The Insolvency and Bankruptcy Board of India (IBBI) on June 28, 2024, issued the notification regarding the Filing Forms to monitor liquidation processes under the Insolvency and Bankruptcy Code, 2016.
The following has been stated namely: -
• The Insolvency Professional (IP), functioning as a liquidator, is required to ensure compliance with legal requirements and reporting to the Adjudicating Authority (AA) and IBBI. Presently, the IPs submit the details regarding the liquidation process to the Board through emails, which is time-consuming and inefficient.
• To ease the compliance burden for Insolvency Professionals (IPs), a set of electronic forms has been developed by the Board to capture the details of the liquidation process. These forms are crucial for the liquidation process under the Insolvency and Bankruptcy Code (IBC), as they facilitate systematic and transparent record-keeping and seamless reporting.
• The Forms and their timelines are stated in the notification, the forms are LIQ 1, LIQ 2, LIQ 3, and LIQ 4
[Notification No. IBBI/LIQ/73/2024]
