IBBI allows time till 31 March 2025 for filing Forms to Monitor Liquidations process under IBC [Read Circular]
In order to keep an eye on the liquidation and voluntary liquidation procedures, the Insolvency and Bankruptcy Board of India (IBBI) has established a number of forms under the Insolvency and Bankruptcy Code, 2016 (IBC)
Monitor Liquidations – IBC – IBBI – taxscan
Monitor Liquidations – IBC – IBBI – taxscan
The Insolvency and Bankruptcy Board of India ( IBBI ) through circular No. IBBI/LIQ/80/2024 dated 9th January, 2025 extended the time for filing Forms to monitor liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code ( IBC ), 2016. As per the Circular, the last date to file the form will be 31 March 2025.
According to Circulars No. IBBI/LIQ/73/2024 and No. IBBI/LIQ/74/2024 dated 28.06.2024, the liquidators were directed to file forms relating to the liquidation and voluntary liquidation process latest by 30.09.2024. The last date was extended till 31.12.2024 vide Circular No. No. IBBI/LIQ/79/2024 dated 02.12.2024.
In light of this, the liquidators and insolvency professional agencies have submitted requests to extend the deadline, pointing to the difficulties and complexities associated with submitting the paperwork. The deadline for submitting the liquidation and voluntary liquidation forms has been extended to March 31, 2025, in light of the aforementioned representations and the challenges encountered by the liquidators.
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In order to keep an eye on the liquidation and voluntary liquidation procedures, the Insolvency and Bankruptcy Board of India (IBBI) has established a number of forms under the Insolvency and Bankruptcy Code, 2016 ( IBC ). Transparency, accountability, and adherence to the Code's and related regulations' provisions are guaranteed by these forms.
The Insolvency and Bankruptcy Board of India ( Liquidation Process ) Regulations, 2016 outline the forms for liquidation. In order to solicit claims from interested parties, the liquidator published Form A, a public announcement that includes information about the corporate debtor, the dates for submitting claims, and other facts.
The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 regulate the voluntary liquidation forms. The IBBI site is the only way to submit these forms online.
The corresponding regulations outline the submission deadlines. These forms may need to be accompanied by supporting documentation, such as resolutions, affidavits, and asset value reports.
In case of any clarification regarding the circular, it was said that the Frequently Asked Questions (FAQs) as available on www.ibbi.gov.in may be referred. Further, any technical issues or difficulties in filing may be reported to formsupport@ibbi.gov.in. Furthermore, it has been observed that some IPs have been submitting incorrect information in the forms, such as entering zero values in all fields. In this regard, it is directed that IPs shall ensure the information submitted is accurate, truthful, and consistent with the supporting documents attached.
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