## Report on the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Voluntary Liquidation Process Amendment Regulations, 2022, as published in the Gazette of India on April 5, 2022. This amendment modifies the existing Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017. The key changes include revisions to timelines for stakeholder list preparation and liquidation process completion, substitution of terms, and the introduction of a new compliance certificate (Form H, which is subsequently replaced with Form I). These amendments aim to streamline the voluntary liquidation process and enhance regulatory oversight.
**2. Introduction:**
The purpose of this report is to provide a comprehensive overview of the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Amendment Regulations, 2022, based solely on the published gazette notification. This analysis focuses on the specific changes introduced by the amendment and their potential implications.
**3. Policy Overview:**
* **Original Policy:** Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017.
* **Core Objective(s):** As inferred from the amendment text and the title of the original regulations, the core objective is to establish a framework for the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016.
**4. Background and Rationale:**
This amendment likely aims to address operational inefficiencies or perceived gaps within the existing Voluntary Liquidation Process Regulations, 2017. The changes to timelines suggest a focus on expediting the liquidation process. The introduction of a compliance certificate indicates a push for greater transparency and accountability in the process. The substitution of terminology suggests a refinement of the regulatory language for clarity and precision.
**5. Key Provisions / Changes:**
The amendment introduces several key changes to the principal regulations:
* **Regulation 2(1)(c):** The figure "34" is substituted with "33". The effect of this change is not immediately clear without knowing the context of the original regulation.
* **Regulation 5(2):** The word "three" is substituted with "seven." This likely extends the timeline for a specific action related to subregulation 2 from three days to seven days. The precise nature of this action requires referring to the original regulation.
* **Regulation 10(2) and Regulation 10(2)(r):** The term "corporate debtor" is replaced with "corporate person." This change suggests a broadening of the scope of the regulation to include entities beyond just debtors, possibly to encompass all entities undergoing voluntary liquidation.
* **Regulation 30:** A proviso is added after subregulation 2, stating that if no claims are received from creditors by the last date, the liquidator must prepare the list of stakeholders within fifteen days from that date. This aims to expedite the process of stakeholder list preparation when there are no creditor claims.
* **Regulation 35(1):** The words "six months" are replaced with "thirty days." This dramatically reduces the timeline for a specific action outlined in subregulation 1, potentially related to the realization of assets or distribution to stakeholders.
* **Regulation 37:** Subregulation 1 is replaced with a new subregulation. This new subregulation defines the timeline for the liquidator to complete the liquidation process and submit the Final Report: 270 days if creditors approved the resolution under specific clauses, and 90 days in all other cases. This creates differential timelines based on creditor involvement.
* **Regulation 38(3):** Subregulation 3 is substituted with a new subregulation stating that the liquidator shall submit the Final Report and the compliance certificate in Form H along with the application under subsection 7 of section 59 to the Adjudicating Authority. This clarifies the required documentation for submission to the Adjudicating Authority.
* **Regulation 39(7) and Schedule I:** The word and letter "Form H" are substituted with "Form I." This means the compliance certificate to be provided is now Form I.
* **Schedule I:** After Form G, Form H (Compliance Certificate) is inserted. As stated above, this is later replaced with Form I. This certificate requires the liquidator to provide detailed information on the Voluntary Liquidation Process including timelines, realization, distribution, and deviations, if any.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* **Liquidators:** The amendment directly affects their responsibilities and timelines for completing the voluntary liquidation process.
* **Corporate Persons undergoing Voluntary Liquidation:** The changes in timelines and procedures will impact the duration and efficiency of their liquidation process.
* **Creditors and other Stakeholders:** The amendments regarding claim submission and stakeholder list preparation directly affect them.
* **Adjudicating Authority:** The amendments regarding the documentation requirements and timeline for submission of final reports will affect the AA
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Insolvency and Bankruptcy Board of India (IBBI) is responsible for implementing and overseeing these regulations. The Adjudicating Authority (AA) is involved in the final stages of the process. Liquidators are responsible for adhering to the amended regulations.
* **Timelines and Procedures:** The amendment specifies new timelines for the preparation of the stakeholder list (15 days if no claims received), the completion of the liquidation process (90 or 270 days), and other key steps. The procedure for submitting the Final Report and Compliance Certificate to the Adjudicating Authority is also clarified.
* **Compliance Certificate:** This ensures liquidators adhere to regulations and provide key information related to the process.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these amendments are:
* **Expedited Liquidation Process:** The shortened timelines for certain actions, particularly the stakeholder list preparation and overall liquidation process, suggest an aim to reduce the duration of voluntary liquidations.
* **Improved Transparency and Accountability:** The introduction of the Compliance Certificate (Form I) is intended to enhance transparency and accountability by requiring liquidators to provide detailed information about the process and any deviations from regulations.
* **Clarity and Consistency:** The substitution of terminology aims to improve the clarity and consistency of the regulations, reducing ambiguity and potential for misinterpretation.
* **More efficient distribution:** By expediting the liquidation process, it helps in more quick distribution of assets.
**9. Conclusion:**
The Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Amendment Regulations, 2022, introduces significant changes to the existing regulatory framework for voluntary liquidations. These amendments focus on streamlining timelines, enhancing transparency, and improving the overall efficiency of the process. The introduction of Form I (Compliance Certificate) adds an extra layer of accountability. By addressing operational inefficiencies and promoting greater clarity, these amendments are expected to contribute to a more effective and efficient voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016.
Key Entities Referenced
NEW DELHI: Capital of India, place of publication of the gazette.
Insolvency and Bankruptcy Board of India: Regulatory body that introduced the Voluntary Liquidation Process Amendment Regulations, 2022.
Insolvency and Bankruptcy Code, 2016: The principal legislation under which the regulations are framed.
Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017: The regulations being amended by this notification.
Voluntary Liquidation Process Amendment Regulations, 2022: The regulation introduced in the notification.
Official Gazette: The official publication where the regulations are published.
FormH: Compliance certificate form related to the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017.
FormI: Compliance certificate form related to the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017.
Corporate Voluntary Liquidation Account: Account for depositing unclaimed dividends and undistributed proceeds.
Registrar of Companies: Entity to whom the final report needs to be submitted by the liquidator.
Adjudicating Authority: The authority to which application for dissolution to be made.
Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi110064: Government of India Printing Press, New Delhi
Controller of Publications, Delhi110054: Publisher of the Gazette of India
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-05042022-234852
xxxGIDHxxx
CG-DL-E-05042022-234852
xxxGIDExxx
ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 182] नइ ददल्ली, मगं लवार, ऄप्रलै 5, 2022/चत्रै 15, 1944
No. 182] NEW DELHI, TUESDAY, APRIL 5, 2022/CHAITRA 15, 1944
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल्ली, 5 ऄप्रैल, 2022
भारतीय ददवाला और िोधन ऄक्षमता बोड ड (स्ट्वजै छछक समापन प्रदिया) (सिं ोधन) जवजनयम, 2022
फा. स.ं अइ.बी.बी.अइ./2022-23/जी.एन./अर.इ.जी.081.—भारतीय ददवाला और िोधन ऄक्षमता बोड,ड
ददवाला और िोधन ऄक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196 की ईपधारा (1) के
खंड (न) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, भारतीय ददवाला और िोधन ऄक्षमता बोडड (स्ट्वैजछछक समापन प्रदिया)
जवजनयमन, 2017 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै ऄथाडत्: -
1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (स्ट्वैजछछक समापन प्रदिया)
(संिोधन) जवजनयम, 2022 ि ै।
(2) य ेराजपत्र में ईनके प्रकािन की तारीख को प्रवृत्त िोंग े।
2. भारतीय ददवाला और िोधन ऄक्षमता बोड ड (स्ट्वैजछछक समापन प्रदिया) जवजनयमन, 2017 (जजन्ि ें आसम ें आसके
पश्चात् मलू जवजनयम किा गया ि)ै के जवजनयम 2 के ईप-जवजनयम (1) के खडं (ग) म,ें “3(4)” ऄंकों और कोष्ठक के स्ट्थान पर
“3(3)” ऄंक और कोष्ठक रखे जाएंगे ।
3. मूल जवजनयमों में, जवजनयम 5 के ईप-जवजनयम (2) म ें“तीन” िब्द के स्ट्थान पर “सात” िब्द रखा जाएगा ।
4. मूल जवजनयमों म,ें जवनजवयम 10 के ईप-जवजनयम (2) और ईप-जवजनयम (2) के खंड (द) में, “कारपोरेट ऋणी”
िब्दों के स्ट्थान पर “कारपोरेट व्यजि” िब्द रखे जाएगं े ।
2443 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
5. मूल जवजनयमों में, जवजनयम 30 में, ईप-जवजनयम (2) के पश्चात् जनम्नजलजखत परन्तुक ऄंतःस्ट्थाजपत दकया जाएगा,
ऄथाडत:् -
“परन्तु जिां लेनदारों से, दावों की प्राजप्त के जलए ऄंजतम तारीख तक कोइ दावा प्राप्त निीं दकया गया ि ै विा ं
पठरसमापक, दावों की प्राजप्त के जलए ऄंजतम तारीख से पन्रि ददन के भीतर जितधारकों की सूची तैयार करेगा ।”
6. मूल जवजनयमों में, जवजनयम 35 के ईप-जवजनयम (1) में, “छ: मिीने” िब्दों के स्ट्थान पर “तीस ददन” िब्द रख े
जाएंगे ।
7. मूल जवजनयमों म,ें जवजनयम 37 के ईप-जवजनयम (1) के स्ट्थान पर जनम्नजलजखत ईप-जवजनयम रखा जाएगा,
ऄथाडत:् -
“(1) पठरसमापक, –
(क) जिां लेनदारों न े धारा 59 की ईपधारा (3) के खंड (ग) या जवजनयम 3 के ईप-जवजनयम (1) के खडं (ग) के
ऄधीन समाधान का ऄनुमोदन दकया ि,ै विा ाँ समापन प्रारंभ िोने से दो सौ सत्तर ददन; और
(ख) ऄन्य सभी मामलों में, समापन प्रारंभ िोन े की तारीख से नब्बे ददन के भीतर कारपोरेट व्यजि की समापन
प्रदिया पूरी करने और जवजनयम 38 के ऄधीन ऄंजतम ठरपोट डप्रस्ट्तुत करने का प्रयास करेगा ।”
8. मूल जवजनयमों म,ें जवजनयम 38 के ईप-जवजनयम (3) के स्ट्थान पर जनम्नजलजखत ईप-जवजनयम रखा जाएगा,
ऄथाडत:् -
“(3) पठरसमापक, ऄंजतम ठरपोटड और धारा 59 की ईपधारा (7) के ऄधीन अवेदन सजित प्ररूप-ज में ऄनुपालन
प्रमाणपत्र, न्यायजनणाडयक प्राजधकारी के समक्ष प्रस्ट्तुत करेगा ।”
9. मूल जवजनयमों म,ें जवजनयम 39 के ईप-जवजनयम (7) म,ें “प्ररूप ज” िब्द और ऄक्षर के स्ट्थान पर “प्ररूप झ” िब्द
और ऄक्षर रखे जाएगं े ।
10. मूल जवजनयमों में, ऄनुसूची-I में, “प्ररूप-ज” िब्द और ऄक्षर के स्ट्थान पर “प्ररूप-झ” िब्द और ऄक्षर रख ेजाएंगे ।
11. मूल जवजनयमों की ऄनुसूची-I में, प्ररूप-छ के पश्चात्, जनम्नजलजखत प्ररूप ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत्:-
“प्ररूप-ज
ऄनपु ालन प्रमाणपत्र
[भारतीय ददवाला और िोधन ऄक्षमता बोडड (स्ट्वजै छछक समापन प्रदिया) जवजनयमन, 2017 के जवजनयम 38(3) के ऄधीन]
मैं................(पठरसमापक का नाम), जो दक ..............(ददवाला व्यावसाजयक संस्ट्था का नाम) के पास नामांदकत और
बोडड के पास रजजस्ट्रीकरण संखयांक .............(रजजस्ट्रीकरण संखयांक) के साथ रजजस्ट्रीकृत ददवाला व्यावसाजयक ह,ं
.............(कारपोरेट व्यजि का नाम) की स्ट्वैजछछक समापन प्रदिया के जलए पठरसमापक ह ं।
2. स्ट्वैजछछक समापन प्रदिया के ब्यौरे जनम्न प्रकार ि:ैं
िम स.ं जवजिजिया ं वणनड
(1) (2) (3)
1 कारपोरेट व्यजि का नाम
2 कारपोरेट व्यजि का सी.अइ.एन./एल.एल.पी.अइ.एन.
3 एन.सी.एल.टी. पीि
4 स्ट्वैजछछक समापन प्रदिया अरंभ करन े की तारीख
5 पठरसमापक जनयुि करन े की तारीख
6 पठरसमापक का अइ.पी. के रूप में रजजस्ट्रीकरण संखयांक
7 क्या पठरसमापक को प्रदिया के दौरान बदला गया था (िां/निीं)
यदद िां, तो पूवडवती पठरसमापक का नाम और ईसका रजजस्ट्रीकरण संखयांक
पूवडवती पठरसमापक को बदल ेजाने की तारीख[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 3
8 समापन के जलए बैंक खाता खोले जान े की तारीख (खाते के ब्यौरे सजित)
9 ऄनाहत पूंजी/ऄसमादत्त पूंजी ऄजभदाय के जलए नोठटस की तारीख
10 ऄनाहत पूंजी/ऄसमादत्त पूंजी ऄजभदाय की वसूली की तारीख
11 कानूनी प्राजधकरण को सूजचत करने की तारीख, जो भी लागू िो-
क. भजवष्य जनजध(पी.एफ.)
ख. कमडचारी राज्य बीमा(इ.एस.अइ.)
ग. अय-कर
घ. कारखाना जनरीक्षक
ङ. जी.एस.टी./वैट
च. भारतीय ठरजवड बैंक
छ. ऄन्य
12 कारपोरेट स्ट्वैजछछक समापन खाते में जमा की गइ रकम:
क. ऄदावाकृत लाभांि की रकम
ख. ऄजवतठरत अगमों के रकम
ग. जवजनयम 39 के ईप-जवजनयम (2) और ईप-जवजनयम (3) म ेंजनर्ददि अय
घ. जवजनयम 39 के ईप-जवजनयम (4) म ेंजनर्ददि ब्याज
कुल:
13 पठरसमापक का पाठरश्रजमक(रुपए)
3. कारपोरेट व्यजि के ब्यौरे
िम स.ं जवजिजिया ं वणनड
(1) (2) (3)
1 जनगमन का वर् ड
2 संक्षेप में ईद्देश्य
3 समादत्त िेयर पूंजी/पूंजी(रकम रूपयों में)
4 समापन प्रारंभ िोन े की तारीख को यथा-जवद्यमान अजस्ट्तयां (रकम रुपयों म)ें
5 समापन प्रारंभ िोन े की तारीख को यथा-जवद्यमान संदेय ऋण (रकम रुपयों में)
6 कारपोरेट व्यजि की िुद्ध संपजत्त(रकम रुपयों म)ें
7 संक्षेप में स्ट्वैजछछक समापन अरंभ करन े के जलए कारण
4. स्ट्वैजछछक समापन प्रदिया के दौरान वसलू ी के ब्यौरे:
िम स.ं जवजिजिया ं वणनड
(1) (2) (3)
1 अजस्ट्तयों का जविय
2 कानूनी प्राजधकरणों से प्रजतदाय
3 नकदी/बैंक ऄजतिेर्4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
4 ऄनाहत/ऄसमादत्त पूंजी की वसलू ी
5 ऄजविीत अजस्ट्त का जवतरण
6 कोइ ऄन्य (कृपया जवजनर्ददि करें)
कुल
5. संजिता की धारा 52 या धारा 53 के ऄनुसार जितधारकों को दकए गए जवतरण के ब्यौरे -
(लाख रुपयों म ेंरकम)
िम स.ं धारा 52 और 53(1) के दावाकृत स्ट्वीकृत जवतठरत दावाकृत रकम के ठटप्पजणया ं
ऄधीन जितधारक* रकम रकम रकम मकु ाबल ेजवतठरत
रकम(%)
(1) (2) (3) (4) (5) (6) (7)
1 प्रजतभजू त जित की वसलू ी
[धारा 52(1)(ख)]
2 समापन लागत [धारा
53(1)(क)]
3 कमडकारों के देय [धारा
53(1) (ख) (i)]
4 प्रजतभूत लेनदारों के ऋण
[धारा 53 (1)(ख)(ii)]
5 कमडचाठरयों की मजदरू ी और
ऄसंदत्त देय [धारा
53(1)(ग)]
6 ऄप्रजतभूत जवत्तीय लेनदारों
के ऋण [धारा 53(1)(घ)]
7 सरकारी देय+ प्रजतभूजत
जित के प्रवतनड के पश्चात ्
ऄसंदत्त रकम [धारा
53(1)(ङ)]
8 कोइ बकाया ऋण और देय
[धारा 53(1)(च)]
9 ऄजधमानी िेयरधारक
[धारा 53(1)(छ)]
10 साधारण िेयरधारक [धारा
53(1)(ज)]
कुल
* यदद दकसी प्रवग डमें ईप-प्रवगड ि ैंतो कृपया प्रत्येक ईप-प्रवगड के जलए पंजि जोडे ।[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 5
6. स्ट्वैजछछक समापन प्रदिया का संचालन ऄनुबद्ध समय-सीमा के ऄनुसार दकया गया ि:ै
िम स.ं धारा/जवजनयम काय डका वणनड मानदंड (ददनों ऄनपु ालन की वास्ट्तजवक
की सखं या तारीख समयसीमा (ददनों
की सखं या)
(1) (2) (3) (4) (5) (6)
1 धारा 59(3)(क), ऄजधकांि जनदेिकों/ टी-28
जवजनयम 3(1)(क) भागीदारों की ओर स े
कारपोरेट व्यजि की िोधन
क्षमता और आस संबंध म ें
घोर्णा दक ईसका समापन
दकसी व्यजि को कपट-वंजचत
करने के जलए निीं दकया जा
रिा ि ै
2 धारा 59(3)(ग) सदस्ट्यों/भागीदारों द्वारा टी=0
और (5), जवजनयम स्ट्वैजछछक समापन प्रदिया
3(1)(ग) और 3(3) प्रारंभ दकए जाने और ददवाला
व्यावसाजयक की पठरसमापन
के रूप म ें जनयुजि दकए जान े
के बारे में संकल्प/ जविेर्
संकल्प पाठरत दकया जाना
3 धारा 59(3)(ग) का यदद कारपोरेट व्यजि दकसी टी+7
परन्तुक, जवजनयम ऋण का दायी ि ै तो ऋण के
3(1)(ग) मूल्यानुसार दो-जतिाइ का
प्रजतजनजधत्व करने वाल े
लेनदारों का धारा 59(3)(ग)
या जवजनयम 3(1)(ग) के
ऄधीन पाठरत संकल्प का
ऄनुमोदन
4 जवजनयम 5(2) ददवाला व्यावसाजयक द्वारा टी+7
ईसकी पठरसमापक के रूप में
जनयुजि के संबंध म ें बोडड को
सूचना
5 जवजनयम 14(1) पठरसमापक द्वारा प्ररूप क म ें टी+5
लोक ईद्घोर्णा
6 धारा 59(4), कारपोरेट व्यजि द्वारा, कंपनी टी+7 या
जवजनयम 3(2) रजजस्ट्रार और बोडड को, टी+14
यथाजस्ट्थजत, धारा 59(3)(ग)
और जवजनयम 3(1)(ग) के
ऄधीन पाठरत संकल्प या
ईसके संबंध म ें लेनदारों के
पश्चात्वती ऄनुमोदन के बारे
में ऄजधसूचना
7 धारा 38(1), जितधारकों द्वारा दावों का टी+30
जवजनयम 14(2) प्रस्ट्तुत दकया जाना6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
8 धारा 38(5) जितधारकों द्वारा दावे की टी+44
वापसी/ईपांतरण
9 जवजनयम 9(1) पठरसमापक द्वारा कारपोरेट टी+45
व्यजि को प्रारंजभक ठरपोटड का
प्रस्ट्तुत दकया जाना
10 जवजनयम 29(1) पठरसमापक द्वारा दावों का टी+60
सत्यापन दकया जाना
11 धारा 40(2) पठरसमापक द्वारा जितधारकों टी+67
को दावे की स्ट्वीकृजत/
ऄस्ट्वीकृजत संबंधी जवजनश्चय के
बारे में सूचना
12 जवजनयम 30(2) पठरसमापक द्वारा जितधारकों टी+45*/75
की सूची तैयार करना
13 धारा 42 लेनदार द्वारा पठरसमापक के टी+81
जवजनश्चय के जवरुद्ध ऄपील
14 जवजनयम 35(1) पठरसमापक द्वारा वसूली की
जितधारकों को अगमों का तारीख + 30
जवतरण
15 जवजनयम 39(2) पठरसमापक द्वारा ऄदावाकृत धारा 59 की
और ऄजवतठरत अगमों की ईपधारा (7) के
रकम का कारपोरेट स्ट्वैजछछक ऄधीन अवेदन
समापन खाते म ें जमा दकया प्रस्ट्तुत करन े से
जाना पूवड
16 जवजनयम 38(2) पठरसमापक द्वारा बोड ड और टी+90*/270
कंपनी रजजस्ट्रार को ऄंजतम
ठरपोटड प्रस्ट्ततु दकया जाना
17 धारा 59(7), जवघटन के जलए अवेदन के टी+90*/270
जवजनयम 38(3) साथ ऄंजतम ठरपोटड का
न्यायजनणाडयक प्राजधकारी को
प्रस्ट्तुत दकया जाना
18 जवजनयम 37(1) स्ट्वैजछछक समापन प्रदिया का टी+90*/270
पूरा दकया जाना
19 जवजनयम 37(2) ऄंिदाताओं की बैिक और टी+365
वार्षर्क जस्ट्थजत ठरपोट डका
प्रस्ट्तुत दकया जाना
टी= समापन प्रारंभ िोने की तारीख
*= विां लाग ूिोता ि ैजिां धारा 59(3) या जवजनयम 3(1) के ऄधीन लेनदारों का ऄनुमोदन ऄपेजक्षत निीं था
7. ददवाला और िोधन ऄक्षमता संजिता, 2016 के ईपबंधों, ईसके ऄधीन बनाए गए जवजनयमों या जारी दकए गए पठरपत्रों
के दकए गए जवचलन/ऄननुपालन जनम्नजलजखत ि ैं (यदद कोइ जवचलन/ऄननुपालन पाया गया था तो कृपया ईसके ब्यौरे और
ईसके जलए कारणों का कथन करें):[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 7
िम स.ं पाया गया संजिता की धारा/जवजनयम कारण क्या सधु ार दकया गया
जवचलन/ऄननपु ालन स.ं /पठरपत्र स.ं ऄथवा निीं
(1) (2) (3) (4) (5)
1
2
3
8. संव्यविारों के पठरवजडन की बाबत फाआल दकए गए/लंजबत अवेदन(अवेदनों) के ब्यौरे:
िम स.ं सव्यं विार का प्रकार न्यायजनणायड क प्राजधकारी न्यायजनणायड क अदेि का
के समक्ष फाआल दकए प्राजधकारी के अदेि संजक्षप्त जववरण
जान ेकी तारीख की तारीख
(1) (2) (3) (4) (5)
1 धारा 43 के ऄधीन ऄजधमानी
संव्यविार
2 धारा 45 के ऄधीन न्यून-मूल्यांदकत
संव्यविार
3 धारा 50 के ऄधीन ऄजतिय िेजडट
संव्यविार
4 धारा 66 के ऄधीन कपटपूण ड
संव्यविार
9. यदद प्रदिया को पूरा िोने म,ें यथाजस्ट्थजत 90/270 से ऄजधक समय लगा ि ैतो कृपया ईसके जलए कारण द ें।
10. कारपोरेट व्यजि स े संबंजधत ऐसे समस्ट्त ऄननुमोजचत मामलों के संबंध में, यदद कोइ ि,ैं जो दकसी न्यायालय या
ऄजधकरण के समक्ष लंजबत ि,ैं ईस व्यवस्ट्था के ब्यौरों सजित, जो ऐसी लंजबत मुकदमेबाजी स े ईद्भूत िोन े वाली बाध्यताओं
को पयाडप्त रूप से परू ा करने के जलए की गइ ि,ै न्यायजनणाडयक प्राजधकारी को ठरपोटड कर दी गइ ि ै।
11. जवजनयम 8 और जवजनयम 10 म ें जनर्ददि ऄजभलेखों को, जैसा जवजनयम 41 के ऄधीन अददि ि,ै पठररजक्षत रखा
जाएगा ।
12. ऐसी कोइ ऄन्य जानकारी, जो पठरसमापक प्रस्ट्तुत करना चाि े।
13. मैं........(पठरसमापक का नाम) यि प्रमाजणत करता ह ं दक आस प्रमाणपत्र की ऄतं वडस्ट्त,ु मेरी सवोत्तम जानकारी और
जवश्वास के ऄनुसार सत्य और सिी ि ैतथा ईससे कोइ भी ताजत्वक बात जछपाइ निीं गइ ि ै।
(िस्ट्ताक्षर)
पठरसमापक का नाम
अइ.पी. रजजस्ट्रीकरण सं.:
बोडड के पास यथा-रजजस्ट्रीकृत पता:
बोडड के पास यथा-रजजस्ट्रीकृत इमेल अइ.डी.:
तारीख:………………….
स्ट्थान......................”
रजव जमत्तल, ऄध्यक्ष
[जवज्ञापन-III/4/ऄसा./03/2022-23]8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
ठटप्पण : भारतीय ददवाला और िोधन ऄक्षमता बोड ड (स्ट्वैजछछक समापन प्रदिया) जवजनयमन, 2017, भारत के राजपत्र,
ऄसाधारण, भाग III, खंड 4, सं. 130, तारीख 31 माचड, 2017 में ऄजधसूचना सं. अइ.बी.बी.अइ./2016-
17/जी.एन./अर.इ.जी.010, तारीख 31 माच,ड 2017 द्वारा प्रकाजित दकए गए थ े और ईनमें ऄंजतम संिोधन
भारत के राजपत्र, ऄसाधारण, भाग III, खंड 4, स.ं 311, तारीख 5 ऄगस्ट्त, 2020 में ऄजधसूचना
सं. अइ.बी.बी.अइ./2020-21/जी. एन./अर.इ.जी.063, तारीख 5 ऄगस्ट्त, 2020 द्वारा प्रकाजित भारतीय
ददवाला और िोधन ऄक्षमता बोडड (स्ट्वैजछछक समापन प्रदिया)(दसू रा संिोधन) जवजनयम, 2020 द्वारा दकया
गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 5th April, 2022
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment)
Regulations, 2022
F. No. IBBI/2022-23/GN/REG.081.—In exercise of the powers conferred by clause (t) of
sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31
of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to
amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017,
namely: -
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) (Amendment) Regulations, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
(hereinafter referred to as ‗the principal regulations‘), in regulation 2, in sub-regulation (1), in clause (c),
for the figure and brackets ―3(4)‖, the figure and brackets ―3(3)‖ shall be substituted.
3. In the principal regulations, in regulation 5, in sub-regulation (2), for the word ―three‖, the word ―seven‖
shall be substituted.
4. In the principal regulations, in regulation 10, in sub-regulation (2) and clause (r) of sub-regulation (2),
for the words ―corporate debtor‖, the words ―corporate person‖ shall be substituted.
5. In the principal regulations, in regulation 30, after sub-regulation (2), the following proviso shall be
inserted, namely: -
―Provided that where no claim from creditors has been received till the last date for receipt of claims,
the liquidator shall prepare the list of stakeholders within fifteen days from the last date for receipt of
claims.‖
6. In the principal regulations, in regulation 35, in sub-regulation (1), for the words ―six months‖, the words
―thirty days‖ shall be substituted.
7. In the principal regulations, in regulation 37, for sub-regulation (1), the following sub-regulation shall be
substituted, namely: -
―(1) The liquidator shall endeavour to complete the liquidation process of the corporate person and
submit the Final Report under regulation 38 within: -
(a) two hundred and seventy days from the liquidation commencement date where the creditors have
approved the resolution under clause (c) of sub-section (3) of section 59 or clause (c) of sub-regulation
(1) of regulation 3, and
(b) ninety days from the liquidation commencement date in all other cases.‖
8. In the principal regulations, in regulation 38, for the sub-regulation (3), the following sub-regulation
shall be substituted, namely: –
―(3) The liquidator shall submit the Final Report and the compliance certificate in Form-H along with
the application under sub-section (7) of section 59 to the Adjudicating Authority.‖[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 9
9. In the principal regulations, in regulation 39, in sub-regulation (7), for the word and letter ―Form-H‖, the
word and letter ―Form-I‖ shall be substituted.
10. In the principal regulations, in Schedule I, for the word and letter ―Form-H‖, the word and letter
―Form-I‖ shall be substituted.
11. In the principal regulations, in Schedule I, after Form-G, the following form shall be inserted, namely: -
“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. Particulars Description
No.
(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 proceeds10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
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.)
3. Details of the corporate person:
Sl. Particulars Description
No.
(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
4. 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
5. Details of distribution to stakeholders as per section 52 or 53 of the Code
(Amount in Rs. lakh)
Sl. Stakeholders* Amount Amount Amount Amount Remarks
under section 52 Claimed Admitted Distributed Distributed
No.
and 53 (1)
to the Amount
Claimed (%)
(1) (2) (3) (4) (5) (6) (7)
1 Realization of
Security Interest
[Sec. 52(1)(b)][भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 11
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.
6. The Voluntary Liquidation Process has been conducted as per the stipulated timeline:
Sl. Section / Description of Task Norm Compliance Actual
No. Regulation (Number of Date Timeline
Days) (Number of
days)
(1) (2) (3) (4) (5) (6)
1 Section 59(3)(a), Declaration from majority of T – 28
Regulation 3(1) (a) directors / partners regarding
solvency of corporate person and
it not being liquidated to defraud
any person
2 Section 59[(3)(c) Passing of resolution / special T = 0
and (5)], resolution by members / partners
Regulation 3(1)(c) about commencement of
and 3(3) voluntary liquidation process and
appointment of insolvency
professional as liquidator12 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3 Proviso to Section Approval of creditors T + 7
59(3)(c), representing two-third in value
Regulation 3(1)(c) of debt, if the corporate person
owes any debt, of the resolution
passed under section 59(3)(c) or
regulation 3(1)(c)
4 Regulation 5(2) Intimation by Insolvency T + 7
Professional regarding his
appointment as Liquidator, to the
Board
5 Regulation 14 (1) Public Announcement in Form A T + 5
by the Liquidator
6 Section 59(4), Notification to Registrar of T + 7 or T + 14
Reg. 3(2) 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
7 Section 38(1), Submission of claims by T + 30
Regulation 14 (2) stakeholders
8 Section 38(5) Withdrawal/ modification of T + 44
claim by stakeholders
9 Regulation 9(1) Submission of preliminary report T + 45
to the corporate person by the
Liquidator
10 Regulation 29(1) Verification of claims by the T + 60
Liquidator
11 Section 40 (2) Intimation about decision of T + 67
acceptance/ rejection of claim to
the stakeholders by the
Liquidator
12 Regulation 30(2) Preparation of list of T + 45*/75
stakeholders by the Liquidator
13 Section 42 Appeal by creditor against the T + 81
decision of the Liquidator
14 Regulation 35(1) Distribution of the proceeds to Date of
stakeholders by the Liquidator realization + 30
15 Regulation 39(2) Deposit of amount of unclaimed Prior to
dividends and undistributed submission of
proceeds in Corporate Voluntary application
Liquidation Account by the under sub-
Liquidator section (7) of
section 59
16 Regulation 38(2) Submission of Final Report to T + 90*/270
the Board and Registrar of
Companies by the Liquidator[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 13
17 Section 59(7), Submission of Final Report, T + 90*/270
Regulation 38(3) along with the application for
dissolution, to AA
18 Regulation 37(1) Completion of Voluntary T + 90*/270
Liquidation Process
19 Regulation 37(2) Meeting of Contributories and T + 365
presentation of Annual Status
Report
T=Liquidation Commencement Date
*Applicable where approval of creditors was not required under section 59(3)(c) or regulation 3(1)(c)
7. 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- Section of the Code / Regulation Reasons Whether
compliance observed No. / Circular No. rectified or not
(1) (2) (3) (4) (5)
1
2
3
8. The details of application(s) filed / pending in respect of avoidance of transactions.
Sl. Type of Transaction Date of Filing Date of Order of Brief of the
No. with Adjudicating the Adjudicating Order
Authority Authority
(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
9. If the process has taken more than 90 / 270 days, as the case may be, for completion, please state reasons
thereof.
10. 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.
11. The records referred to in regulations 8 and 10 shall be preserved as mandated under regulation 41.
12. Any other information which the Liquidator may like to submit.14 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
13. 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: …………………. ‖
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./03/2022-23]
Note : The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
were published vide notification No. IBBI/2016-17/GN/REG010 on 31st March, 2017 in the
Gazette of India, Extraordinary, Part III, Section 4, No. 130 dated 31st March, 2017 and were last
amended by the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process)
(Second Amendment) Regulations, 2020 published vide notification No. IBBI/2020-
21/GN/REG.063 dated 05th August 2020 in the Gazette of India, Extraordinary, Part III, Section 4,
No. 311 on 05th August, 2020.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.