Schedule III-Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

SCHEDULE III

(Under Regulation 6 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

The formats contained in this Schedule are indicative in nature, and the liquidator may make such modifications to them as he deems fit in the facts and circumstances of the liquidation.

CASH BOOK 

Name of Corporate Debtor………………………………………………(in liquidation)

Date ParticularsLedger Folio No.ReceiptPaymentsBalance
Voucher No.Cash BankTotalVoucher No.Cash BankTotalCash BankTotal
1234567891011121314

Under ‘Particulars’, the head of accounts to which the entry relates should be indicated  so that the entry may be posted under the proper head in the General Ledger.

GENERAL LEDGER

Name of Corporate Debtor……………………………………………….(in liquidation)
……………………………………………….(Head of account)

DateParticularsDr.
(Rs.)
Cr.
(Rs.)
Balance
(Rs.)
12345

Instructions:
1. A General Ledger should be maintained with such heads of account as the liquidator may think necessary and appropriate. The following heads of account may be found suitable:

(1) Asset account
(2) Investments account
(3) Book Debts & Outstandings account
(4) Calls
(5) Rents Collected
(6) Interest on Securities and Deposits
(7) Advances received
(8) Miscellaneous receipts payments
(9) Establishment
(10) Legal charges
(11) Rents, Rates and Taxes
(12) Fees and Commission account
(13) Other expenses
(14) Suspense account
(15) Secured creditors
(16) Dividend account.

2. The entries in the General Ledger should be posted from the Cash Book.
3. The total of the debit balances and the total of the credit balances of the several heads of account in the General Ledger should agree, after taking into consideration the cash and bank balances as shown in the Cash Book. The totals should be tallied once a month.

BANK LEDGER
Corporate debtor’s (in liquidation) account with the Scheduled Bank

DateParticularsDepositsWithdrawalsBalance
Challan NumberRs.Cheque
Number
Rs.Rs.
1234567
1.
2.

REGISTER OF ASSETS

Sl. No.Description
of assets
Date of
taking
possession
Serial
number of
Sales
Register
Date of
sale
Date of
realization
AmountRemarks
12345678
1.
2.

Instructions:
1. All the assets of the corporate debtor except the liquidator’s investments in securities and outstandings to be realized should be entered in this Register.

SECURITIES AND INVESTMENTS REGISTER

Sl. No.Petition
number
and name
of the
corporate
debtor
Date of
investment
Nature
and
particulars
of security
in which
investment
is made
Amount
Invested
(Rs.)
Dividend
or interest
received
with date
of receipt
(Rs.)
Date of
disposal
Remarks
12345678
1.
2.

REGISTER OF BOOK DEBTS AND OUTSTANDINGS

Sl. No.Name
and
address
of debtor
Particulars
of debt
Amount
due
(Rs.)
Date of
bar by
limitation
Amount
realised
(Rs.)
Action
taken
Date of
realisation
Reference
to Suits
Register
Remarks
12345678910
1.
2.

Instructions:
1. All debts due to the corporate debtor, both secured and unsecured, including amounts due for arrears of calls made prior to the liquidation, should be entered in this Register.

TENANTS LEDGER

1. Description of property:
2. Name and address of tenant:
3. Date of tenancy:
4. Period of tenancy:
5. Rent (monthly or annual):
6. Special terms, if any:
7. Arrears on date of taking charge of property:
8. Advance received, if any:

MonthDemandRealisationBalanceRemarks
Amount
(Rs.)
DateAmount
(Rs.)
Amount
(Rs.)
123456
January
February

SUITS REGISTER

Sl.
No.
Number
of
suit or
appeal
and
court
Name
and
address
of
plaintiff/
appellant
and his
advocate
Name and
address of
defendant/
respondent
and his
advocate
Amount
of
claim
Date
of
filing
Dates
of
hearing
Date
of
decree
or
final
order
Nature
of
relief
granted
Amount
decreed
Costs
decreed
Reference
to
Decree
Register
Remarks
12345678910111213
1.
2.

Instructions:
1. Applications made by or against the corporate debtor which are in the nature of suits should also be entered in this Register.

DECREE REGISTER

Number
of suit or
appeal
and
court
Name
and
address
of judgment
debtor
Amount
Decreed
(Rs.)
Date of
decree
Action
taken
Amount
realized
(Rs.)
Date of
realisation
Reference to
Suits
Register
12345678
1.
2.

Instructions:
1. The purpose of the Register is to enable the liquidator to keep watch on the progress of the realization of decrees in favour of the corporate debtor in his charge.
2. Every decree or order for payment of money or delivery of property in favour of the corporate debtor including an order for payment of costs whether made in a suit, appeal or application, should be entered in this Register.

REGISTER OF CLAIMS AND DISTRIBUTIONS

ClaimsDistributions declared and paidRemarks
Sl.
No.
Name
and
Address
of
creditor
Amount
claimed
(Rs.)
Nature
of
claim
(Rs.)
Amount
admitted
(Rs.)
Whether
ordinary or
preferential
DateAmount
(Rs.)
Date
and
Mode of
Payment
RateAmount
(Rs.)
Date
and
mode of
payment
RateAmount
(Rs.)
Date
and
mode of
payment
12345678910111213141516
1.
2.

Instructions:
1. Only claims admitted either wholly or in part should be entered in this Register.
2. The page on the left side should be reserved for claims and the page on the right side for Distributions.

CONTRIBUTORY’S LEDGER

Sl. No.Name and
address of
contributory
Number
of
shares
or
extent
of
interest
held,
and
amount
paid
thereon
CallsRemarksReturns of share capitalRemarks
First call2nd
call/
3rd call
Date
of
return
Date of
Payment
Amount
paid
(Rs.)
Date of
call
and
amount
called
Amount
paid
and
date of
payment
(Repeat
columns
as
under
first
call)
123456 to 91011121314
1.
2.

Instructions:
Only contributories settled on the list of stakeholders should be entered in this Register and they should be entered in the same order as in the list.

DISTRIBUTIONS REGISTER

Date on which distribution is made:
Total amount payable in this round of distribution:

DateNumber on list of stakeholdersParticularsReceiptsPayments
12345
1.
2.

Instructions:
1. Separate pages should be set apart for preferential and ordinary distributions.
2. The payments should be entered as and when they are made. Any amount which is returned unpaid should be reentered in the account under ‘Receipts’.
3. The number in column 2 should be the number of the stakeholders in the list of stakeholders as finally settled.
4. The total amount of unclaimed distribution payable into the  Public Account of India, and the amount paid into the Bank with the date of payment, should be shown at the end of the account.

FEE REGISTER

Amount realized on
which fee are
payable
Amount
distributed on
which fee are
payable
Fee payable on the
amounts in the two
preceding columns
Fee, if any payable
otherwise under
order of
Adjudicating
Authority
Total fee
payable
Date of
payment
123456
1.
2.

Instructions:
1. There should be a fresh opening for each year.
2. The fees due to the liquidator should be entered in the Register as soon as the audit of the account for a quarter is completed.

SUSPENSE REGISTER

DateParticularsDebit (Rs.)Credit (Rs.)Balance (Rs.)
12345
1.
2.

Instructions:
1. Advances made by the liquidator to any person should be entered in this Register.
2. There should be a separate opening for each person.

DOCUMENTS REGISTER

Sl. No.Description of
document
Date of receiptFrom whom
received
Reference number
of shelf in which
document is kept
How disposed
of
Remarks
1234567
1.
2.

Instruction: All documents of title like title-deeds, shares, promissory notes, etc., should be entered in this Register.

BOOKS REGISTER

DateFrom whom
received
Serial
Number
Description of
books,
including files
Shelf
number
How
disposed of
Remarks
1234567
1.
2.

Instruction: All books and files of the corporate debtor which come into the hands of the liquidator should be entered in this Register.

REGISTER OF UNCLAIMED DIVIDENDS AND UNDISTRIBUTED  ASSETS DEPOSITED

Sl. No.Name of
person
entitled to
the
dividend
or return
Whether
Creditor or
Contributory
Number on list
of stakeholders
Date of
declaration
of dividend
or return
Rate of dividend
or return
Total
amount
payable
(Rs.)
1234567
1.
2.

Substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 dated 06.01.2020. To view the Notification, Click Here.
Substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 dated 06.01.2020. To view the Notification, Click Here.