valid as on 27/09/2022

2.9.17:Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

17. Claims by financial creditors.

(1) A person claiming to be a financial creditor of the corporate person shall submit proof of claim to the liquidator in electronic means in

(2) The existence of debt due to the financial creditor may be proved on the basis of-

(a) the records available in an information utility; or

(b) other relevant documents which adequately establish the debt, including any or all of the following –

(i) a financial contract supported by financial statements as evidence of the debt;

(ii) a record evidencing that the amounts committed by the financial creditor to the corporate person under a facility has been drawn by the corporate person;

(iii) financial statements showing that the debt has not been repaid; and

(iv) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any.

Refer Schedule I of  Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.To view the schedule,Click Here

Schedule I-Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

In Form A, for  the words “insert the date falling thirty days after the liquidation commencement date”, these words will be substituted

After Form F, following forms are inserted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 dated 15.01.2020. To view the notification,Click Here.

FORM-G
Deposit of Unclaimed Dividends and/or Undistributed Proceeds
[Under Regulation 39(5) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017]

A. Details of Voluntary Liquidation Process

Sl. No.DescriptionParticulars
(1)(2)(3)
1Name of the Corporate Person
2Identification Number of Corporate Person (CIN/LLPIN)
3Voluntary Liquidation Commencement Date
4Date of Deposit into the Corporate Voluntary Liquidation Account
5Amount deposited into the Corporate Voluntary Liquidation Account (Rs.)
6Bank Account from which the amount is transferred to Corporate Voluntary Liquidation Account
a. Account No:
b. Name of Bank:
c. IFSC:
d. MICR:
e. Address of Branch of the Bank:
7Details of the Amount (Rs.) deposited into Corporate Voluntary Liquidation Account
a. Unclaimed dividends
b. Undistributed proceeds
c. Income earned till the due date of deposit
d. Interest at the rate of twelve per cent on the amount retained beyond due date (Please show computation of interest amount)

Total

B. Details of Stakeholders entitled to Unclaimed Dividends or Undistributed Proceeds

Sl. No.Name of stakeholder entitled to receive unclaimed dividends or undistributed proceedsAddress, phone number and email address of the stakeholderIdentification Number of the stakeholder (PAN, CIN/LLPIN/DIN, Aadhaar No.) (Please attach Identification proof.)Amount due to the stakeholder (Rs.)Nature of Amount dueRemarks
(1)(2)(3)(4)(5)(6)(7)
1
2
3

C. Details of Deposit made into the Corporate Voluntary Liquidation Account

I (Name of Liquidator) have deposited Rs…… (Rupees ….only) into the Corporate Voluntary Liquidation Account on …. vide acknowledgment no.. … dated ……

I (Name of Liquidator) hereby certify that the details provided in this Form are true and correct to the best of my knowledge and belief, and nothing material has been concealed.

(Signature)
Name of the Liquidator IP Registration No:
Address as registered with the Board:
Email id as registered with the Board:

Date:…………..

Place:……………………..

COMPLIANCE CERTIFICATE
[Under Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017]

I, [Name of the Liquidator], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board with registration number [registration number], am the Liquidator for the Voluntary Liquidation Process of [name of the corporate person].

1. The details of the Voluntary Liquidation Process are as under:

Sl. No.ParticularsDescription
(1)(2)(3)
1Name of the corporate person
2CIN/LLPIN of the corporate person
3NCLT Bench
4Date of initiation of voluntary liquidation process
5Date of appointment of Liquidator
6Liquidator's Registration No. as IP
7Whether the Liquidator was replaced during the process (Yes / No)
If yesName of previous Liquidator and his registration No.
Date of replacement of previous Liquidator
8Date of opening of bank account for liquidation (with account details)
9Date of notice for uncalled capital/unpaid capital contribution
10Date of realization of uncalled capital/unpaid capital contribution
11Date of intimation to statutory authority as applicable.
a. PF
b. ESI
c. Income Tax
d. Inspector of Factory
e. GST/VAT
f. RBI
g. Others
12Amount deposited into Corporate Voluntary Liquidation Account:
a. Amount of unclaimed dividends
b. Amount of undistributed proceeds
c. Income referred to in sub-regulation (2) and (3) of regulation 39
d. Interest referred to in sub-regulation (4) of regulation 39
Total
13Remuneration of Liquidator (Rs.)

3. Details of the corporate person:

Sl.
No.
ParticularsDescription
(1)(2)(3)
1Year of Incorporation
2Objects in brief
3Paid up Share Capital / Capital (Amount in Rs.)
4Assets as on Liquidation Commencement date (Amount in Rs.)
5Debt payable as on Liquidation Commencement date (Amount in Rs.)
6Net-worth of the Corporate Person (Amount in Rs.)
7Reasons for initiating voluntary liquidation, in brief

4. Details of realisation during Voluntary Liquidation Process:

Sl. No.ParticularsAmount (Rs.)
(1)(2)(3)
1Sale of Assets
2Refund from Statutory Authorities
3Cash / Bank balance
4Realisation of uncalled/unpaid capital contribution
5Distribution of unsold asset
6Any other (Please specify)
Total

5. Details of distribution to stakeholders as per section 52 or 53 of the Code

Sl. No.Stakeholders* under section 52 and 53 (1)Amount ClaimedAmount AdmittedAmount DistributedAmount Distributed to the Amount Claimed (%)Remarks
(1)(2)(3)(4)(5)(6)(7)
1Realization of Security Interest [Sec. 52(1)(b)]
2Liquidation Cost [Sec. 53(1)(a)]
3Workmen's Dues [Sec. 53(1)(b)(i)]
4Debts of Secured Creditors [Sec. 53(1)(b)(ii)]
5Wages and Unpaid Dues to Employees [Sec. 53(1)(c)]
6Debts of Unsecured Financial Creditors [Sec. 53(1)(d)]
7Government Dues + Amount Unpaid following Enforcement of Security Interest [Sec.53(1)(e)]
8Any remaining Debts and Dues [Sec. 53(1)(f)]
9Preference Shareholders [Sec. 53(1)(g)]
10Equity Shareholders [Sec.53(1)(h)]
Total

*If there are sub-categories in a category, please add rows for each sub-category.

6. The Voluntary Liquidation Process has been conducted as per the stipulated timeline:

Sl. No.Section / RegulationDescription of TaskNorm (Number of Days)Compliance DateActual Timeline
(Number of days)
(1)(2)(3)(4)(5)(6)
1Section 59(3)(a),
Regulation 3(1) (a)
Declaration from majority of directors / partners regarding solvency of corporate person and it not being liquidated to defraud any personT-28
2Section 59[(3)(c)
and (5)],
Regulation 3(1)(c) and 3(3)
Passing of resolution / special resolution by members / partners about commencement of voluntary liquidation process and appointment of insolvency professional as liquidatorT = 0
3Proviso to Section
59(3)(c), Regulation 3(1)(c)
Approval of creditors representing two-third in value of debt, if the corporate person owes any debt, of the resolution passed under section 59(3)(c) or regulation 3(1)(c)T + 7
4Regulation 5(2)Intimation by Insolvency Professional regarding his appointment as Liquidator, to the Board T + 7
5Regulation 14 (1)Public Announcement in Form A by the LiquidatorT + 5
6Section 59(4), Reg. 3(2)Notification to Registrar of Companies and Board about the resolution passed under section 59(3)(c) and regulation 3(1)(c) or subsequent approval of creditors thereto, as the case may be, by corporate personT+ 7 or T + 14
7Section 38(1),
Regulation 14 (2)
Submission of claims by stakeholdersT + 30
8Section 38(5)Withdrawal/ modification of claim by stakeholdersT + 44
9Regulation 9(1)Submission of preliminary report to the corporate person by the LiquidatorT + 45
10Regulation 29(1)Verification of claims by the LiquidatorT + 60
11Section 40 (2)Intimation about decision of acceptance/ rejection of claim to the stakeholders by the LiquidatorT + 67
12Regulation 30(2)Preparation of list of stakeholders by the LiquidatorT + 45*/75
13Section 42Appeal by creditor against the decision of the LiquidatorT + 81
14Regulation 35(1)Distribution of the proceeds to stakeholders by the LiquidatorDate of
realization + 30
15Regulation 39(2)Deposit of amount of unclaimed dividends and undistributed proceeds in Corporate Voluntary Liquidation Account by the LiquidatorPrior to submission of
application under subsection (7) of section 59
16Regulation 38(2)Submission of Final Report to the Board and Registrar of Companies by the LiquidatorT + 90*/270
17Section 59(7),
Regulation 38(3)
Submission of Final Report, along with the application for dissolution, to AAT + 90*/270
18Regulation 37(1)Completion of Voluntary Liquidation ProcessT + 90*/270
19Regulation 37(2)Meeting of Contributories and presentation of Annual Status ReportT + 365

T=Liquidation Commencement Date
*Applicable where approval of creditors was not required under section 59(3)(c) or regulation 3(1)(c)

7. The following are deviations / non-compliances with the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made, or circulars issued thereunder (If any deviation/ non- compliances were observed, please state the details and reasons for the same):

Sl. No.Deviation / Noncompliance
observed
Section of the Code / Regulation
No. / Circular No.
ReasonsWhether
rectified or not
(1)(2)(3)(4)(5)
1
2
3

8. The details of application(s) filed / pending in respect of avoidance of transactions.

Sl. No.Type of Transaction Date of FilingDate of Filing with Adjudicating AuthorityDate of Order of the Adjudicating AuthorityBrief of the Order
(1)(2)(3)(4)(5)
1Preferential transactions under section 43
2Undervalued transactions under section 45
3Extortionate credit transactions under section 50
4Fraudulent transactions under section 66

9. If the process has taken more than 90 / 270 days, as the case may be, for completion, please state reasons thereof.

10. All undischarged matters pending, if any, before any Court or Tribunal relating to corporate person have been reported to AA, along with the details of provision made to sufficiently meet the obligations arising from such pending litigations.

11. The records referred to in regulations 8 and 10 shall be preserved as mandated under regulation 41.

12. Any other information which the Liquidator may like to submit.

13. I [Name of Liquidator], hereby certify that the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed there from.

(Signature)
Name of the Liquidator:
IP Registration No:
Address as registered with the Board:
Email id as registered with the Board:

Date: ………………

Place: ……………..

  FORM-H
Withdrawal from Corporate Voluntary Liquidation Account
[Under Regulation 39(7) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017]

Sl. No.DescriptionParticulars
(1)(2)(3)
1Name of the Corporate Person
2Identification Number of Corporate Person (CIN/LLPIN)
3Voluntary Liquidation Commencement Date
4Date of Dissolution Order
5Date of Deposit into the Corporate Voluntary Liquidation Account
6Name of the Stakeholder seeking withdrawal
7Identification Number of the Stakeholder
a. PAN
b. CIN/LLPIN/DIN
c. Aadhaar No.
8Address and Email Address of Stakeholder
9Amount of Claim of the Stakeholder, admitted by the Liquidator
10Amount of unclaimed dividends / undistributed proceeds deposited by the Liquidator in the Corporate Voluntary Liquidation Account against the stakeholder
11Amount of unclaimed dividends / undistributed proceeds the Stakeholder seeks to withdraw from the Corporate Voluntary Liquidation Account
12Bank Account to which the amount is to be transferred from the Corporate Voluntary Liquidation Account, if withdrawal is approved
(a) Account No.:
(b) Name of Bank:
(c) IFSC:
(d) MICR:
(e) Address of Branch of the Bank:
13Reasons for not taking dividend or proceeds during the Voluntary Liquidation Process
14Any legal disability in applying for withdrawal? (Yes / No), If yes, please provide details

DECLARATION

I, [Name of stakeholder], currently residing at [insert address], hereby declare and state as follows:
1. I am entitled to receive a sum of Rs…. (Rupees … only) from the Corporate Voluntary Liquidation Account, as presented above.
2. In respect of the said sum or any part thereof, neither I nor any person, by my order, to my knowledge or belief, for my use, has received any manner of satisfaction or security whatsoever, save and except the following: ……………
3. I undertake to refund the entire amount with interest as decided by the Board, in case the Board finds that I am not entitled to this amount.
4. I authorise the Board to initiate appropriate legal action against me if my claim is found false at any time.

Date:
Place:

(Signature of the Stakeholder)

VERIFICATION

I, [Name] the stakeholder hereinabove, do hereby verify that the contents of this Form are true and correct to my knowledge and belief and no material fact has been concealed therefrom.

Verified at … on this …… day of ………., 20…                               (Signature of the Stakeholder)

[Note: In the case of a company or limited liability partnership, the declaration and verification shall be made by the director/manager/secretary/ designated partner and in the case of other entities, an officer authorised for the purpose by the entity]

Substituted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2019 dated 15.01.2019. To view the notification,Click Here
Inserted vide the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 dated 05.04.2022. To view the Notification, Click Here.
Substituted vide the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 dated 05.04.2022. To view the Notification, Click Here.

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