10. Progress reports.
(1) The bankruptcy trustee shall submit progress reports to the Adjudicating Authority and to the committee within fifteen days after the end of every quarter:
Provided that if an insolvency professional ceases to act as a bankruptcy trustee during the bankruptcy 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) The bankruptcy trustee shall send a copy of the progress report to the bankrupt at the time of submission of the report under sub-regulation (1). (3) The progress report shall include-
(a) appointment, tenure of appointment and cessation of appointment of professionals;
(b) a statement indicating the progress in the bankruptcy process containing-
(i) distribution of dividend and interim dividend;
(ii) any material change in the expected realisation for any asset and basis for such change;
(iii) any material change in the value of assets or liabilities of the bankrupt and basis for such change;
(iv) any material change on estimated cost of bankruptcy process and basis for such change;
(v) distribution of unsold property made to the creditors;
(vi) details of any property that remains to be realised;
(vii) list of creditors; and
(viii) any other relevant information.
(c) an asset sale report with the following details of the assets realised–
(i) realised value;
(ii) cost of realisation;
(iii) manner and mode of realisation, including details as per Schedule II;
(iv) reasons for any reduction in the realisable value compared to the value mentioned in the preliminary report; and
(v) details of the persons in favour of whom the property has been realised.
(d) details of fee and remuneration due to and received by the bankruptcy trustee along with a description of the activities carried out by him;
(e) details of the fee and remuneration paid to professionals appointed by the bankruptcy trustee along with a description of activities carried out by them;
(f) other expenses incurred by the bankruptcy trustee in relation to the bankruptcy process;
(g) status of any material litigation by or against the bankrupt;
(h) filing of and developments in relation to disclaimer of onerous properties or leasehold interests under sections 160 and 162, or transactions under sections 164, 165 and 167.
(i) accounts maintained by the bankruptcy trustee showing the receipts and payments made during the period of the report, as well as cumulative receipts and payments made since the bankruptcy commencement date; and
(j) any other relevant aspect of the bankruptcy process.
(4) The progress report for the fourth quarter of the financial year shall enclose audited accounts of the receipts and payments of the bankrupt for the financial year.
(5) The progress reports shall be confidential during the bankruptcy process, unless the Adjudicating Authority permits any person to access it on specified terms and conditions.
Illustration
Where an insolvency professional becomes a bankruptcy trustee on 13th February, 2020 and ceases to act as such on 12th February, 2021, 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, 2020 | 15th April, 2020 |
| 2 | April - June, 2020 | 15th July, 2020 |
| 3 | July - September, 2020 | 15th October, 2020 |
| 4 | October - December, 2020 | 15th January, 2021 |
| 4 | January - 12th February, 2021 | 27th February, 2021 |
He shall submit the audited accounts of receipts and payments as under:
| Account No. | Period covered in the Quarter | Last Date of Submission of Report |
| 1 | 13th February - 31st March, 2020 | 15th April, 2020 |
| 2 | 1st April, 2019 - 12th February, 2021 | 27th February, 2021 |