IBBI Issues Circular Directing IPs To File Liquidation Process Forms On Electronic Platform Only

The circular provides that the Insolvency Professionals handling the liquidation assignment shall access the platform with a unique username and password provided by the IBBI and upload/submit the Forms, along with relevant information and records, after affixing DSC or e-signing.

It also emphasized upon that the timely filing of complete and accurate information along with records is the sole responsibility of the Insolvency Professional.

IBBI has issued the following directions for the Insolvency Professionals to file the forms on the electronic platform only:

• within the prescribed timeline for all cases where a liquidation order is passed on or after issuance of this circular.
• for ongoing cases: Cases in which no application for dissolution of the corporate debtor/closure of the liquidation process has been filed, shall file form LIQ 1 and LIQ 2 (for the March 24 quarter) latest by 30th September 2024.
• for cases where an application for dissolution of the corporate debtor/closure of the liquidation process has been filed with AA, shall file forms LIQ 1 and LIQ 2 (for the last quarter of the process), and LIQ 3 by 30th September 2024.
• for cases where an order for closure of the liquidation process or dissolution of the corporation debtor has been ordered by AA, shall file forms LIQ 1 and LIQ 2 (for the last quarter of the process), LIQ 3, and LIQ 4 by 30th September 2024.

The circular provides that an Insolvency Professional who does not comply with applicable provisions of the Code and the Regulations made thereunder shall be liable for:

(i) failure to file a Form along with relevant information and records,

(ii) inaccurate and incomplete information and/or records filed in or along with a Form.

Circular No. No. IBBI/LIQ/73/2024

Click Here To Read/Download Circular