The Insolvency and Bankruptcy Board of India (IBBI) issued Circular No. IBBI/LIQ/79/2024, dated December 2, 2024, extending the deadline for filing forms related to liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016. Earlier deadlines set at September 30, 2024, and subsequently extended to November 30, 2024, have now been further extended to December 31, 2024, following representations from liquidators and Insolvency Professional Agencies. These stakeholders cited technical difficulties in submitting the required forms.
The circular clarifies that in ongoing liquidation and voluntary liquidation cases, the responsibility for filing all requisite forms lies with the Insolvency Professionals (IPs) managing the processes. For cases where an application for closure or dissolution has been filed or an order has been passed, the IP responsible during that period must complete the form submission. This extension aims to address challenges faced by professionals and ensure compliance with procedural requirements.
The circular, issued under Section 196(1) of the IBC, 2016, emphasizes accountability among insolvency professionals while accommodating the practical difficulties encountered in form submissions. This measure aims to streamline compliance in the liquidation and voluntary liquidation frameworks.
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Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
Circular No. IBBI/LIQ/79/2024 | Dated: 02nd December, 2024
To
All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities,
and All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on the website of the IBBI)
Dear Madam / Sir,
Subject: Extension of time for filing Forms to monitor liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder.
1. Vide 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 by 30.09.2024. The last date for submission of forms was extended till 30.11.2024 vide Circulars No. IBBI/LIQ/76/2024 and No. IBBI/LIQ/77/2024.
2. In this regard, representations have been received from the liquidators and Insolvency Professional Agencies for extending the date citing the technicalities and issues involved in the submission of the forms.
3. Considering the above-mentioned representations and difficulties faced by the liquidator, it has been decided to extend the last date of submission of the liquidation and voluntary liquidation forms till 3 1.12.2024.
4. It is further clarified that, for ongoing liquidation and voluntary liquidation cases, the responsibility for filing all forms shall lie with the Insolvency Professionals (IP) currently handling the process. Moreover, in cases where an application for closure or dissolution has been filed, or a dissolution or closure order has been passed, the IP under whose tenure the said application was filed or the order was passed shall be responsible for filing all forms related to the particular case.
5. This is issued in exercise of the powers under sub-section (1) of section 196 of the Insolvency and Bankruptcy Code, 2016.
Yours faithfully,
Sd/-
(Rajesh Tiwari)
General Manager
