valid as on 16/10/2019

IBC Section 35-Powers and duties of liquidator.
Effective from 15.12.2016

(1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following , namely:—

(a) to verify claims of all the creditors;

(b) to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor;

(c) to evaluate the assets and property of the corporate debtor in the manner as may be specified by the Board and

(d) to take such measures to protect and preserve the assets and properties of the corporate debtor as he considers necessary;

(e) to carry on the business of the corporate debtor for its beneficial liquidation as he considers necessary;

(f) subject to section 52, to sell the immovable and movable property and actionable claims of the corporate debtor in liquidation by public auction or private contract, with power to transfer such property to any person or body corporate, or to sell the same in parcels in such manner as may be specified;

(g) to draw, accept, make and endorse any negotiable instruments including bill of exchange, hundi or promissory note in the name and on behalf of the corporate debtor, with the same effect with respect to the liability as if such instruments were drawn, accepted, made or endorsed by or on behalf of the corporate debtor in the ordinary course of its business;

(h) to take out, in his official name, letter of administration to any deceased contributory and to do in his official name any other act necessary for obtaining payment of any money due and payable from a contributory or his estate which cannot be ordinarily done in the name of the corporate debtor, and in all such cases, the money due and payable shall, for the purpose of enabling the liquidator to take out the letter of administration or recover the money, be deemed to be due to the liquidator himself;

(i) to obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities;

(j) to invite and settle claims of creditors and claimants and distribute proceeds in accordance with the provisions of this Code;

(k) to institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate debtor;

(l) to investigate the financial affairs of the corporate debtor to determine undervalued or preferential transactions;

(m) to take all such actions, steps, or to sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if any, as may be necessary for liquidation, distribution of assets and in discharge of his duties and obligations and functions as liquidator;

(n) to apply to the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the corporate debtor and to of the liquidation process in a manner as may be specified by the Board; and

(o) to perform such other functions as may be specified by the Board.

(2) The liquidator shall have the power to consult any of the stakeholders entitled to a distribution of proceeds under section 53: Provided that any such consultation shall not be binding on the liquidator: Provided further that the records of any such consultation shall be made available to all other stakeholders not so consulted, in a manner specified by the Board.

Refer regulation 5-11 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 . To view the regulation,Click Here
Refer regulation 13, 14 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 . To view the regulation,Click Here
Inserted vide Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 which is replaced by Insolvency and Bankruptcy Code (Amendment) Act, 2018 dated 18.01.2018 (effective from 23.11.2017). To view the notification,Click Here
Refer regulation 15 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 . To view the regulation,Click Here

2.5.10:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

10. Disclaimer of onerous property.

(1) Where any part of the property of a corporate debtor consists of-

(a) land of any tenure, burdened with onerous covenants;

(b) shares or stocks in companies;

(c) any other property which is not saleable or is not readily saleable by reason of the possessor thereof being bound either to the performance of any onerous act or to the payment of any sum of money; or

(d) unprofitable contracts; the liquidator may, notwithstanding that he has endeavored to sell or has taken possession of the property or exercised any act of ownership in relation thereto or done anything in pursuance of the contract, make an application to the Adjudicating Authority within six months from the liquidation commencement date, or such extended period as may be allowed by the Adjudicating Authority, to disclaim the property or contract.

(2) The liquidator shall not make an application under sub-regulation (1) if a person interested in the property or contract inquired in writing whether he will make an application to have such property disclaimed, and he did not communicate his intention to do so within one month from receipt of such inquiry.

(3) The liquidator shall serve a notice to persons interested in the onerous property or contract at least seven days before making an application for disclaimer to the Adjudicating Authority:

Explanation: A person is interested in the onerous property or contract if he-

(a) is entitled to the benefit or subject to the burden of the contract ; or

(b) claims an interest in a disclaimed property or is under a liability not discharged in respect of a disclaimed property.

(4) Subject to the order of the Adjudicating Authority approving such disclaimer, the disclaimer shall operate to determine, from the date of disclaimer, the rights, interest and liabilities of the corporate debtor in or in respect of the property or contract disclaimed, but shall not, except so far as is necessary for the purpose of releasing the corporate debtor and the property of the corporate from liability, affect the rights, interest or liabilities of any other person.

(5) A person affected by the disclaimer under this Regulation shall be deemed to be a creditor of the corporate debtor for the amount of the compensation or damages payable in respect of such effect, and may accordingly be payable as a debt in liquidation under section 53(1)(f).


2.5.11:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

11. Extortionate credit transactions.

A transaction shall be considered an extortionate credit transaction under section 50(2) where the terms-

(1) require the corporate debtor to make exorbitant payments in respect of the credit provided; or

(2) are unconscionable under the principles of law relating to contracts.


2.5.13:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

13. Preliminary report.

The liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date, detailing-

(a) the capital structure of the corporate debtor;

(b) the estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor:

Provided that if the liquidator has reasons to believe, to be recorded in writing, that the books of the corporate debtor are not reliable, he shall also provide such estimates based on reliable records and data otherwise available to him;

(c) whether, he intends to make any further inquiry in to any matter relating to the promotion, formation or failure of the corporate debtor or the conduct of the business thereof; and

(d) the proposed plan of action for carrying out the liquidation, including the timeline within which he proposes to carry it out and the estimated liquidation costs.


2.5.14:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

14. Early dissolution.

Any time after the preparation of the Preliminary Report, if it appears to the liquidator that-

(a) the realizable properties of the corporate debtor are insufficient to cover the cost of the liquidation process; and

(b) the affairs of the corporate debtor do not require any further investigation;

he may apply to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution.


2.5.15:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

15. Progress reports.

(1) The liquidator shall submit Progress Reports to the Adjudicating Authority as under-

(a) the first Progress Report within fifteen days after the end of the quarter in which he is appointed;

(b) subsequent Progress Report(s) within fifteen days after the end of every quarter during which he acts as liquidator; and Provided that if an insolvency professional ceases to act as a liquidator during the liquidation 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) A Progress Report shall provide all information relevant to liquidation for the quarter, including-

(a) appointment, tenure of appointment and cessation of appointment of professionals;

(b) a statement indicating progress in liquidation, including-

(i) settlement of list of stakeholders,

(ii) details of any property that remain to be sold and realized,

(iii) distribution made to the stakeholders, and

(iv) distribution of unsold property made to the stakeholders;

(c) details of fee or remuneration, including-

(i) the fee due to and received by the liquidator together with a description of the activities carried out by him,

(ii) the remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them,

(iii) other expenses incurred by the liquidator, whether paid or not;

(d) developments in any material litigation, by or against the corporate debtor;

(e) filing of, and developments in applications for avoidance of transactions in accordance with Chapter III of Part II of the Code; and

(f) changes, if any, in estimated liquidation costs.

(3) A Progress Report shall enclose an account maintained by the liquidator showing-

(a) his receipts and payments during the quarter; and

(b) the cumulative amount of his receipts and payments since the liquidation commencement date.

(4) A Progress Report shall enclose a statement indicating any material change in expected realization of any property proposed to be sold, along with the basis for such change:

Provided that this statement shall not be accessible to any person during the course of liquidation, unless permitted by the Adjudicating Authority.

(5) The Progress Report for the fourth quarter of the financial year shall enclose audited accounts of the liquidator’s receipts and payments for the financial year:

Provided that in case an insolvency professional ceases to act as liquidator, the audited accounts of his receipts and payments for that part of the financial year during which he has acted as liquidator, shall be enclosed with the Progress Report to be filed after cessation of his appointment. Illustration: An insolvency professional becomes a liquidator on 13th February, 2017, and ceases to act as liquidator on 12th February, 2019. He shall submit Progress Reports as under:

Report No.Period covered in the Quarter Last Date of Submission of Report
113th February - 31st March, 2017 15th April, 2017
2April - June, 2017 15th July, 2017
3July - September, 2017 15th October, 2017
4October - December, 2017 15th January, 2018
5January - March, 2018 15th April, 2018
6April - June, 2018 15th July, 2018
7July - September, 2018 15th October, 2018
8October - December, 201815th January, 2019
9January - 12th February, 2019 27th February, 2019

He shall submit the audited accounts of his receipts and payments as under:

Audited Account No.Period covered in the Year Last Date of Submission
113th February - 31st March, 2017 15th April, 2017
2April - March, 201815th April, 2018
3April - 12th February, 2019 27th February, 2019


2.5.5:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

5. Reporting.

(1) The liquidator shall prepare and submit:

(a) a preliminary report;

(b) an asset memorandum;

(c) progress report(s);

(d) sale report(s);

(e) minutes of consultation with stakeholders; and

(f) the final report prior to dissolution to the Adjudicating Authority in the manner specified under these Regulations.

(2) The liquidator shall preserve a physical as well as an electronic copy of the reports and minutes referred to in sub-regulation (1) for eight years after the dissolution of the corporate debtor.

(3) Subject to other provisions of these Regulations, the liquidator shall make the reports and minutes referred to sub-regulation (1) available to a stakeholder in either electronic or physical form, on receipt of

(a) an application in writing;

(b) costs of making such reports and minutes available to it; and

(c) an undertaking from the stakeholder that it shall maintain confidentiality of such reports and minutes and shall not use these to cause an undue gain or undue loss to itself or any other person.


2.5.6:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

6. Registers and books of account.

(1) Where the books of account of the corporate debtor are incomplete on the liquidation commencement date, the liquidator shall have them completed and brought up-to-date, with all convenient speed, as soon as the order for liquidation is passed.

(2) The liquidator shall maintain the following registers and books, as may be applicable, in relation to the liquidation of the corporate debtor, and shall preserve them for a period of eight years after the dissolution of the corporate debtor-

(a) Cash Book;

(b) Ledger;

(c) Bank Ledger;

(d) Register of Fixed Assets and Inventories;

(e) Securities and Investment Register;

(f) Register of Book Debts and Outstanding Debts;

(g) Tenants Ledger;

(h) Suits Register;

(i) Decree Register;

(j) Register of Claims and Dividends;

(k) Contributories Ledger;

(l) Distributions Register;

(m) Fee Register;

(n) Suspense Register;

(o) Documents Register;

(p) Books Register;

(q) Register of unclaimed dividends and undistributed properties deposited in accordance with Regulation 45; and

(r) such other books or registers as may be necessary to account for transactions entered into by him in relation to the corporate debtor.

(3) The registers and books under sub-regulation (2) may be maintained in the forms indicated in , with such modifications as the liquidator may deem fit in the facts and circumstances of the liquidation process.

(4) The liquidator shall keep receipts for all payments made or expenses incurred by him.

To view the schedule,Click Here

2.5.7:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

7. Appointment of professionals.

(1) A liquidator may appoint professionals to assist him in the discharge of his duties, obligations and functions for a reasonable remuneration and such remuneration shall form part of the liquidation cost.

(2) The liquidator shall not appoint a professional under sub-regulation (1) who is his relative, is a related party of the corporate debtor or has served as an auditor to the corporate debtor in the five years preceding the liquidation commencement date.

(3) A professional appointed or proposed to be appointed under sub-regulation (1) shall disclose the existence of any pecuniary or personal relationship with any of the stakeholders, or the concerned corporate debtor as soon as he becomes aware of it, to the liquidator.


2.5.8:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

8. Consultation with stakeholders.

(1) The stakeholders consulted under section 35(2) shall extend all assistance and cooperation to the liquidator to complete the liquidation of the corporate debtor.

(2) The liquidator shall maintain the particulars of any consultation with the stakeholders made under this Regulation, as specified in

 

To view the schedule,Click Here

2.5.9:Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

9. Personnel to extend cooperation to liquidator.

(1) The liquidator may make an application to the Adjudicating Authority for a direction that a person who-

(a) is or has been an officer, auditor, employee, promoter or partner of the corporate debtor;

(b) was the interim resolution professional, resolution professional or the previous liquidator of the corporate debtor; or

(c) has possession of any of the properties of the corporate debtor; shall cooperate with him in the collection of information necessary for the conduct of the liquidation.

(2) An application may be made under this Regulation only after the liquidator has made reasonable efforts to obtain the information from such person and failed to obtain it.


IBC-Enforcement Notification [S.O.3687(E)] dated 09/12/2016


Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019


Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 [repealed by the Insolvency and Bankruptcy Code (Amendment) Act, 2018 w.e.f., 23.11.2017]


The Insolvency and Bankruptcy Code (Amendment) Act, 2018 (effective from 23.11.2017)


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

FORM A

PROFORMA FOR REPORTING CONSULTATIONS WITH STAKEHOLDERS

(Under Regulation 8 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

Separate proforma to be used for each stakeholder or group of homogenous stakeholders

NAME AND REGISTRATION NO. OF
LIQUIDATOR:
NAME OF CORPORATE DEBTOR BEING
LIQUIDATED:
LIQUIDATION CASE NO:
NAME OF THE STAKEHOLDER:
DATE OF CONSULTATION (IF HELD IN
PERSON):
NUMBER AND DATES OF COMMUNICATIONS
RECEIVED FROM STAKEHOLDER:
SUMMARY OF CONSULTATION:


PUBLIC ANNOUNCEMENT
(Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process)
Regulations, 2016)

FOR THE ATTENTION OF THE STAKEHOLDERS OF [Name of Corporate Debtor]

Sl. No.PARTICULARSDETAILS
1.Name of corporate debtor
2.Date of incorporation of corporate debtor
3.Authority under which corporate debtor is incorporated / registered
4.Corporate Identity No. / Limited Liability Identification No. of corporate debtor
5.Address of the registered office and principal office (if any) of corporate debtor
6.Date of closure of Insolvency Resolution Process
7.Liquidation commencement date of corporate debtor
8.Name and registration number of the insolvency professional acting as liquidator
9.Address and e-mail of the liquidator, as registered with the Board
10.Address and e-mail to be used for correspondence with the liquidator
11.Last date for submission of claims

Notice is hereby given that the National Company Law Tribunal (Name of Bench) has ordered the commencement of liquidation of the [Name of the corporate debtor] on [date of passing of order of liquidation under section 33 of the Code].

The stakeholders of [—–Name of the corporate debtor] are hereby called upon to submit  their claims with proof on or before ——-[Insert the date falling thirty days after the liquidation commencement date] [ ], to the liquidator at the address mentioned against item No. 10.

The financial creditors shall submit their claims with proof by electronic means only. All other creditors may submit the claims with the proof in person, by post or by electronic means.

Submission of false or misleading proof of claims shall attract penalties.

Name and signature of liquidator :
Date and place :

FORM B

PUBLIC ANNOUNCEMENT

(Regulation 12 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016)

FOR THE ATTENTION OF THE STAKEHOLDERS OF [Name of Corporate Debtor]

1NAME OF CORPORATE DEBTOR
2DATE OF INCORPORATION OF CORPORATE DEBTOR
3AUTHORITY UNDER WHICH CORPORATE DEBTOR IS INCORPORATED/ REGISTERED
4CORPORATE IDENTITY NUMBER / LIMITED LIABILITY IDENTITY
NUMBER OF CORPORATE DEBTOR
5ADDRESS OF THE REGISTERED OFFICE AND PRINCIPAL OFFICE (IF ANY) OF CORPORATE DEBTOR
6DATE OF CLOSURE OF INSOLVENCY RESOLUTION PROCESS
7LIQUIDATION COMMENCEMENT DATE OF CORPORATE DEBTOR
8NAME, ADDRESS, EMAIL ADDRESS, TELEPHONE NUMBER AND THE REGISTRATION NUMBER OF THE LIQUIDATOR
9LAST DATE FOR SUBMISSION OF CLAIMS

FORM C

PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND EMPLOYEES

(Under Regulation 17 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

[Date]

To

The Liquidator

[Name of the Liquidator]

[Address as set out in the public announcement]

From

[Name and address of the operational creditor]

Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the Insolvency and Bankruptcy Code, 2016.

Madam/Sir,

[Name of the operational creditor] hereby submits this proof of claim in respect of the liquidation of [name of corporate debtor].

The details for the same are set out below:

1NAME OF OPERATIONAL CREDITOR
(IF AN INCORPORATED BODY PROVIDE IDENTIFICATION NUMBER
AND PROOF OF INCORPORATION, IF A PARTNERSHIP OR
INDIVIDUAL PROVIDE IDENTIFICATION RECORDS* OF ALL THE
PARTNERS OR THE INDIVIDUAL)
2ADDRESS OF OPERATIONAL CREDITOR FOR CORRESPONDENCE
3TOTAL AMOUNT OF CLAIM, INCLUDING ANY INTEREST, AS AT
LIQUIDATION COMMENCEMENT DATE AND DETAILS OF NATURE
OF CLAIM
PRINCIPAL :
INTEREST :
TOTAL CLAIM :
4DETAILS OF DOCUMENTS BY REFERENCE TO WHICH THE DEBT
CAN BE SUBSTANTIATED
5DETAILS OF ANY DISPUTE AS WELL AS THE RECORD OF
PENDENCY OF SUIT OR ARBITRATION PROCEEDINGS
6DETAILS OF HOW AND WHEN DEBT INCURRED
7DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR OTHER
MUTUAL DEALINGS BETWEEN THE CORPORATE DEBTOR AND
THE OPERATIONAL CREDITOR WHICH MAY BE SET-OFF AGAINST
THE CLAIM
8DETAILS OF ANY RETENTION OF TITLE IN RESPECT OF GOODS OR
PROPERTIES TO WHICH THE DEBT REFERS OR ANY OTHER
SECURITY
8A
Inserted vide
IBBI (Liquidation Process)
(Amendment)
Regulations, 2019
dated 25.07.2019
WHETHER SECURITY INTEREST RELINQUISHED Yes/ No
9DETAILS OF ANY ASSIGNMENT OR TRANSFER OF DEBT IN HIS
FAVOUR
10DETAILS OF THE BANK ACCOUNT TO WHICH THE OPERATIONAL
CREDITOR’S SHARE OF THE PROCEEDS OF LIQUIDATION CAN BE
TRANSFERRED
11LIST OUT AND ATTACH THE DOCUMENTS RELIED ON IN
SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)

Signature of operational creditor or person authorised to act on his behalf

(Please enclose the authority if this is being submitted on behalf of the operational creditor)

Name in BLOCK LETTERS

Position with or in relation to creditor

Address of person signing

*PAN, Passport, AADHAAR Card or the identity card issued by the Election Commission of India.

AFFIDAVIT

I, [name of deponent], currently residing at [address of deponent], do solemnly affirm and state as follows:

1. The above named corporate debtor was, at liquidation commencement date, that is, the __________ day of __________ 20______ and still is, justly and truly indebted to me [or to me and[insert name of copartners], my co-partners in trade, or, as the case may be] in the sum of Rs. __________ for _____ [please state consideration].

2. In respect of my claim of the said sum or any part thereof, I have relied on and the documents specified below:

[Please list the documents relied on as evidence of debt.]

3. The said documents are true, valid and genuine to the best of my knowledge, information and belief.

4. In respect of the said sum or any part thereof, I have not, nor have my partners or any of them, nor has any person, by my/our order, to my/our knowledge or belief, for my/ our use, had or received any manner of satisfaction or security whatsoever, save and except the following:

[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the operational creditor which may be set-off against the claim.]

Solemnly, affirmed at _____________________ on _________________ day, the __________day of__________ 20_____

Before me,

Notary / Oath Commissioner

Deponent’s signature

VERIFICATION

I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.

Verified at ________ on this ________ day of ________ 201_____

Deponent’s signature

FORM D

PROOF OF CLAIM BY FINANCIAL CREDITORS

(Under Regulation 18 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

[Date]

To

The Liquidator

[Name of the Liquidator]

[Address as set out in the public announcement]

From

[Name and address of the registered office and principal office of the financial creditor]

Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the Insolvency and Bankruptcy Code, 2016.

Madam/Sir,

[Name of the financial creditor] hereby submits this proof of claim in respect of the liquidation of [name of corporate debtor]. The details for the same are set out below:

1NAME OF FINANCIAL CREDITOR
(IF AN INCORPORATED BODY PROVIDE IDENTIFICATION
NUMBER AND PROOF OF INCORPORATION, IF A
PARTNERSHIP OR INDIVIDUAL PROVIDE IDENTIFICATION
RECORDS* OF ALL THE PARTNERS OR THE INDIVIDUAL)
2ADDRESS AND EMAIL OF FINANCIAL CREDITOR FOR
CORRESPONDENCE.
3TOTAL AMOUNT OF CLAIM, INCLUDING ANY INTEREST,
AS AT THE LIQUIDATION COMMENCEMENT DATE AND
DETAILS OF NATURE OF CLAIM (WHETHER TERM LOAN,
SECURED, UNSECURED)
PRINCIPAL :
INTEREST :
TOTAL CLAIM :
4DETAILS OF DOCUMENTS BY REFERENCE TO WHICH THE
DEBT CAN BE SUBSTANTIATED
5DETAILS OF ANY ORDER OF A COURT OF TRIBUNAL THAT
HAS ADJUDICATED ON THE NON-PAYMENT OF DEBT
6DETAILS OF HOW AND WHEN DEBT INCURRED
7DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR
OTHER MUTUAL DEALINGS BETWEEN THE CORPORATE
DEBTOR AND THE FINANCIAL CREDITOR WHICH MAY BE
SET-OFF AGAINST THE CLAIM
8DETAILS OF ANY SECURITY HELD, THE VALUE OF THE
SECURITY, AND THE DATE IT WAS GIVEN
8A Inserted vide
IBBI (Liquidation Process)
(Amendment) Regulations, 2019
dated 25.07.2019

WHETHER SECURITY INTEREST RELINQUISHED Yes/ No
9DETAILS OF ANY ASSIGNMENT OR TRANSFER OF DEBT IN
HIS FAVOUR
10DETAILS OF THE BANK ACCOUNT TO WHICH THE
FINANCIAL CREDITOR’S SHARE OF THE PROCEEDS OF
LIQUIDATION CAN BE TRANSFERRED
11LIST OUT AND ATTACH THE DOCUMENTS RELIED ON IN
SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)

Signature of financial creditor or person authorised to act on his behalf

(please enclose the authority if this is being submitted on behalf a financial creditor)

Name in BLOCK LETTERS

Position with or in relation to creditor

Address of person signing

*PAN, Passport, AADHAAR Card or the identity card issued by the Election Commission of India.

AFFIDAVIT

I, [name of deponent], currently residing at [address of deponent], do solemnly affirm and state as follows:

1. The above named corporate debtor was, at the liquidation commencement date, that is, the __________ day of __________ 20____ and still is, justly and truly indebted to me [or to me and [insert name of copartners], my co-partners in trade, or, as the case may be] in the sum of Rs. __________ for ……..[please state consideration].

2. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified below:

[Please list the documents relied on as evidence of debt and of non-payment.]

3. The said documents are true, valid and genuine to the best of my knowledge, information and belief.

4. In respect of the said sum or any part thereof, I have not, nor have my partners or any of them, nor has any person, by my/our order, to my/our knowledge or belief, for my/ our use, had or received any manner of satisfaction or security whatsoever, save and except the following:

[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the financial creditor which may be set-off against the claim.]

Solemnly, affirmed at _____________________ on _________________ day, the __________day of__________ 20_____

Before me,

Notary / Oath Commissioner.

Deponent’s signature.

VERIFICATION

I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.

Verified at ________ on this ________ day of ________ 201___.

Deponent’s signature.

FORM E

PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE

(Under Regulation 19 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016)

[Date]

To

The Liquidator

[Name of the Liquidator]

[Address as set out in public announcement]

From

[Name and address of the workman / employee]

Subject: Submission of proof of claim in respect of liquidation of (Name of corporate debtor) under the Insolvency and Bankruptcy Code, 2016.

Madam/Sir,

[Name of the workman / employee], hereby submits this proof of claim in respect of the liquidation of [name of corporate debtor]. The details for the same are set out below:

1NAME OF WORKMAN/EMPLOYEE
2PAN, PASSPORT, THE IDENTITY CARD ISSUED BY THE
ELECTION COMMISSION OF INDIA OR AADHAAR
CARD OF WORKMAN / EMPLOYEE
3ADDRESS AND EMAIL ADDRESS (IF ANY) OF
WORKMAN / EMPLOYEE FOR CORRESPONDENCE
4TOTAL AMOUNT OF CLAIM
(INCLUDING ANY INTEREST AS AT THE LIQUIDATION
COMMENCEMENT DATE)
5DETAILS OF DOCUMENTS BY REFERENCE TO WHICH
THE DEBT CAN BE SUBSTANTIATED.
6DETAILS OF ANY DISPUTE AS WELL AS THE RECORD
OF PENDENCY OR ORDER OF SUIT OR ARBITRATION
PROCEEDINGS
7DETAILS OF HOW AND WHEN CLAIM AROSE
8DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS,
OR OTHER MUTUAL DEALINGS BETWEEN THE CORPORATE DEBTOR AND THE WORKMAN /
EMPLOYEE WHICH MAY BE SET-OFF AGAINST THE
CLAIM
9DETAILS OF THE BANK ACCOUNT TO WHICH THE
WORKMAN / EMPLOYEE’S SHARE OF THE PROCEEDS
OF LIQUIDATION CAN BE TRANSFERRED
10LIST OUT AND ATTACH THE DOCUMENTS RELIED ON
IN SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)

Signature of workman / employee or person authorised to act on his behalf

[Please enclose the authority if this is being submitted on behalf of an operational creditor]

Name in BLOCK LETTERS

Position with or in relation to creditor

Address of person signing

AFFIDAVIT

I, [name of deponent], currently residing at [insert address], do solemnly affirm and state as follows:

5. [Name of corporate debtor], the corporate debtor was, at the liquidation commencement date, that is, the __________ day of __________ 20__, justly and truly indebted to me in the sum of Rs. [insert amount of claim].

6. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified below:

[Please list the documents relied on as evidence of claim]

7. The said documents are true, valid and genuine to the best of my knowledge, information and belief.

8. In respect of the said sum or any part thereof, I have not nor has any person, by my order, to my knowledge or belief, for my use, had or received any manner of satisfaction or security whatsoever, save and except the following:

[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the workman / employee which may be set-off against the claim.]

Solemnly, affirmed at [insert place] on _________________ day, the __________day of__________ 20_____

Before me,

Notary/ Oath Commissioner

Deponent’s signature

VERIFICATION

I, the Deponent hereinabove, do hereby verify and affirm that the contents of paragraph ___ to __of this affidavit are true and correct to my knowledge and belief and no material facts have been concealed therefrom.

Verified at ______ on this _____ day of ____ 201__

Deponent’s signature.

FORM F

PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF WORKMEN OR EMPLOYEES

(Under Regulation 19 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

[Date]

To

The Liquidator

[Name of the Liquidator]

[Address as set out in the public announcement]

From

[Name and address of the authorised representative of workmen/ employees]

Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the Insolvency and Bankruptcy Code, 2016.

Madam/Sir,

I, [name of duly authorised representative of the workmen/ employees] currently residing at [address of duly authorised representative of the workmen/ employees], on behalf of the workmen and employees employed by the above named corporate debtor, solemnly affirm and say:

1. That the abovenamed corporate debtor was, on the liquidation commencement date, that is, the ________ day of ______ 20 ___ and still is, justly truly indebted to the several persons whose names, addresses, and descriptions appear in the Annexure below in amounts severally set against their names in such Annexure for wages, remuneration and other amounts due to them respectively as workmen or/ and employees in the employ of the corporate debtor in respect of services rendered by them respectively to the corporate debtor during such periods as are set out against their respective names in the said Annexure.

2. That for which said sums or any part thereof, they have not, nor has any of them, had or received any manner of satisfaction or security whatsoever, save and except the following:

[Please state details of any mutual credits, mutual debts, or other mutual dealings between the corporate debtor and the workmen / employees which may be set-off against the claim.]

Signature :

ANNEXURE

1. Details of Employees/ Workmen

S NO. NAME OF
EMPLOYEE/
WORKMEN
IDENTIFICATION
NUMBER
(PAN/, PASSPORT
NUMBER/, AADHAAR
NO. / ID CARD
ISSUED BY THE
ELECTION
COMMISSION AND
EMPLOYEE ID NO., IF
ANY
TOTAL AMOUNT DUE
AND DETAILS ON
NATURE OF CLAIM
PERIOD OVER
WHICH AMOUNT
DUE
DETAILS OF
EVIDENCE OF DEBT
INCLUDING
EMPLOYMENT
CONTRACTS AND
OTHER PROOFS
1
2
3
4
5

2. Particulars of how dues were incurred by the corporate debtor, including particulars of any dispute as well as the record of pendency of suit or arbitration proceedings.

3. Particulars of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the workmen / employee which may be set-off against the claim.

4. Please list out and attach the documents relied on to prove the claim.

AFFIDAVIT

I, [insert full name, address and occupation of deponent] do solemnly affirm and state as follows:

1. The above named corporate debtor was, at the liquidation commencement date that is, the __________ day of __________ 20__ and still is, justly and truly indebted to the workmen and employees in the sum of Rs. __________ for _____ [please state the nature and duration of employment].

2. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified below:

[Please list the documents relied on as evidence of proof]

3. The said documents are true, valid and genuine to the best of my knowledge, information and belief.

4. In respect of the said sum or any part thereof, the workmen / employees have not, nor has any person, by my order, to my knowledge or belief, for my use, had or has received any manner of satisfaction or security whatsoever, save and except the following:

[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the workmen / employees which may be set-off against the claim.]

Solemnly, affirmed at _____________________ on _________________ day, the __________day of__________ 20_____

Before me,

Notary / Oath Commissioner.

Deponent’s signature

VERIFICATION

I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.

Verified at _______ on this _______ day of _______ 201___

Deponent’s signature

FORM G

PROOF OF CLAIM BY ANY OTHER STAKEHOLDER

(Under Regulation 20 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

[Date]

To

The Liquidator

[Name of the Liquidator]

[Address as set out in the public announcement]

From

[Name and address of the other stakeholder]

Subject: Submission of proof of claim in respect of the liquidation of [name of corporate debtor] under the Insolvency and Bankruptcy Code, 2016.

Madam/Sir,

[Name of the other stakeholder] hereby submits this proof of claim in respect of the liquidation in the case of [name of corporate debtor]. The details for the same are set out below:

1NAME OF OTHER STAKEHOLDER
(IF AN INCORPORATED BODY PROVIDE
IDENTIFICATION NUMBER AND PROOF OF
INCORPORATION. IF A PARTNERSHIP OR
INDIVIDUAL PROVIDE IDENTIFICATION
RECORDS* OF ALL THE PARTNERS OR THE
INDIVIDUAL)
2ADDRESS AND EMAIL OF THE OTHER
STAKEHOLDER FOR CORRESPONDENCE.
3TOTAL AMOUNT OF CLAIM, INCLUDING
ANY INTEREST AS AT LIQUIDATION
COMMENCEMENT AND DETAILS OF
NATURE OF CLAIM
PRINCIPAL
CLAIM
:
INTEREST :
TOTAL CLAIM :
4DETAILS OF DOCUMENTS BY REFERENCE
TO WHICH THE CLAIM CAN BE
SUBSTANTIATED
5DETAILS OF HOW AND WHEN CLAIM
AROSE
6DETAILS OF ANY MUTUAL CREDIT,
MUTUAL DEBTS, OR OTHER MUTUAL
DEALINGS BETWEEN THE CORPORATE
DEBTOR AND THE OTHER STAKEHOLDER
WHICH MAY BE SET-OFF AGAINST THE
CLAIM
7DETAILS OF ANY RETENTION OF TITLE IN
RESPECT OF GOODS OR PROPERTIES TO
WHICH THE CLAIM REFERS
8DETAILS OF ANY ASSIGNMENT OR
TRANSFER OF DEBT IN HIS FAVOUR
9DETAILS OF THE BANK ACCOUNT TO
WHICH THE OTHER STAKEHOLDER’S
SHARE OF THE PROCEEDS OF LIQUIDATION
CAN BE TRANSFERRED
10LIST OUT AND ATTACH THE DOCUMENTS
RELIED ON IN SUPPORT OF THE CLAIM.
(i)
(ii)
(iii)

Signature of other stakeholder or person authorised to act on his behalf

(Please enclose the authority if this is being submitted on behalf of the other stakeholder)

Name in BLOCK LETTERS

Position with or in relation to creditor

Address of person signing

*PAN, Passport, AADHAAR Card or the identity card issued by the Election Commission of India.

AFFIDAVIT

I, [insert full name, address and occupation of deponent to be given] do solemnly affirm and state as follows:

1. The above named corporate debtor was, at the liquidation commencement date, that is, the __________ day of __________ 20__ and still is, justly and truly indebted to me [or to me and [insert name of copartner], my co-partners in trade, or, as the case may be,] in the sum of Rs. __________ for _____ [please state consideration].

2. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified below:

[Please list the documents relied on as evidence of proof.]

3. The said documents are true, valid and genuine to the best of my knowledge, information and belief.

4. In respect of the said sum or any part thereof, I have not, nor have my partners or any of them, nor has any person, by my/our order, to my/our knowledge or belief, for my/ our use, had or received any manner of satisfaction or security whatsoever, save and except the following:

[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the other stakeholder which may be set-off against the claim.]

Solemnly, affirmed at _____________________ on _________________ day, the __________day of__________ 20_____

Before me,

Notary / Oath Commissioner.

Deponent’s signature.

VERIFICATION

I, the Deponent hereinabove, do hereby verify and affirm that the contents of para ___ to __of this affidavit are true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom.

Verified at ______ on this ______ day of ______ 201__

Deponent’s signature.


COMPLIANCE CERTIFICATE

[Under Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]

I, [Name of the Liquidator], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board with registration number [registration number], am the Liquidator for the Liquidation Process of [name of the corporate debtor (CD)].
2. The details of the Liquidation Process are as under:

SI. No.ParticularsDescription
(1)(2)(3)
1Name of the corporate debtor
2Case No. & NCLT Bench
3Date of initiation of liquidation
4Date of appointment of liquidator
5Date of commencement of CIRP
6Name of RP during CIRP and his registration No. as IP
7Name of Liquidator and his registration No. as IP
8Date of Publication of Public Announcement under Form B
9Date of Intimation to Registry and Information Utility, if any, about commencement of Liquidation
10Date of handover of charge by RP
11Date of submission of compliance, if any, directed by AA in the liquidation order and its particulars
12Date of appointment of registered valuers, if any
13Date of notice for uncalled capital/unpaid capital contribution
14Date of realisation of uncalled capital/unpaid capital contribution
15Date of realisation of uncalled capital/unpaid capital contribution
16Date of constitution of Consultation Committee
17No. of meetings of consultation committee held
18Date of submission of list of stakeholders to AA
19Date of public announcement of list of stakeholders
20Date of filing of preliminary report & assets memorandum to AA
21Fair value
22Liquidation value
23Date of public announcement for auction (please add additional rows, if required)
24Date of order of AA to dispense with the public announcement for Auction
25Date of permission of AA for physical Auction
26Date of permission of AA for private sale
27Date of permission of AA for distribution of unsold assets to stakeholders
28Date of permission of the liquidator to realise the un-relinquished security interest by the secured creditor
29Modified list of stakeholders and date of submission to AA
30Date of first realisation
31Date of second realisation
32Date of first distribution
33Date of second distribution
34Date of submission of Quarterly Progress Report-I (FY-1)
35Date of submission of Asset Sales Report to AA
36Date of submission of Quarterly Progress Report-II
37Date of submission of Quarterly Progress Report-III
38Date of submission of Quarterly Progress Report-IV & Audit Report
39Date of submission of Quarterly Progress Report-I (FY-2)
40Date of submission of Quarterly Progress Report-II
41Date of submission of Quarterly Progress Report-III
42Date of submission of Quarterly Progress Report-IV & Audit Report
43Date of intimation to statutory authority as applicable.
a) PF
b) ESI
c) Income Tax Dept
d) Inspector of Factory
e) GST/VAT
f) Others
44Date of application to AA as per Reg 46(1)
45Date of transfer of undistributed/unclaimed assets or proceeds of liquidation to public Account of India
46Date of intimation as per Reg 46(3)
47Date of Final Report to AA (prior to dissolution application)

3. The details of the assets as per Asset Memorandum and Final Sale Report are as under:

SI.No.AssetsMode of SaleEstimated Liquidation ValueRealisation Amount (Rs.)Date of Transfer to Liquidation Account
(1)(2)(3)(4)(5)(6)

4. (a) Liquidation value of the liquidation estate:

(b) Amount realised from sale of liquidation estate:

(c) The amounts distributed to stakeholders as per section 52 or 53 of Code are as under:

(Amount in Rs. lakh)

SI. No.Stakeholders* under section 53 (1)Amount ClaimedAmount AdmittedAmount DistributedAmount Distributed to the Amount Claimed (%)Remarks
(1)(2)(3)(4)(5)(6)(7)
1(a): CIRP Costs
2(a): Liquidation Costs
3(b)(i)
4(b)(ii)
5(c)
6(d)
7(e)(i)
8(e) (ii)
9(f)
10(g)
11(h)
Total

*If there are sub-categories in a category, please add rows for each sub-category.

5. The Liquidation Process has been conducted as per the timeline indicated in regulation 47 as under:

Section of the Code / Regulation No.Description of TaskTimeline as per regulation 47Actual Timeline
(1)(2)(3)(4)
Section 33Commencement of LCD and Appointment of LiquidatorTT

6. The following are deviations /non-compliances with the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made, or circulars issued there under (If any deviation/ non-compliances were observed, please state the details and reasons for the same):

SI.No.Deviation/Non-compliance observedSection of the Code / Regulation No. / Circular No.ReasonsWhether rectified or not
(1)(2)(3)(4)(5)
1
2
3

7. The dissolution application has been filed [before expiry of the period of one year] / [after expiry of one year]. Please state details of any extension sought with the reason and granted:

8. The details of application(s) filed / pending in respect of avoidance of transactions.

SI.No.Type of TransactionDate of Filing with Adjudicating AuthorityDate of Order of the Adjudicating AuthorityBrief of the Order
(1)(2)(3)(4)(5)
1Preferential transactions under section 43
2Undervalued transactions under section 45
3Extortionate credit transactions under section 50
4Fraudulent transactions under section 66

9. All undischarged or matters pending before any Court or Tribunal relating to corporate debtor, if any, have been reported to AA.

10. I (Name of Liquidator), hereby certify that the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed there from.

(Signature)
Name of the Liquidator:
IP Registration No:
Address as registered with the Board:
Email id as registered with the Board:

Date:
Place:

 

Substituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018 dated 22.10.2018. To view the Notification, Click Here
Substituted vide IBBI (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019. To view the notification,Click Here
Inserted vide IBBI (Liquidation Process) (Amendment) Regulations, 2019 dated 25.07.2019. To view the notification,Click Here

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


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