Document text
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110 001
CIRCULAR
No. IBBI/VL/97/2026
2nd June, 2026
To
All Registered Insolvency Professionals
All Recognized Insolvency Professional Entities
All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on the website of the IBBI)
Subject - Formats under the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017.
The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations,
2017 (VL Regulations), as amended by the Insolvency and Bankruptcy Board of India
(Voluntary Liquidation Process) (Second Amendment) Regulations, 2026 specify various
forms relating to the process to be notified by Board through circular.
2. Accordingly, in exercise of the powers conferred under section 196 of the Code read with
the VL Regulations, the following formats are hereby specified:
Sl.
No.
Regulation
Description
Form
1
Regulation 14
Public Announcement
Form A
2
Regulation 16
Proof of Claim by Operational Creditors except
Workmen and Employees
Form B
3
Regulation 17
Proof of Claim by Financial Creditors
Form C
4
Regulation 18(1)
Proof of Claim by a Workman or Employee
Form D
5
Regulation 18(2)
Proof of Claim by Authorised Representative of
Workmen or Employees
Form E
6
Regulation 19
Proof of Claim by Any Other Stakeholder
Form F
7
Regulation 39(5)
Deposit of Unclaimed Dividends and/or
Undistributed Proceeds into Corporate Voluntary
Liquidation Account
Form G
8
Regulation 38(3)
Compliance Certificate
Form H
Sl.
No.
Regulation
Description
Form
9
Regulation 39(7)
Withdrawal from Corporate Voluntary Liquidation
Account
Form I
10
Regulation 42(2)
Intimation for Termination of Voluntary Liquidation
Proceedings
Form J
3. The formats of the above Forms are enclosed at the Annexure to this Circular.
4. This Circular is issued in exercise of the powers conferred under section 196 read with
section 240 of the Code.
Sd/-
(Jithesh John)
Executive Director
Annexure
FORM A
PUBLIC ANNOUNCEMENT
(Under Regulation 14 of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017)
FOR THE ATTENTION OF THE STAKEHOLDERSOF [Name of Corporate person]
1.
Name of Corporate Person
2.
Date of incorporation of Corporate Person
3.
Authority under which Corporate Person is incorporated/
registered
4.
Corporate Identity Number / Limited Liability Identity
Number of Corporate Person
5.
Address of the registered office and principal office (if
any) of Corporate Person
6.
Liquidation Commencement Date of Corporate Person
7.
Name, address, email address, telephone number and the
registration number of the Liquidator
8.
Last date for submission of claims
Notice is hereby given that the [name of the corporate person] has commenced voluntary
liquidation on [liquidation commencement date].
The stakeholders of [name of the corporate person] are hereby called upon to submit a proof
of their claims, on or before [insert the date falling thirty days from the liquidation
commencement date], to the liquidator at the address mentioned against item 7.
The financial creditors shall submit their proof of claims by electronic means only. All other
stakeholders may submit the proof of claims in person, by post or by electronic means.
Submission of false or misleading proofs of claim shall attract penalties.
Name and Signature of the Liquidator:
Date and Place:
FORM B
PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND
EMPLOYEES
(Under Regulation 16 of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017)
[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 voluntary liquidation of [name of
corporate person] under the Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the operational creditor] hereby submits this proof of claim in respect of the
voluntary liquidation of [name of corporate person]. The details for the same are set out below:
1.
Name 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)
2.
Address of operational creditor for correspondence
3.
Total amount of claim, including any interest, as at voluntary
liquidation process commencement date and details of nature
of claim
4.
Details of any dispute as well as the record of pendency of
suit or arbitration proceedings
5.
Details of how and when debt incurred
6.
Details of any mutual credit, mutual debts, or other mutual
dealings between the corporate person and the operational
creditor which may be set-off against the claim
7.
Details of any retention of title in respect of goods or
properties to which the debt refers or any other security
8.
Details of any assignment or transfer of debt in his favour
9.
Details of the bank account to which the operational
creditor’s share of the proceeds of liquidation can be
transferred
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 person 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 co-partners], my co-partners in trade, or, as the case may be] for a
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 out 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 person and the operational creditor which may be set-off against the claim.]
10. List out and attach the Documents relied on in support of 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 C
PROOF OF CLAIM BY FINANCIAL CREDITORS
(Under Regulation 17 of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017)
[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 voluntary liquidation of [name of
corporate person] under the Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the financial creditor] hereby submits this proof of claim in respect of the voluntary
liquidation of [name of corporate person]. The details for the same are set out below:
1.
Name 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)
2.
Address
and
email
of
financial
creditor
for
correspondence.
3.
Total amount of claim, including any interest, as at the
liquidation commencement date and details of nature of
claim (whether term loan, secured, unsecured)
4.
Details of any order of a court of tribunal that has
adjudicated on the non-payment of debt
5.
Details of how and when debt incurred
6.
Details of any mutual credit, mutual debts, or other mutual
dealings between the corporate person and the financial
creditor which may be set-off against the claim
7.
Details of any security held, the value of the security, and
the date it was given
8.
Details of any assignment or transfer of debt in his favour
9.
Details of the bank account to which the financial
creditor’s share of the proceeds of liquidation can be
transferred
10.
List out and attach the Documents by reference to which
the debt can be substantiated and in support of the Claim.
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 person was, at the voluntary 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 co-partners], my co-partners in trade, or, as the case may
be] for a 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 person 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 D
PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE
(Under Regulation 18(1) of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017)
[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 voluntary liquidation of (Name of
corporate person) under the Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the workman / employee], hereby submits this proof of claim in respect of the
voluntary liquidation of [name of corporate person]. The details for the same are set out below:
1.
Name of workman / employee
2.
Pan, Passport, the identity card issued by the Election
Commission of India or Aadhaar Card of workman /
employee
3.
Address and email address (if any) of workman / employee
for correspondence
4.
Total amount of claim
(Including any interest as at the voluntary liquidation
commencement date)
5.
Details of any dispute as well as the record of pendency or
order of suit or arbitration proceedings
6.
Details of how and when claim arose
7.
Details of any mutual credit, mutual debts, or other mutual
dealings between the corporate person and the workman /
employee which may be set-off against the claim
8.
Details of the bank account to which the workman /
employee’s share of the proceeds of liquidation can be
transferred
9.
List out and attach the Documents by reference to which
the debt can be substantiated and relied on in support of the
Claim.
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:
1. [Name of corporate person], the corporate person was, at the liquidation commencement
date, that is, the __________ day of __________ 20__, justly and truly indebted to me for a
sum of Rs. [insert amount of claim].
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 claim]
The said documents are true, valid and genuine to the best of my knowledge, information and
belief.
3. 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 person 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 E
PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF WORKMEN OR
EMPLOYEES
(Under Regulation 18(2) of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017)
[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 voluntary liquidation of [name of
corporate person] 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 person, solemnly affirm and
say:
1. That the abovenamed corporate person was, on the voluntary 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
for 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 person in respect of services rendered by them respectively to the
corporate person 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 person and the workmen / employees which may be set-off against the
claim.]
Signature
:
ANNEXURE
1. Particulars of how dues were incurred by the corporate person, including particulars of
any dispute as well as the record of pendency of suit or arbitration proceedings.
2. Particulars of any mutual credit, mutual debts, or other mutual dealings between the
corporate person and the workmen / employee which may be set-off against the claim.
3. Please list out and attach the documents relied on to prove the claim.
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
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.
AFFIDAVIT
I, [insert full name, address and occupation of deponent] do solemnly affirm
and state as follows:
1. The above named corporate person was, at the liquidation commencement date that is, the
__________ day of __________ 20__ and still is, justly and truly indebted to the workmen and
employees for a 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 person 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 F
PROOF OF CLAIM BY ANY OTHER STAKEHOLDER
(Under Regulation 19 of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017)
[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 voluntary liquidation of [name of
corporate person] under the Insolvency and Bankruptcy Code, 2016.
Madam/Sir,
[Name of the stakeholder] hereby submits this proof of claim in respect of the liquidation in
the case of [name of corporate person]. The details for the same are set out below:
1.
Name of 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)
2.
Address and email of the stakeholder for
correspondence.
3.
Total amount of claim, including any interest as at
liquidation commencement and details of nature
of claim
4.
Details of how and when claim arose
5.
Details of any mutual credit, mutual debts, or
other mutual dealings between the corporate
person and the other stakeholder which may be
set-off against the claim
6.
Details of any retention of title in respect of goods
or properties to which the claim refers
7.
Details of any assignment or transfer of debt in his
favour
8.
Details of the bank account to which the other
stakeholder’s share of the proceeds of liquidation
can be transferred
9.
List out and attach the Documents by reference to
which the claim can be substantiated or which can
be relied upon in support of the Claim.
Signature of 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 person 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 co-partner], my co-partners in trade, or, as the case may be,] for a 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 person 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.
FORM-G
Deposit of Unclaimed Dividends and/or Undistributed Proceeds
[Under Regulation 39(5) of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017]
A. Details of Voluntary Liquidation Process
Sl. No
.
Description
Particular
s
(1)
(2)
(3)
1
Name of the Corporate Person
2
Identification Number of Corporate Person (CIN/LLPIN)
3
Voluntary Liquidation Commencement Date
4
Date of Deposit into the Corporate Voluntary Liquidation Account
5
Amount deposited into the Corporate Voluntary Liquidation Account (Rs
.)
6
Bank Account from which the amount is transferred to Corporate Volunt
ary Liquidation Account
a. Account No:
b. Name of Bank:
c. IFSC:
d. MICR:
e. Address of Branch of the Bank:
7
Details of the Amount (Rs.) deposited into Corporate Voluntary Liquidati
on Account
a. Unclaimed dividends
b. Undistributed proceeds
c. Income earned till the due date of deposit
d. Interest at the rate of twelve per cent on the amount retained beyo
nd due date (Please show computation of interest amount)
Total
B. Details of Stakeholders entitled to Unclaimed Dividends or Undistributed Proceeds
Sl.
No.
Name of
stakehold
er entitle
d to recei
ve unclai
med divid
ends or u
ndistribut
ed procee
ds
Address,
phone n
umber a
nd email
address
of the st
akehold
er
Identificati
on Number
of the stake
holder (PA
N, CIN, etc.
) (Please att
ach Identifi
cation proof
.)
Amount
due to th
e
stakehol
der (Rs.)
Nature
of Amo
unt due
Applicabl
e section
of the Inc
ome Tax
Act, 1961
or any ot
her law u
nder whic
h tax is to
be deduct
ed
Amoun
t of tax
to be de
ducted
(Rs.)
Reason
for unc
laimed
dividen
ds or u
ndistri
buted p
roceeds
Rema
rks
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
1
2
3
C. Details of Deposit made into the Corporate Voluntary Liquidation Account
I (Name of Liquidator) have deposited Rs…… (Rupees ….only) into the Corporate Voluntary
Liquidation Account on …. vide acknowledgment no.. … dated ……
I (Name of Liquidator) hereby certify that the details provided in this Form are true and correct
to the best of my knowledge and belief, and nothing material has been concealed.
(Signature)
Name of the Liquidator
Date:………….. IP Registration No:
Place:…………………….. Address as registered with the Board:
Email id as registered with the Board:
FORM-H
COMPLIANCE CERTIFICATE
[Under Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017]
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 Voluntary Liquidation Process of [name of the corporate
person].
1. The details of the Voluntary Liquidation Process are as under:
Sl.
No.
Particulars
Description
(1)
(2)
(3)
1
Name of the corporate person
2
CIN/LLPIN of the corporate person
3
NCLT Bench
4
Date of initiation of voluntary liquidation process
5
Date of appointment of Liquidator
6
Liquidator’s Registration No. as IP
7
Whether the Liquidator was replaced during the process (Yes / No)
If yes
Name of previous Liquidator and his registration No.
Date of replacement of previous Liquidator
8
Date of opening of bank account for liquidation (with account details)
9
Date of notice for uncalled capital/unpaid capital contribution
10
Date of realization of uncalled capital/unpaid capital contribution
11
Date of intimation to statutory authority as applicable.
a. PF
b. ESI
c. Income Tax
d. Inspector of Factory
e. GST/VAT
f. RBI
g. Others
12
Amount deposited into Corporate Voluntary Liquidation Account:
a. Amount of unclaimed dividends
b. Amount of undistributed proceeds
c. Income referred to in sub-regulation (2) and (3) of regulation
39
d. Interest referred to in sub-regulation (4) of regulation 39
Total
13
Remuneration of Liquidator (Rs.)
2. Details of the corporate person:
Sl.
No.
Particulars
Description
(1)
(2)
(3)
1
Year of Incorporation
2
Objects in brief
3
Paid up Share Capital / Capital (Amount in Rs.)
4
Assets as on Liquidation Commencement date (Amount in Rs.)
5
Debt payable as on Liquidation Commencement date (Amount in
Rs.)
6
Net-worth of the Corporate Person (Amount in Rs.)
7
Reasons for initiating voluntary liquidation, in brief
3. Details of realisation during Voluntary Liquidation Process:
Sl. No.
Particulars
Amount (Rs)
(1)
(2)
(3)
1
Sale of Assets
2
Refund from Statutory Authorities
3
Cash / Bank balance
4
Realisation of uncalled/unpaid capital
contribution
5
Distribution of unsold asset
6
Any other (Please specify)
Total
4. Details of distribution to stakeholders as per section 52 or 53 of the Code
(Amount in Rs. lakh)
Sl.
No.
Stakeholders*
under section
52 and 53 (1)
Amount
Claimed
Amount
Admitted
Amount
Distributed
Amount
Distributed
to the Amount
Claimed (%)
Remarks
(1)
(2)
(3)
(4)
(5)
(6)
(7)
1
Realization of
Security Interest
[Sec. 52(1)(b)]
2
Liquidation Cost
[Sec. 53(1)(a)]
3
Workmen’s
Dues [Sec.
53(1)(b)(i)]
4
Debts of Secured
Creditors [Sec.
53(1)(b)(ii)]
5
Wages and
Unpaid Dues to
Employees [Sec.
53(1)(c)]
6
Debts of
Unsecured
Financial
Creditors [Sec.
53(1)(d)]
7
Government
Dues + Amount
Unpaid
following
Enforcement of
Security Interest
[Sec.53(1)(e)]
8
Any remaining
Debts and Dues
[Sec. 53(1)(f)]
9
Preference
Shareholders
[Sec. 53(1)(g)]
10
Equity
Shareholders
[Sec.53(1)(h)]
Total
*If there are sub-categories in a category, please add rows for each sub-category.
5. The Voluntary Liquidation Process has been conducted as per the stipulated timeline:
Sl.
No.
Section /
Regulation
Description of Task
Norm
(Number
of Days)
Compliance
Date
Actual
Timeline
(Number
of days)
(1)
(2)
(3)
(4)
(5)
(6)
1
Section
59(3)(a),
Regulation
3(1) (a)
Declaration from majority of
directors / partners regarding
solvency of corporate person and it
T – 28
not being liquidated to defraud any
person
2
Section
59[(3)(c) and
(5)],
Regulation
3(1)(c) and
3(3)
Passing of resolution / special
resolution by members / partners
about commencement of voluntary
liquidation
process
and
appointment
of
insolvency
professional as liquidator
T = 0
3
Proviso to
Section
59(3)(c),
Regulation
3(1)(c)
Approval of creditors representing
two-third in value of debt, if the
corporate person owes any debt, of
the resolution passed under section
59(3)(c) or regulation 3(1)(c)
T + 7
4
Regulation
5(2)
Intimation
by
Insolvency
Professional
regarding
his
appointment as Liquidator, to the
Board
T + 7
5
Regulation 14
(1)
Public Announcement in Form A
by the Liquidator
T + 5
6
Section 59(4),
Reg. 3(2)
Notification
to
Registrar
of
Companies and Board about the
resolution passed under section
59(3)(c) and regulation 3(1)(c) or
subsequent approval of creditors
thereto, as the case may be, by
corporate person
T + 7 or T
+ 14
7
Regulation 14
(2)
Submission
of
claims
by
stakeholders
T + 30
8
Regulation
9(1)
Submission of preliminary report
to the corporate person by the
Liquidator
T + 45
9
Regulation 29 Verification of claims by the
Liquidator
T + 60
10 Regulation 29 Intimation about decision of
acceptance/ rejection of claim to
the stakeholders by the Liquidator
T + 67
11 Regulation
30(2)
Preparation of list of stakeholders
by the Liquidator
T + 45*/75
12 Regulation
35(1)
Distribution of the proceeds to
stakeholders by the Liquidator
Date of
realization
+ 30
13 Regulation
39(2)
Deposit of amount of unclaimed
dividends
and
undistributed
proceeds in Corporate Voluntary
Liquidation
Account
by
the
Liquidator
Prior to
submission
of
application
under sub-
section (7)
of section
59
14 Regulation
38(2)
Submission of Final Report to the
Board and Registrar of Companies
by the Liquidator
T +
90*/270
15 Section 59(7),
Regulation
38(3)
Submission of Final Report, along
with
the
application
for
dissolution, to AA
T +
90*/270
16 Regulation
37(1)
Completion
of
Voluntary
Liquidation Process
T +
90*/270
17 Regulation
37(2)
Meeting of Contributories and
presentation of Annual Status
Report
T + 365
T=Liquidation Commencement Date
*Applicable where approval of creditors was not required under section 59(3)(c) or regulation
3(1)(c)
6. The following are deviations / non-compliances with the provisions of the Insolvency and
Bankruptcy Code, 2016, regulations made, or circulars issued thereunder (If any deviation/
non-compliances were observed, please state the details and reasons for the same):
Sl.
No.
Deviation / Non-
compliance observed
Section of the Code /
Regulation No. / Circular No.
Reasons
Whether
rectified or
not
(1)
(2)
(3)
(4)
(5)
1
2
3
7. The details of application(s) filed / pending in respect of avoidance of transactions.
Sl.
No.
Type of Transaction
Date of Filing
with Adjudicating
Authority
Date of Order of
the Adjudicating
Authority
Brief of the
Order
(1)
(2)
(3)
(4)
(5)
1
Preferential transactions under
section 43
2
Undervalued
transactions
under section 45
3
Extortionate
credit
transactions under section 50
4
Fraudulent transactions under
section 66
8. If the process has taken more than 90 / 270 days, as the case may be, for completion, please
state reasons thereof.
9. All undischarged matters pending, if any, before any Court or Tribunal relating to corporate
person have been reported to AA, along with the details of provision made to sufficiently meet
the obligations arising from such pending litigations.
10. The records referred to in regulations 8 and 10 shall be preserved as mandated under
regulation 41.
11. Any other information which the Liquidator may like to submit.
12. 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: ………………….]
*****
FORM-I
Withdrawal from Corporate Voluntary Liquidation Account
[Under Regulation 39(7) of the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) Regulations, 2017]
Sl. No.
Description
Particulars
(1)
(2)
(3)
1
Name of the Corporate Person
2
Identification Number of Corporate Person (CIN/LLPIN)
3
Voluntary Liquidation Commencement Date
4
Date of Dissolution Order
5
Date of Deposit into the Corporate Voluntary Liquidation Account
6
Name of the Stakeholder seeking withdrawal
7
Identification Number of the Stakeholder
a. PAN
b. CIN/LLPIN/DIN
c. Aadhaar No.
8
Address and Email Address of Stakeholder
9
Amount of Claim of the Stakeholder, admitted by the Liquidator
10
Amount of unclaimed dividends / undistributed proceeds deposited by
the Liquidator in the Corporate Voluntary Liquidation Account against
the stakeholder
11
Amount of unclaimed dividends / undistributed proceeds the
Stakeholder seeks to withdraw from the Corporate Voluntary
Liquidation Account
12
Bank Account to which the amount is to be transferred from the
Corporate Voluntary Liquidation Account, if withdrawal is approved
(a) Account No.:
(b) Name of Bank:
(c) IFSC:
(d) MICR:
(e) Address of Branch of the Bank:
13
Reasons for not taking dividend or proceeds during the Voluntary
Liquidation Process
14
Any legal disability in applying for withdrawal? (Yes / No), If yes,
please provide details
DECLARATION
I, [Name of stakeholder], currently residing at [insert address], hereby declare and state as
follows:
1. I am entitled to receive a sum of Rs…. (Rupees … only) from the Corporate Voluntary
Liquidation Account, as presented above.
2. In respect of the said sum or any part thereof, neither I nor any person, by my order, to
my knowledge or belief, for my use, has received any manner of satisfaction or security
whatsoever, save and except the following: ...............
3. I undertake to refund the entire amount with interest as decided by the Board, in case
the Board finds that I am not entitled to this amount.
4. I authorise the Board to initiate appropriate legal action against me if my claim is found
false at any time.
Date:
Place: (Signature of the Stakeholder)
VERIFICATION
I, [Name] the stakeholder hereinabove, do hereby verify that the contents of this Form are true
and correct to my knowledge and belief and no material fact has been concealed therefrom.
Verified at … on this …… day of ………., 20… (Signature of the Stakeholder)
[Note: In the case of a company or limited liability partnership, the declaration and verification
shall be made by the director/manager/secretary/ designated partner and in the case of other
entities, an officer authorised for the purpose by the entity]
FORM J
INTIMATION FOR TERMINATION OF VOLUNTARY LIQUIDATION
PROCEEDINGS
[Under Regulation 42 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation
Process) Regulations, 2017]
Date: ___________
To
The Adjudicating Authority
[National Company Law Tribunal, ______ Bench]
In the matter of: [name of the corporate person]
Subject: Intimation for termination of voluntary liquidation proceedings of [name of the
corporate person]
I, [Name of the Insolvency Professional], an insolvency professional enrolled with [name of
insolvency professional agency] and registered with the Insolvency and Bankruptcy Board of
India having registration number [registration number], am acting as the Liquidator for the
voluntary liquidation proceedings of [name of the corporate person].
2. I hereby submit this form for termination, in accordance with section 59 of the Code and
regulation 42 of the Liquidation Process Regulations.
3. The following documents to the extent applicable, are annexed with the form:
(a) a copy of declaration from majority of directors of company in accordance with
clause (a) of sub-section (3) of section 59;
(b) a copy of documents mentioned in clause (b) of sub-section (3) of section 59;
(c) a copy of special resolution of the members of the corporate person in accordance
with clause (c) of sub-section (3) of section 59;
(d) a copy of resolution of the creditors of the corporate person in accordance with
proviso to clause (c) of sub-section (3) of section 59;
(e) a copy of resolution passed by special majority of partners or contributories in
accordance with clause (c) of sub-regulation (1) of regulation 3;
(f) a copy of resolution of the creditors of the corporate person in accordance with
proviso to clause (c) of sub-regulation (1) of regulation 3;
(g) proof of notification sent to Board and Registrar of Companies;
(h) a copy of public announcement of the commencement of proceedings;
(i) a copy of preliminary report, if any;
(j) particulars under regulation 12;
(k) a copy of list of stakeholders in accordance with regulation 30;
(l) details of avoidance transaction, fraudulent or wrongful trading, if any;
(m) particulars of sale and realization and distribution thereto, including the following:
(i) the realized value;
(ii) cost of realization, if any;
(iii) the manner and mode of sale;
(iv) the person to whom the sale is made; and
(v) any other relevant details of the sale.
(n) audited accounts of the liquidation, showing receipts and payments pertaining to
liquidation since the liquidation commencement date;
(o) a statement demonstrating that-
(i) the assets of the corporate person that have been disposed of during the
process;
(ii) the debt of the corporate person has been discharged during the process;
(iii) details of any pending suits or proceedings and status thereto.
(p) a copy of resolution or approval under clause (a) and (b) of sub-section (5A) of
section 59, as the case may be; and
(q) a copy of report under Regulation 42(2).
4. I hereby declare that -
(a) due process for termination of voluntary liquidation proceedings has been followed;
and
(b) the termination of voluntary liquidation proceedings is not initiated to defraud any
person and the corporate person is solvent.
Signature of the Insolvency Professional
Registration Number of the Insolvency Professional
Registered Address of the Insolvency Professional
For (Name of the Corporate Person)
(Date and Place)
*****
