IBBI Proposes to Standardize the Liquidation Progress Report | Seeks Public Comments on the Draft Format
- Blog|News|Insolvency and Bankruptcy Code|
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- By Taxmann
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- Last Updated on 25 June, 2024
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Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, mandates the submission of progress reports by the liquidator during the liquidation process. The liquidator is required to submit the valuation report to the Adjudicating Authority and the Board. Further, the report is to be shared with the Stakeholders’ Consultation Committee also, provided they have given a confidential undertaking.
IBBI with an objective to streamline the process and ensure uniformity in the structure of these reports filed by the liquidators has issued a draft format of the progress report. The intent is to have a standardized format. The draft format is divided into 7 sub-parts as follows:
(a) Details of Corporate Debtor
(b) Synopsis (Brief facts about the case, including the reason for commencement of Liquidation Process)
(c) Present status of the process
(d) List of events/action taken during liquidation process in chronological order
(e) Summary of Receipts and Payments during the quarter
(f) Details of the Liquidation Cost
(g) Details of the distribution made to stakeholders
The IBBI has invited public comments on the draft format, which can be submitted electronically through the IBBI website (www.ibbi.gov.in) until 12th July 2024. Comments can be general or specific, with options to highlight inconsistencies, implementation difficulties, or suggestions for provisions.
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