Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
(Updated in 2025) [As Amended by No. IBBI/2024-25/GN/REG121 dt. 28/01/2025 - Amendments in Regulation 45(3)(a), Regulation 46(1), Rgulation 47B, Schedule I and Schedule II. No. IBBI/2023-24/GN/REG112. dt. 12/02/2024 - Amendments in Regulation 2B(1), Regulation 14, Regulation 31A(1)(e)(f), 31A(6), 31A(6A), 31A(9), Regulation 32A(4), 32A(5), Regulation 33(2), 33(b)(c), Regulation 35(2), 35(5), Regulation 46(7), 46(8), Regulation 46A, Schedule I, Form A and Form H]
Read full Act(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;
(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.
(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 anything 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.
(2) The liquidator shall not make an application under sub-regulation (1) if a person i
A transaction shall be considered an extortionate credit transaction under Section 50(2) where the terms--
(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.
(1) The liquidator shall make a public announcement in Form B of Schedule II within five days from his appointment.
1[(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;]
2[(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.]
(
The liquidator shall operate the process e-mail account handed over to him by the resolution professional in accordance with Regulation 4-C 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 e-mail ID shall be handed over to the new liquidator.]
The liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five 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 liqui
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;
1[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.
(1) The liquidator shall submit 1[Progress Reports, in the format stipulated by the Board, to 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) a statement indicating progress in liquidation, including--
(i) settle
(1) A person, who claims to be a stakeholder, 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.
(2) A person shall prove its claim for debt or dues to him, including interest, if any, as on the liquidation commencement date.]
(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 Form C of Schedule II.
(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.
(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 Form D of Schedule II.
(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.
(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 Form E of Schedule II.
(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 Form F of Schedule II.
(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
(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
(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 Form G of Schedule II.
(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 cla
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.
(1) A secured creditor 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 Form C or Form D of Schedule II:
Provided that, where a secured creditor does not intimate its decision within thirty days from the liquidation commencement date, the assets covered under the security interest shall be presumed to be part of the liquidation estate.
2[(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 ninety days from the liquidation commencement date; and
(b) the excess of the realised value of the asset, which is subject to security interest, over the amount of his claims
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.
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.
(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:
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.
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.
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.
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.
(1) A person may prove for a claim whose payment was not yet due on the liquidation 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;
(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.
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.
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.
1[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.]
(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.]
(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.
1[(2) The liquidator shall file the list of stakeholders with the Adjudicating Authority within forty-five 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 shal
2[(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 14[distributed;]]
15[(f) review of marketing s
The liquidator may sell --
(a) an asset on a standalone basis;
(b) the assets in a slump sale;
(c) a set of assets collectively;
(d) the assets in parcels;
(e) the corporate debtor as a going concern; or
(f) the business(s) of the corporate debtor as a going concern:
Provided that where an asset is subject to security interest, it shall not be sold under any of the clauses (a) to (f) unless the security interest therein has been relinquished to the liquidation estate.]
(1) Where the committee of creditors has recommended sale under clause (e) or (f) of Regulation 32 or where the liquidator is of the opinion that sale under clause (e) or (f) of Regulation 32 shall maximise the value of the corporate debtor, he shall endeavour to first sell under the said clauses.
(2) For the purpose of sale under sub-regulation (1), the group of assets and liabilities of the corporate debtor, as identified by the committee of creditors under sub-regulation (2) of Regulation 39-C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall be sold as a going concern.
(3) Where the committee of creditors has not identified the assets and liabilities under sub-regulation (2) of Regulation 39-C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the liquidator shall identify and group the assets and liabilities to be sold a
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.]
(1) The liquidator shall ordinarily sell the assets of the corporate debtor through an auction in the manner specified in Schedule I.
(2) The liquidator may sell the assets of the corporate debtor by means of 1[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; 2[or]
3[x x x x]
(d) 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--
(a) a related party of the corporate debtor;
(b) his related party; or
(c) any professional appointed by him.<
1[(1) 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.]
2[(1-A) For cases covered under sub-regulation (2) of Regulation 35, the liquidator shall prepare an asset memorandum in accordance with this Regulation within seventy-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 realised by way of sale --
(a) value of the asset, valued in accordance with Regulation 35;
3[(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;]
(c) intended manner of sale in accordance
(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, 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.
(2) 2[In cases not covered under sub-regulation (1) or 3[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:
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.
(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 twenty one days of receipt of the intimation under sub-regulation (1) if a person is willing to buy the secured asset before the expiry of thirty 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.
(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 p
(1) A liquidator may assign or transfer a not readily realisable asset through a transparent process, in consultation with the stakeholders consultation committee in accordance with Regulation 31-A, 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.]
(1) The liquidator may, with the permission of the Adjudicating Authority, distribute amongst the stakeholders, an asset that 1[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.
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.
(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.
Explanation.- For the purpose of this chapter and Schedule I, 'assets' include an asset, all assets, a set of assets or parcel of assets 1[, business], as the case may
(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 Adjudicating Authority 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.
(1) Subject to the provisions of Section 53, the liquidator shall not commence distribution before the list of stakeholders and the asset memorandum has been filed with the Adjudicating Authority.
(2) The liquidator shall distribute the proceeds from realization within 1[ninety 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.
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.
(1) The liquidator shall liquidate the corporate debtor within a period of one year from the liquidation commencement date, notwithstanding pendency of any application for avoidance of transactions under [x x x x] Part II of the Code, before the Adjudicating Authority or any action thereof.
1[x x x x]
(2) If the liquidator fails to liquidate the corporate debtor within 2[one year], he shall 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.
3[Explanation.-- In relation to the liquidation processes commenced prior to the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019, the requirements of this regulation as existing before such commencement, shall apply.]
The liquidator shall, on the advice of the consultation 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.]
(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.
(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same.
1[(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; 2[or a compromise or arrangement has been sanctioned under section 230 of the Companies Act, 2013]
(b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]
(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 consultation committee and minutes of consultation 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;
h) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them;
i) Invitation, consideration and approval of plans/proposals/sch
4[(1) The Board shall maintain and operate an account to be called the Corporate Liquidation Account with a scheduled bank.]
(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
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.]
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 32-A:
Model Timeline for Liquidation Process | ||||
Sl. No. | Section/ Regulation | Description of Task | Norm | Latest Timeline (Days) |
(1) | (2) | (3) | (4) | (5) |
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 timeline for any task that could not be completed due to such lockdown, in relation to any liquidation process.]
(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. |
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