2.9.19:Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
19. Claims by other stakeholders.
(1) A person, claiming to be a stakeholder other than those under Regulations 16, 17 or 18 shall submit proof of claim to the liquidator in person, by post or by electronic means in
(2) The existence of the claim of the stakeholder may be proved on the basis of –
(a) the records available in an information utility; or
(b) other relevant documents which adequately establish the claim, including any or all of the following-
(i) documentary evidence of notice demanding payment of unpaid amount or bank statements of the claimant showing that the claim has not been paid and an affidavit that the documentary evidence and bank statements are true, valid and genuine;
(ii) documentary or electronic evidence of his shareholding; and
(iii) an order of a court, tribunal or other authority that has adjudicated upon the non-payment of a claim, if any.
Schedule I-Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
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. | Description | Particulars |
| (1) | (2) | (3) |
| 1 | Name of the Corporate Person | |
| 2 | Identification Number of Corporate Person (CIN/LLPIN) | |
| 3 | Voluntary Liquidation Commencement Date | |
| 4 | Date of Deposit into the Corporate Voluntary Liquidation Account | |
| 5 | Amount deposited into the Corporate Voluntary Liquidation Account (Rs.) | |
| 6 | Bank 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: | |
| 7 | Details 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 proceeds | Address, phone number and email address of the stakeholder | Identification Number of the stakeholder (PAN, CIN/LLPIN/DIN, Aadhaar No.) (Please attach Identification proof.) | Amount due to the stakeholder (Rs.) | Nature of Amount due | Remarks |
| (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. | Particulars | Description |
| (1) | (2) | (3) |
| 1 | Name of the corporate person | |
| 2 | CIN/LLPIN of the corporate person | |
| 3 | NCLT Bench | |
| 4 | Date of initiation of voluntary liquidation process | |
| 5 | Date of appointment of Liquidator | |
| 6 | Liquidator's Registration No. as IP | |
| 7 | Whether the Liquidator was replaced during the process (Yes / No) | |
| If yes | Name of previous Liquidator and his registration No. | |
| Date of replacement of previous Liquidator | ||
| 8 | Date of opening of bank account for liquidation (with account details) | |
| 9 | Date of notice for uncalled capital/unpaid capital contribution | |
| 10 | Date of realization of uncalled capital/unpaid capital contribution | |
| 11 | Date 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 | |
| 12 | Amount 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 | |
| 13 | Remuneration of Liquidator (Rs.) |
3. Details of the corporate person:
| Sl. No. | Particulars | Description |
| (1) | (2) | (3) |
| 1 | Year of Incorporation | |
| 2 | Objects in brief | |
| 3 | Paid up Share Capital / Capital (Amount in Rs.) | |
| 4 | Assets as on Liquidation Commencement date (Amount in Rs.) | |
| 5 | Debt payable as on Liquidation Commencement date (Amount in Rs.) | |
| 6 | Net-worth of the Corporate Person (Amount in Rs.) | |
| 7 | Reasons for initiating voluntary liquidation, in brief |
4. Details of realisation during Voluntary Liquidation Process:
| Sl. No. | Particulars | Amount (Rs.) |
| (1) | (2) | (3) |
| 1 | Sale of Assets | |
| 2 | Refund from Statutory Authorities | |
| 3 | Cash / Bank balance | |
| 4 | Realisation of uncalled/unpaid capital contribution | |
| 5 | Distribution of unsold asset | |
| 6 | Any 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 Claimed | Amount Admitted | Amount Distributed | Amount Distributed to the Amount Claimed (%) | Remarks |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| 1 | Realization of Security Interest [Sec. 52(1)(b)] | |||||
| 2 | Liquidation Cost [Sec. 53(1)(a)] | |||||
| 3 | Workmen's Dues [Sec. 53(1)(b)(i)] | |||||
| 4 | Debts of Secured Creditors [Sec. 53(1)(b)(ii)] | |||||
| 5 | Wages and Unpaid Dues to Employees [Sec. 53(1)(c)] | |||||
| 6 | Debts of Unsecured Financial Creditors [Sec. 53(1)(d)] | |||||
| 7 | Government Dues + Amount Unpaid following Enforcement of Security Interest [Sec.53(1)(e)] | |||||
| 8 | Any remaining Debts and Dues [Sec. 53(1)(f)] | |||||
| 9 | Preference Shareholders [Sec. 53(1)(g)] | |||||
| 10 | Equity 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 / Regulation | Description of Task | Norm (Number of Days) | Compliance Date | Actual Timeline (Number of days) |
| (1) | (2) | (3) | (4) | (5) | (6) |
| 1 | Section 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 person | T-28 | ||
| 2 | Section 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 liquidator | T = 0 | ||
| 3 | Proviso 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 | ||
| 4 | Regulation 5(2) | Intimation by Insolvency Professional regarding his appointment as Liquidator, to the Board | T + 7 | ||
| 5 | Regulation 14 (1) | Public Announcement in Form A by the Liquidator | T + 5 | ||
| 6 | Section 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 person | T+ 7 or T + 14 | ||
| 7 | Section 38(1), Regulation 14 (2) | Submission of claims by stakeholders | T + 30 | ||
| 8 | Section 38(5) | Withdrawal/ modification of claim by stakeholders | T + 44 | ||
| 9 | Regulation 9(1) | Submission of preliminary report to the corporate person by the Liquidator | T + 45 | ||
| 10 | Regulation 29(1) | Verification of claims by the Liquidator | T + 60 | ||
| 11 | Section 40 (2) | Intimation about decision of acceptance/ rejection of claim to the stakeholders by the Liquidator | T + 67 | ||
| 12 | Regulation 30(2) | Preparation of list of stakeholders by the Liquidator | T + 45*/75 | ||
| 13 | Section 42 | Appeal by creditor against the decision of the Liquidator | T + 81 | ||
| 14 | Regulation 35(1) | Distribution of the proceeds to stakeholders by the Liquidator | Date of realization + 30 | ||
| 15 | Regulation 39(2) | Deposit of amount of unclaimed dividends and undistributed proceeds in Corporate Voluntary Liquidation Account by the Liquidator | Prior to submission of application under subsection (7) of section 59 | ||
| 16 | Regulation 38(2) | Submission of Final Report to the Board and Registrar of Companies by the Liquidator | T + 90*/270 | ||
| 17 | Section 59(7), Regulation 38(3) | Submission of Final Report, along with the application for dissolution, to AA | T + 90*/270 | ||
| 18 | Regulation 37(1) | Completion of Voluntary Liquidation Process | T + 90*/270 | ||
| 19 | Regulation 37(2) | Meeting of Contributories and presentation of Annual Status Report | T + 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. | Reasons | Whether 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 Filing | Date of Filing with Adjudicating Authority | Date of Order of the Adjudicating Authority | Brief of the Order |
| (1) | (2) | (3) | (4) | (5) |
| 1 | Preferential transactions under section 43 | |||
| 2 | Undervalued transactions under section 45 | |||
| 3 | Extortionate credit transactions under section 50 | |||
| 4 | Fraudulent 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. | Description | Particulars |
| (1) | (2) | (3) |
| 1 | Name of the Corporate Person | |
| 2 | Identification Number of Corporate Person (CIN/LLPIN) | |
| 3 | Voluntary Liquidation Commencement Date | |
| 4 | Date of Dissolution Order | |
| 5 | Date of Deposit into the Corporate Voluntary Liquidation Account | |
| 6 | Name of the Stakeholder seeking withdrawal | |
| 7 | Identification Number of the Stakeholder a. PAN b. CIN/LLPIN/DIN c. Aadhaar No. | |
| 8 | Address and Email Address of Stakeholder | |
| 9 | Amount of Claim of the Stakeholder, admitted by the Liquidator | |
| 10 | Amount of unclaimed dividends / undistributed proceeds deposited by the Liquidator in the Corporate Voluntary Liquidation Account against the stakeholder | |
| 11 | Amount of unclaimed dividends / undistributed proceeds the Stakeholder seeks to withdraw from the Corporate Voluntary Liquidation Account | |
| 12 | Bank 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: | |
| 13 | Reasons for not taking dividend or proceeds during the Voluntary Liquidation Process | |
| 14 | Any 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]