40
Date of submission of Quarterly Progress Report-II
41
Date of submission of Quarterly Progress Report-III
42
Date of submission of Quarterly Progress Report-IV & Audit Report
3434
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
[4435
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
4536
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
46
Date of submission to the Board and the Authority under sub-regulation (5) of
regulation 46]
47
Date of Final Report to AA (prior to dissolution application)
3. 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)
4. (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
69
4.
Assignment of not readily 52realizable assets
5.
Distribution of unsold asset
6.
Others (specify)
Total (A+B)
]
(c) The amounts distributed to stakeholders as per section 52 or 53 of Code are as under:
(Amount in Rs. lakh)
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
(a): Liquidation Costs
3
(b)(i)
4
(b)(ii)
5
(c)
6
(d)
7
(e)(i)
8
(e) (ii)
9
(f)
10
(g)
11
(h)
Total
*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:
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.)
ii. Contribution made by secured creditors toward unpaid CIRP and
Liquidation Cost (Rs.)
iii. the excess of the realised value of the asset (Rs.)
6.
Realised value received by secured creditor (Rs.)
7.
Date of realisation by secured creditor
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
]
70
5. 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
6. 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
7. The dissolution application has been filed [before expiry of the period of one one hundred and eighty yeardays] /
[after expiry of one hundred and eighty daysone year]. Please state details of any extension sought with the reason and
granted:
8. 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
4
Fraudulent transactions under section 66
9. All undischarged or matters pending before any Court or Tribunal relating to corporate debtor, if any, have been
reported to AA.
10. 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:
Place:]
71
[ FORM -I
Deposit of Unclaimed Dividends and / or Undistributed Proceeds
[Under 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.)
7
Bank Account from which the amount is transferred to Corporate Liquidation
Account
(a) Account No:
(b) Name of Bank:
(c) IFSC:
(d) MICR:
(e) Address of Branch of the Bank:
8
Details of the Amount (Rs.) deposited into Corporate Liquidation Account
(a)
Unclaimed dividends
(b)
Undistributed proceeds
(c)
Income earned till the due date of deposit
(d)
Interest at the rate of twelve per cent on the amount retained
beyond due date (Please show computation of interest amount)
Total
[B. Details of Stakeholders entitled to Unclaimed Dividends or Undistributed Proceeds
Sl.
No.
Name of
stakeholder
entitled to
receive
unclaimed
dividend or
undistribute
d
proceeds
Address, phon
e
number and
email address
of the
stakeholder
Identificatio
n
Number of
the
stakeholder
(PAN, CIN,
etc.)
(Please
Attach
Identificati
on proof.)
Amount due
to the
stakeholder
(Rs.)
Nature
of
Amoun
t
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
undistribu
ted
proceeds
Rema
rks
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
1
2
]
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:
72
Date:
Place:
FORM J
Withdrawal from Corporate Liquidation Account
[Under Regulation 46 (7) 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
7
Name of the Stakeholder seeking withdrawal
8
Identification Number of the Stakeholder
(a) PAN
(b) CIN
(c) Aadhaar No.
9
Address and Email Address of Stakeholder
10
Amount of Claim of the Stakeholder, admitted by the Liquidator
11
Amount of unclaimed dividends / undistributed proceeds deposited by the liquidator
in the Corporate Liquidation Account against the stakeholder
12
Amount of unclaimed dividends / undistributed proceeds the Stakeholder seeks to
withdraw from the Corporate Liquidation Account
13
Bank Account to which the amount is to be transferred from the Corporate
Liquidation Account, if withdrawal is approved
(a) Account No.:
(b) Name of Bank:
(c) IFSC:
(d) MICR:
(e) Address of Branch of the Bank:
14
Reasons for not taking dividend or proceeds during the Liquidation Process
15
Any legal disability in applying for withdrawal? (Yes / No), If yes, please provide
details
]
DECLARATION
I, [Name of stakeholder], currently residing at [insert address], hereby declare and state as follows:
1. I am entitled to receive a sum of Rs…. (Rupees … only) from the Corporate Liquidation Account, as
presented above.
2. 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: ...............
3. 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.
4. I authorise the Board to initiate appropriate legal action against me if my claim is found false at any time.
Date:
Place:
(Signature of the Stakeholder)
VERIFICATION
73
SCHEDULE III
(Under Regulation 6 of the Insolvency and Bankruptcy Board of India (Liquidation Process)
Regulations, 2016)
The formats contained in this Schedule are indicative in nature, and the liquidator may
make such modifications to them as he deems fit in the facts and circumstances of the
liquidation.
CASH BOOK
Name of Corporate Debtor.......................................................(in liquidation)
Date Particulars Ledger
Folio
No.
Receipt
Payments
Balance
Voucher
No.
Cash BankTotal Voucher
No.
Cash BankTotal Cash Bank Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Under 'particulars', the head of account to which the entry relates should be indicated so that
the entry may be posted under the proper head in the General Ledger.
GENERAL LEDGER
Name of Corporate Debtor.......................................................(in liquidation)
.......................................................(Head of account)
Date
Particulars
Dr.
(Rs.)
Cr.
(Rs.)
Balance
(Rs.)
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].”
74
1
2
3
4
5
Instructions:
1. A General Ledger should be maintained with such heads of account as the liquidator may
think necessary and appropriate. The following heads of account may be found suitable:
(1) Asset account
(2) Investments account
(3) Book Debts & Outstandings account
(4) Calls
(5) Rents Collected
(6) Interest on Securities and Deposits
(7) Advances received
(8) Miscellaneous receipts payments
(9) Establishment
(10) Legal charges
(11) Rents, Rates and Taxes
(12) Fees and Commission account
(13) Other expenses
(14) Suspense account
(15) Secured creditors
(16) Dividend account.
2. The entries in the General Ledger should be posted from the Cash Book.
3. The total of the debit balances and the total of the credit balances of the several heads of
account in the General Ledger should agree, after taking into consideration the cash and bank
balances as shown in the Cash Book. The totals should be tallied once a month.
BANK LEDGER
Corporate debtor’s (in liquidation) account with the Scheduled Bank
Date Particulars Deposits Withdrawals Balance
Challan
Number
Rs.
Cheque
Number
Rs.
Rs.
1
2
3
4
5
6
7
1.
2.
REGISTER OF ASSETS
75
Sl. No.
Description
of assets
Date of
taking
possession
Serial
number
of
Sales
Register
Date
of
sale
Date of
realization
Amount
Remarks
1
2
3
4
5
6
7
8
1.
2.
Instructions:
1. All the assets of the corporate debtor except the liquidator’s investments in securities and
outstandings to be realized should be entered in this Register.
SECURITIES AND INVESTMENTS REGISTER
Sl. No.
Petition
number
and name
of the
corporate
debtor
Date of
investment
Nature
and
particulars
of security
in which
investment
is made
Amount
Invested
(Rs.)
Dividend
or
interest
received
with date
of receipt
(Rs.)
Date of
disposal
Rema
rks
1
2
3
4
5
6
7
8
1.
2.
REGISTER OF BOOK DEBTS AND OUTSTANDINGS
76
Sl. No.
Name
and
address
of
debtor
Particul
ars of
debt
Amou
nt due
(Rs.)
Date of
bar by
limitati
on
Amou
nt
realis
ed
(Rs.)
Acti
on
take
n
Date of
realisati
on
Referen
ce to
Suits
Registe
r
Re
ma
rks
1
2
3
4
5
6
7
8
9
10
1.
2.
Instructions:
1. All debts due to the corporate debtor, both secured and unsecured, including amounts due
for arrears of calls made prior to the liquidation, should be entered in this Register.
TENANTS LEDGER
1. Description of property:
2. Name and address of tenant:
3. Date of tenancy:
4. Period of tenancy:
5. Rent (monthly or annual):
6. Special terms, if any:
7. Arrears on date of taking charge of property:
8. Advance received, if any:
Month
Demand
Realisation
Balance
Remarks
Amount
(Rs.)
Date
Amount
(Rs.)
Amount
(Rs.)
1
2
3 4
5
6
January
February
SUITS REGISTER
77
Sl.
No.
Nu
mb
er
of
suit
or
ap
pea
l
an
d
cou
rt
Nam
e and
addr
ess
of
plain
tiff/
appel
lant
and
his
advo
cate
Name
and
addres
s of
defend
ant/
respon
dent
and
his
advoc
ate
Amo
unt
of
clai
m
Da
te
of
fili
ng
Date
s of
hear
ing
Dat
e of
dec
ree
or
fina
l
ord
er
Natu
re of
relie
f
gran
ted
Amo
unt
decr
eed
Cost
s
decr
eed
Referen
ce to
Decree
Registe
r
Re
mar
ks
1
2
3
4
5
6
7
8
9
10
11
12
13
1.
2.
Instructions:
1. Applications made by or against the corporate debtor which are in the nature of suits
should also be entered in this Register.
DECREE REGISTER
Instructions:
1. The purpose of the Register is to enable the liquidator to keep watch on the progress of the
realization of decrees in favour of the corporate debtor in his charge.
2. Every decree or order for payment of money or delivery of property in favour of the corporate
debtor including an order for payment of costs whether made in a suit, appeal or application,
should be entered in this Register.
REGISTER OF CLAIMS AND DISTRIBUTIONS
Number
of suit or
appeal
and
court
Name
and
address
of judg-
ment
debtor
Amount
Decree
d
(Rs.)
Date of
decree
Action
taken
Amount
realized
(Rs.)
Date of
realisa-
tion
Reference
to
Suits
Register
1
2
3
4
5
6
7
8
1.
2.
78
Claims
Distributions declared and paid
Re
ma
rks
Sl. No. Na
me
and
Ad
dre
ss
of
cre
dito
r
Am
oun
t
clai
me
d
(Rs.
)
N
at
ur
e
of
cl
ai
m
(R
s.)
Am
ou
nt
ad
mit
ted
(Rs
.)
Wh
eth
er
ord
ina
ry
or
pre
fere
ntia
l
D
at
e
A
m
o
u
nt
(
R
s.
)
Da
te
an
d
Mo
de
of
Pa
ym
ent
Rat
e
A
mo
unt
(R
s.)
Da
te
an
d
mo
de
of
pa
ym
ent
Rat
e
Am
ou
nt
(Rs
.)
Da
te
an
d
mo
de
of
pa
ym
ent
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1.
2.
Instructions:
1. Only claims admitted either wholly or in part should be entered in this Register.
2. The page on the left side should be reserved for claims and the page on the right side for
Distributions.
CONTRIBUTORY’S LEDGER
Sl.
No.
Name
and
address
of
contribut
ory
Calls
Rem
arks
Returns of share
capital
Remark
s
First call
2nd
call/
3rd
call
Dat
e of
ret
urn
Date
of
Paym
ent
Amo
unt
paid
(Rs.)
79
Numb
er of
shares
or
extent
of
interes
t held,
and
amoun
t paid
thereo
n
Date
of
call
and
amo
unt
calle
d
Amo
unt
paid
and
date
of
paym
ent
(Repe
at
colum
ns as
under
first
call)
1
2
3
4
5
6 to 9
10
11
12
13
14
1.
2.
Instructions:
Only contributories settled on the list of stakeholders should be entered in this Register and they
should be entered in the same order as in the list.
DISTRIBUTIONS REGISTER
Date on which distribution is made:
Total amount payable in this round of distribution:
Date
Number on list of stakeholders
Particulars Receipts Payments
1
2
3
4
5
1.
2.
Instructions:
1. Separate pages should be set apart for preferential and ordinary distributions.
2. The payments should be entered as and when they are made. Any amount which is returned
unpaid should be re-entered in the account under ‘Receipts’.
3. The number in column 2 should be the number of the stakeholders in the list of stakeholders
as finally settled.
4. The total amount of unclaimed distribution payable into the 164 [Corporate Liquidation
Account], and the amount paid into the Bank with the date of payment, should be shown at the
end of the account.
164 Substituted by Notification No. IBBI/2019-20/GN/REG053 dated 6th January, 2020 (w.e.f. 06-01-2020).
Prior to substitution it stood as under:
“Public Account of India”.
80
FEE REGISTER
Amount realized
on which fee are
payable
Amount
distributed on
which fee are
payable
Fee payable on
the amounts in the
two preceding
columns
Fee, if any
payable
otherwise
under order of
Adjudicating
Authority
Total fee
payable
Date
of
payme
nt
1
2
3
4
5
6
1.
2.
Instructions:
1. There should be a fresh opening for each year.
2. The fees due to the liquidator should be entered in the Register as soon as the audit of the
account for a quarter is completed.
SUSPENSE REGISTER
Date
Particulars
Debit (Rs.)
Credit (Rs.)
Balance (Rs.)
1
2
3
4
5
1.
2.
Instructions:
1. Advances made by the liquidator to any person should be entered in this Register.
2. There should be a separate opening for each person.
DOCUMENTS REGISTER
Instruction: All documents of title like title-deeds, shares, promissory notes, etc., should be
entered in this Register.
Sl. No.
Description
of document
Date of
receipt
From
whom
received
Reference
number of
shelf in which
document is
kept
How
disposed of
Rema
rks
1
2
3
4
5
6
7
1.
2.
81
BOOKS REGISTER
Date
From
whom
received
Serial
Number
Description
of books,
including
files
Shelf
number
How
disposed
of
Remarks
1
2
3
4
5
6
7
1.
2.
Instruction: All books and files of the corporate debtor which come into the hands of the
liquidator should be entered in this Register.
REGISTER OF UNCLAIMED DIVIDENDS AND UNDISTRIBUTED 165[PROCEEDS]
DEPOSITED
Sl. No.
Name of
person
entitled
to the
dividend
or
return
Whether
Creditor or
Contributory
Number on
list of
stakeholders
Date of
declaration
of dividend
or return
Rate of
dividend or
return
Total
amount
payable
(Rs.)
1
2
3
4
5
6
7
1.
2.
165 Substituted by Notification No. IBBI/2019-20/GN/REG053 dated 6th January, 2020 (w.e.f. 06-01-2020).
Prior to substitution it stood as under:
“ASSETS”.
