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) :
| Sl. No. | Section / Regulation | Description of Task | Norm | Latest Timeline (Days) |
| (1) | (2) | (3) | (4) | (5) |
| 1 | Section 33 and 34 | Commencement of liquidation and appointment of liquidator | LCD | 0 = T |
| 2 | Section 33(1) (b) (ii) /Reg. 12 | Public announcement | Within 5 days of appointment of liquidator. | T + 5 |
| 3 | Reg. 35 (2) | Appointment of registered valuers | Within 7 days of LCD | T + 7 |
| 4 | Reg. 8 | First meeting of committee of creditors | Within 7 days of LCD | T+ 7 |
| 5 | Reg.16 / Sec. 52 and reg. 21A | Submission of claims; Intimation of decision on relinquishment of security interest | Within 14 days of LCD | T+ 14 |
| 6 | Reg. 30 | Verification of claims received under regulation 16 | Within 7 days of receipt of claims | T+ 21 |
| 7 | Reg. 30 | Intimation about decision of acceptance/ rejection of claim | Within 7 days of admission or rejection of claim | T+ 28 |
| 8 | Reg. 31(2) | Filing the list of stakeholders | Within 30 days from the last date of receipt of claims | T+ 44 |
| 9 | Reg. 15 | Submission of progress reports to AA | - First progress report - Second progress report | -Q1+15 -Q2+15 |
| 10 | Proviso to Reg. 15 | Progress report in case of cessation of liquidator | Within 15 days of cessation as liquidator | Date of cessation + 15 |
| 11 | Reg. 42 (2) | Distribution of the proceeds to the stakeholders | Within 15 days from the receipt of amount | Date of Realisation + 15 |
| 12 | Reg. 44 | Liquidation of corporate debtor | Within 180 days | T + 180 |
| 13 | Reg. 46 | Deposit the amount of unclaimed dividends and undistributed proceeds | Before submission of application under sub-regulation (2) of regulation 45 | |
| 14 | Sch-1 Sl. No 12 | Time period to H1 bidder to provide balance sale consideration | Within 90 days of the date of invitation to provide the balance amount.] |
[AA: Adjudicating Authority, LCD: Liquidation Commencement Date]
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
| 3A. (Inserted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) | ||||
(substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020 dated 05.08.2020.) | ||||
Asset Sale report to be enclosed with every Progress Report, if sales are made | ||||
(substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020 dated 05.08.2020.) | ||||
[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.
(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, as per the Table below: –
(1) The liquidator shall file the Forms, along with enclosures thereto, as notified by Board, from time to time, on an electronic platform of the Board, as per the timelines stipulated for each form.
(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.