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

15. Progress reports.Refer IBBI Circular dated 22.02.2024 regarding Enhancing Transparency and Stakeholder Engagement in Liquidation Process. To view the circular, Click here.

(1) The liquidator shall submit Progress Reports to the Adjudicating Authority Progress Reports, in the formatSubstituted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 dated 16.09.2022. To view the notification, Click Here stipulated by the Board, to be placed before the committeeInserted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here the Adjudicating Authority and the Board  as under-

(a) the first Progress Report within fifteen days after the end of the quarter in which he is appointed;

(b) subsequent Progress Report(s) within fifteen days after the end of every quarter during which he acts as liquidator; and Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process, he shall file a Progress Report for the quarter up to the date of his so ceasing to act, within fifteen days of such cessation.

(2) A Progress Report shall provide all information relevant to liquidation for the quarter, including-

(a) appointment, tenure of appointment and cessation of appointment of professionals;

(b) a statement indicating progress in liquidation, including-

(i) settlement of list of stakeholders,

(ii) details of any property that remain to be sold and realized,

(iii) distribution made to the stakeholders, and

(iv) distribution of unsold property made to the stakeholders;

(b)Substituted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here a statement indicating progress in liquidation, including –

(i) minutes of meetings of the committee,

(ii) asset memorandum,

(iii) sale report(s),

(iv) settlement of list of stakeholders,

(v) details of any property that remains to be sold and realised,

(vi) distribution made to the stakeholders, and

(vii) distribution of unsold property made to the stakeholders

(c) details of fee or remuneration, including-

(i) the fee due to and received by the liquidator together with a description of the activities carried out by him,

(ii) the remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them,

(iii) other expenses incurred by the liquidator, whether paid or not;

(d) developments in any material litigation, by or against the corporate debtor;

(e) filing of, and developments in applications for avoidance of transactions under Part IISubstituted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021 dated 30.09.2021. To view the notification, Click Here in accordance with Chapter III of Part II of the Code; and

(f) changes, if any, in estimated liquidation costs.

(3) A Progress Report shall enclose an account maintained by the liquidator showing-

(a) his receipts and payments during the quarter; and

(b) the cumulative amount of his receipts and payments since the liquidation commencement date.

(4) A Progress Report shall enclose a statement indicating any material change in expected realization of any property proposed to be sold, along with the basis for such change:

Provided that this statement shall not be accessible to any person during the course of liquidation, unless permitted by the Adjudicating Authority.Omitted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 dated 16.09.2022. To view the notification, Click Here

 

(5) The Progress Report for the fourth quarter of the financial year shall enclose audited accounts of the liquidator’s receipts and payments for the financial year:

Provided that in case an insolvency professional ceases to act as liquidator, the audited accounts of his receipts and payments for that part of the financial year during which he has acted as liquidator, shall be enclosed with the Progress Report to be filed after cessation of his appointment.

Illustration: An insolvency professional becomes a liquidator on 13th February, 2017, and ceases to act as liquidator on 12th February, 2019. He shall submit Progress Reports as under:

Report No.	Period covered in the Quarter	Last Date of Submission of Report
1	13th February - 31st March, 2017	15th April, 2017
2	April - June, 2017	15th July, 2017
3	July - September, 2017	15th October, 2017
4	October - December, 2017	15th January, 2018
5	January - March, 2018	15th April, 2018
6	April - June, 2018	15th July, 2018
7	July - September, 2018	15th October, 2018
8	October - December, 2018	15th January, 2019
9	January - 12th February, 2019	27th February, 2019

He shall submit the audited accounts of his receipts and payments as under:

Audited Account No.	Period covered in the Year	Last Date of Submission
1	13th February - 31st March, 2017	15th April, 2017
2	April - March, 2018	15th April, 2018
3	April - 12th February, 2019	27th February, 2019

Illustration:Substituted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here An insolvency professional becomes a liquidator on 13th February, 2026, and ceases to act as liquidator on 12th June, 2026. He shall submit Progress Reports as under:

Report No.	Period covered in the Quarter	Last Date of Submission of Report
1	13th February -31st March, 2026	15th April, 2026
2	April –12th June, 2026	27th June, 2026

He shall submit the audited accounts of his receipts and payments as under:

Audited Account No.	Period covered in the Year	Last Date of Submission
1	13th February -31st March, 2026	15th April, 2026
2	April –12th June, 2026	27th June, 2026

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