9911796707
TMI BlogFiling Forms to monitor Voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder.X X X X Extracts X X X X X X X X Extracts X X X X ..... ency 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 Voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder. A corporate person (CP) may initiate volu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh emails, which is time-consuming and inefficient. 3. To alleviate the compliance burden for Insolvency Professionals (IPs), a set of forms on an electronic platform has been created by the IBBI to capture the details of the voluntary liquidation process. These forms are vital for the voluntary liquidation procedure under the Insolvency and Bankruptcy Code (IBC), as they enable systematic and tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if any. 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. On or before the 10th day of the subsequent month, after submissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the forms on the electronic platform only: a. within the prescribed timeline for all cases where a voluntary liquidation process has commenced on or after the date of issuance of this circular. b. for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions made thereunder, shall be liable as per applicable provisions of the Code and the Regulations made thereunder for: (i) failure to file the requisite Forms 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 Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
