Regulation 41A - Filing of Forms - Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

1 [ 41A. Filing of Forms. (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, in the table below: - TABLE Form No. Period Covered and Scope Timeline VL 1 This includes details of the corporate person, details of the voluntary liquidation process, etc. On or before the 10 th day of the second month after the public announcement. VL 2 Details of the meetings of contributories with the reasons for delay in the process, details of replacement of liquidator (if any), etc. On or before the 10 th day of the subsequent month, after the meeting of contributories or replacement of liquidator. VL 3 Details of dissolution application , details of unclaimed proceeds, details of realisation and distribution made to stakeholders, details of pending litigations, detection of fraud or insolvency (if any) , etc. On or before the 10 th day of the subsequent month, after submission of the dissolution application of the corporate person or withdrawal/suspension application for the voluntary liquidation process, to the Adjudicating Authority. VL 4 Details of order for dissolution: This includes details of the distribution of proceeds, receipts and payments, etc. On or before the 14 th day of passing of the order for dissolution of the corporate person, or withdrawal / suspension of the voluntary liquidation process. (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. ] *************** NOTES:- 1 . Inserted vide F. No. IBBI/2024-25/GN/REG120 dated 28-01-2025