Regulation 47B - Filing of Forms - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

1 [ 47B. 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, 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. (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/REG121 dated 28-01-2025