2.9.41:Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
The liquidator shall preserve a physical or an electronic copy of the reports, registers and books of account referred to in Regulations 8 and 10 for at least eight years after the dissolution of the corporate person, either with himself or with an information utility.
(1) The liquidator shall preserve copies of all such records which are required to give a complete account of the voluntary liquidation process.
(2) Without prejudice to the generality of the obligations under sub-regulation (1), the liquidator shall preserve copies of records relating to or forming the basis of:-
(a) his appointment as liquidator, including the terms of appointment;
(b) handing over / taking over of the assignment;
(c) initiation of voluntary liquidation process;
(d) public announcement;
(e) claims, verification of claims, and list of stakeholders;
(f) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them;
(g) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders;
(h) statutory filings with Board and insolvency professional agencies;
(i) correspondence during the voluntary liquidation process;
(j) cost of voluntary liquidation process;
(k) all reports, registers, documents such as preliminary report, annual status report, final report prior to dissolution, various registers and books, etc. mentioned in Regulation 8 and 10 of principal regulations; and
(l) any other records, which is required to give a complete account of the process.
(3) The liquidator shall preserve:
(a) electronic copy of all records(physical and electronic) for a minimum period of eight years; and
(b) a physical copy of records for a minimum period of three years;
from the date of dissolution of the corporate person, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later.
(4) In case of replacement of liquidator during the process, the outgoing liquidator shall handover the records under sub-regulation (1) and (2) to the new liquidator.
(5) The liquidator shall preserve the records at a secure place and shall be obliged to produce records as may be required under the Code and the principal regulations.
(6) The liquidator shall, along with the application filed under sub-section (7) of section 59 to the Adjudicating Authority, provide the details and manner of preservation of records under sub regulation (1) and (2).
Explanation – The records referred to in this regulation includes records pertaining to the period of a liquidation process during which the liquidator acted as such, irrespective of the fact that he did not take up the assignment from its commencement or continue the assignment till its conclusion.
(1) The liquidator shall file the Forms, along with the enclosures thereto, on an electronic platform of the Board, as per the timelines stipulated against each Form, in the table below: –
Table
| Form No. | ||
| VL 1 | This includes details of the corporate person, details of the voluntary liquidation process, etc. | On or before the 10th day of the second month after the public announcement. |
| VL 2 | Details of the meetings of contributories with the reasons for delay in the process, details of replacement of liquidator (if any), etc. | On or before the 10th day of the subsequent month, after the meeting of contributories or replacement of liquidator. |
| VL 3 | Details of dissolution application, details of unclaimed proceeds, details of realisation and distribution made to stakeholders, details of pending litigations, detection of fraud or insolvency (if any), etc. | On or before the 10th day of the subsequent month, after submission of the dissolution application of the corporate person or withdrawal/suspension application for the voluntary liquidation process, to the Adjudicating Authority. |
| VL 4 | Details of order for dissolution: This includes details of the distribution of proceeds, receipts and payments, etc. | On or before the 14th day of passing of the order for dissolution of the corporate person, or withdrawal / suspension of the voluntary liquidation process. |
(2) The liquidator shall ensure that the Forms and its enclosures filed under this regulation are accurate and complete.
(3) The filing of a Form under this regulation after the due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after the date notified by the Board.
(4) The liquidator shall be liable to any action which the Board may take as deemed fit under the Code or any regulation made thereunder, including refusal to issue or renew Authorisation for Assignment, for –
(i) failure to file a Form along with requisite information and records;
(ii) inaccurate or incomplete information or records filed in or along with a Form;
(iii) delay in filing the Form.