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.