valid as on 06/08/2020

2.5.47:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016


The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013) or sale under regulation 32A:

Model Timeline for Liquidation Process

Sl. No.Section / RegulationDescription of TaskNormLatest Timeline (Days)
1Section 33 and 34Commencement of liquidation and appointment of liquidatorLCD0 = T
2Section 33 (1) (b) (ii) / Reg. 12 (1, 2, 3)Public announcement in Form BWithin 5 days of appointment of liquidator.T + 5
3Reg. 35 (2)Appointment of registered valuersWithin 7 days of LCDT + 7
4Section 38 (1), Reg. 17, 18, 19, 20 and 21A
(substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020 dated 05.08.2020.)


Section 38 (1) and (5), Reg. 17, 18 and 21A
Submission of claims;Within 30 days of LCDT + 30
Intimation of decision on relinquishment of security interest
5Section 38 (5)Withdrawal/ modification of claimWithin 14 days of submission of claimT + 44
6Reg. 30Verification of claims received under regulation 12(2)(b)Within 30 days from the last date for receipt of claimsT + 60
7Reg. 31AConstitution of SCCWithin 60 days of LCDT + 60
8Section 40 (2)Intimation about decision of acceptance/ rejection of claimWithin 7 days of admission or rejection of claimT + 67
9Reg. 31 (2)Filing the list of stakeholders and announcement to publicWithin 45 days from the last date of receipt of claimsT + 75
10Section 42Appeal by a creditor against the decision of the liquidatorWithin 14 days of receipt of such decisionT + 81
11Reg. 13Preliminary report to the AAWithin 75 days of LCDT + 75
12Reg. 34Asset memorandumWithin 75 days of LCDT + 75
13Reg. 15 (1), (2), (3), (4) and (5), and 36Submission of progress reports to AA;
Asset Sale report to be enclosed with every Progress Report, if sales are made
First progress reportQ1 + 15
Q-2Q2 + 15
Q-3Q3 + 15
Q-4Q4 + 15
FY: 1 Audited accounts of liquidator's receipt & payments for the financial year15th April
14Proviso to Reg. 15 (1)Progress report in case of cessation of liquidatorWithin 15 days of cessation as liquidatorDate of cessation + 15
15Reg. 37 (2, 3)Information to secured creditorsWithin 21 days of receipt of intimation from secured creditorDate of intimation + 21
16Reg. 42 (2)Distribution of the proceeds to the stakeholdersWithin 3 months from the receipt of amountDate of Realisation + 90
17Reg.10 (1)Application to AA for Disclaimer of onerous propertyWithin 6 months from the LCDT + 6 months
18Reg.10 (3)Notice to persons interested in the onerous property or contractAt least 7 days before making an application to AA for disclaimer disclosure.
(substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020 dated 05.08.2020.)
19Reg. 44Liquidation of corporate debtor.Within one yearT + 365
20Reg. 46Deposit the amount of unclaimed dividends and undistributed proceeds (substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 dated 06.01.2020) Apply to AA for order on unclaimed proceeds of liquidation or undistributed assets.Before submission of application under sub-regulation (3) of regulation 45 (substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 dated 06.01.2020) Before dissolution order
21Sch-1 Sl. No 12Time period to H1 bidder to provide balance sale considerationWithin 90 days of the date of invitation to provide the balance amount.

[AA: Adjudicating Authority, LCD: Liquidation Commencement Date, SCC: Stakeholders’ Consultation Committee]

Subject to the provisions of the Code, the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process.

Inserted vide IBBI (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019 applicable only to liquidation processes, which commenced on or after 25th July, 2019. To view the notification,Click Here
Inserted vide IBBI (Liquidation Process) (Second Amendment) Regulations, 2020 dated 17.04.2020. To view the notification, Click Here.

IBBI (Liquidation Process) (Second Amendment) Regulations, 2020 dated 17.04.2020


Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019


Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020 dated 05.08.2020


The Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 dated 06.01.2020


Applicability of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 notified on 25th July, 2019


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