Insolvency and Bankruptcy Board of India (IBBI) has extended the deadline for submitting forms related to liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016. Initially set for September 30, 2024, and later extended to December 31, 2024, the new deadline is now March 31, 2025. This extension follows representations from liquidators and professional agencies citing technical difficulties in form submissions. The IBBI has emphasized the importance of accurate and truthful information in the forms, warning against incorrect or incomplete submissions, such as entering zero values across fields. Insolvency Professionals (IPs) are directed to ensure consistency between the data provided and supporting documents. For guidance, stakeholders are advised to consult the FAQs on the IBBI website or report technical issues to formsupport@ibbi.gov.in. This directive is issued under Section 196(1) of the Insolvency and Bankruptcy Code, 2016.
Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
Circular No. IBBI/LIQ/80/2024 Dated: 09th January, 2025
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.
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 latest by 30.09.2024. The last date was extended till 31.12.2024 vide Circular No. IBBI/LIQ/79/2024 dated 02.12.2024.
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 liquidators, it has been decided to extend the last date of submission of the liquidation and voluntary liquidation forms till 31.03.2025. In case of any clarification, the Frequently Asked Questions (FAQs) as available on ibbi.gov.in may be referred. Further, any technical issues or difficulties in filing may be reported to formsupport@ibbi.gov.in.
4. 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.
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
