The circular issued by the Insolvency and Bankruptcy Board of ...

Insolvency Pros: File forms electronically for voluntary liquidation process. Timely submission crucial to avoid penalties.

Circulars     Insolvency and Bankruptcy

July 1, 2024

The circular issued by the Insolvency and Bankruptcy Board of India outlines the requirement for Insolvency Professionals (IPs) to file specific forms electronically to monitor voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016. These forms capture essential details of the voluntary liquidation procedure, such as corporate debtor information, meeting details, dissolution applications, unclaimed proceeds, and more. The purpose is to streamline reporting, enhance efficiency, and ensure compliance with legal obligations. IPs must file the forms within prescribed timelines to avoid penalties for non-compliance. Failure to file accurate and complete information may result in liabilities under the Code. The circular is issued under the authority of section 196 of the Insolvency and Bankruptcy Code, 2016.

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