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IBBI Circular Filling Forms Liquidation

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40 views2 pages

IBBI Circular Filling Forms Liquidation

Uploaded by

Sachika Vij
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Insolvency and Bankruptcy Board of India

7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001

CIRCULAR

No. IBBI/LIQ/73/2024 28th June, 2024


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

Dear Madam / Sir,


Subject: Filing Forms to monitor liquidation processes under the Insolvency and
Bankruptcy Code, 2016, and the regulations made thereunder.
During the liquidation process, the liquidator invites claims from stakeholders, forms a
liquidation estate, endeavours to sell assets in consultation with the Stakeholders’ Consultation
Committee (SCC) and distributes the realized proceeds to stakeholders as per the waterfall
mechanism provided under section 53 of the Code.
2. The Insolvency Professional (IP), functioning as a liquidator, is also required to ensure
compliance with legal requirements and reporting to the Adjudicating Authority (AA) and
IBBI. Presently, the IPs submit the details regarding the liquidation process to the Board
through emails, which is time-consuming and inefficient.
3. To ease the compliance burden for Insolvency Professionals (IPs), a set of electronic forms
has been developed by the Board to capture the details of the liquidation process. These forms
are crucial for the liquidation process under the Insolvency and Bankruptcy Code (IBC), as
they facilitate systematic and transparent record-keeping and seamless reporting. The key
benefits of these forms include:
• Enhancing the efficiency and effectiveness of the liquidation process.
• Allowing liquidators to easily access and submit forms online, reducing delays and
improving efficiency.
• Minimizing the likelihood of errors and omissions, ensuring more accurate and reliable
information.

4. An overview of these Forms is as per the Table below:


Form Period Covered and Scope Timeline
No.
LIQ 1 From Commencement of Liquidation till Public On or before the 10th day of
Announcement: This includes details of the Liquidator, the subsequent month, after a
Corporate Debtor (CD), and the liquidator’s fee public announcement has been
made.
LIQ 2 From Public Announcement till Progress Report: This On or before the 10th day of
includes details of valuation, sale, litigations, PUFE, the subsequent month, after
SCC meetings, Receipts and Payments.

1
submission of the Progress
report to the AA
LIQ 3 From last Progress Report to Application for On or before the 10th day of
Dissolution: This includes details of unclaimed the subsequent month, after
proceeds, sale, litigations, PUFE, Realisation, submission of the Dissolution
distribution of proceeds, Receipts and Payments. (The /closure application to the AA.
details required in these forms are carried forward from
the last Progress Report and hence need not be filled
again)
LIQ 4 From Application for Dissolution to Order for On or before the 14 days of
Dissolution: This includes details of, the distribution of passing of the order for
proceeds, Receipts and Payments, etc. (The details dissolution of corporate debtor
required in these forms are carried forward from the last or closure of the liquidation
Progress Report and hence need not be filled again) process by the AA.

5. The set of forms developed by the Board on an electronic platform has been hosted on its
website at https://www.ibbi.gov.in. The IP handling the liquidation assignment shall access the
platform with a unique username and password provided by the IBBI and upload/submit the
Forms, along with relevant information and records, after affixing DSC or e-signing. Further,
timely filing of complete and accurate information along with records is the sole responsibility
of the IP.
6. It is directed that an IP shall file Forms through the electronic platform:
a. within the prescribed timeline for all cases where a liquidation order is passed on or after
issuance of this circular.
b. for ongoing cases: Cases in which no application for dissolution of the corporate
debtor/closure of the liquidation process has been filed, shall file form LIQ 1 and LIQ 2 (for
the March 24 quarter) latest by 30th September 2024.
c. for cases where an application for dissolution of the corporate debtor/closure of the
liquidation process has been filed with AA, shall file forms LIQ 1 and LIQ 2 (for the last
quarter of the process), and LIQ 3 by 30th September 2024.
d. for cases where an order for closure of the liquidation process or dissolution of the
corporation debtor has been ordered by AA, shall file forms LIQ 1 and LIQ 2 (for the last
quarter of the process), LIQ 3, and LIQ 4 by 30th September 2024.
7. It is clarified that an IP who do not comply with applicable provisions of the Code and the
Regulations made thereunder, shall be liable for:
(i) failure to file a Form along with relevant information and records,
(ii) inaccurate and incomplete information and/or records filed in or along with a Form.
8. This is issued in exercise of the powers under sub-section (1) of section 196 of the Insolvency
and Bankruptcy Code, 2016.
Yours faithfully,
(Rajesh Tiwari)
General Manager

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