(1) When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated.
(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same.
The liquidator shall submit an application along with the final report and the compliance certificate in to the Adjudicating Authority for –
(a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or
(b) for the dissolution of the corporate debtor, in cases not covered under clause (a).
(3) The final report shall form part of the application for the dissolution of the corporate debtor to the Adjudicating Authority to be made under section 54.
(1) The liquidator shall preserve copies of all such records which give a complete account of the liquidation process.
(2) Without prejudice to the generality of the provisions of 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 and taking over of the assignment;
c) admission of corporate debtor into liquidation;
d) public announcement;
e) the constitution of consultation committee and minutes of consultation committee meetings during liquidation process;
f) claims, verification of claims, and list of stakeholders;
g) details of relinquishment or otherwise by secured creditors in liquidation process;
h) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them;
i) Invitation, consideration and approval of plans / proposals / scheme received, in case of going concern sale in liquidation process or compromise or arrangement under section 230 of the Companies Act, 2013;
j) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders;
k) statutory filings with Board and insolvency professional agencies;
l) correspondence during the liquidation process
m) cost of liquidation process;
n) all reports, registers, documents such as preliminary report, asset memorandum, progress reports, asset sale report, annual status report, final report prior to dissolution, various registers and books, etc. mentioned in regulations 5 and 6 of these Regulations.
o) preferential, undervalued, extortionate credit transactions or fraudulent or wrongful trading.
p) 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 debtor or closure of the liquidation process or the conclusion of any proceeding relating to the liquidation process, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later.
(4) In case of replacement of liquidator, the outgoing liquidator shall handover the records under subregulation (1) and (2) to the new liquidator and be responsible for preserving the records not handed over, for any reason, to the new liquidator.
(5) Where the corporate debtor has been sold as a going concern under clause (e) of regulation 32, the general records of the corporate debtor shall be handed over to the successful buyer.
(6) The records of the corporate debtor shall be preserved by the liquidator as per the applicable laws.
(7) 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 Regulations made thereunder.
Explanation – The records referred to in this regulation include 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 continued the assignment till its conclusion.