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Regulation
Regulation 15. Progress reports
(1) The liquidator shall submit 29 [Progress Reports, in the format stipulated by the Board, to 30 [be placed before the committee] the Adjudicating Authority and the Board”] as under- (a) the first Progress Report within fifteen days after the end of the quarter in which he is appointed; (b) subsequent Progress Report(s) within fifteen days after the end of every quarter during which he acts as liquidator; and Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process, he shall file a Progress Report for the quarter up to the date of his so ceasing to act, within fifteen days of such cessation. (2) A Progress Report shall provide all information relevant to liquidation for the quarter, including- (a) appointment, tenure of appointment and cessation of appointment of professionals; (b) 31 [a statement indicating progress in liquidation, including- (i) minutes of meetings of the committee, (ii) asset memorandum, (iii) sale report(s), (iv) settlement of list of stakeholders, (v) details of any property that remains to be sold and realised, (vi) distribution made to the stakeholders, and (vii) distribution of unsold property made to the stakeholders; (c) details of fee or remuneration, including- 29 Substituted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). Prior to Substitution, the words stood as: “Progress Reports to the Adjudicating Authority”. 30 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 31 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “(b) a statement indicating progress in liquidation, including- (i) settlement of list of stakeholders, (ii) details of any property that remain to be sold and realized, (iii) distribution made to the stakeholders, and (iv) distribution of unsold property made to the stakeholders;”.
(i) the fee due to and received by the liquidator together with a description of the activities carried out by him, (ii) the remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them, (iii) other expenses incurred by the liquidator, whether paid or not; (d) developments in any material litigation, by or against the corporate debtor; (e) filing of, and developments in applications for avoidance of transactions 32 [under (f) changes, if any, in estimated liquidation costs. (3) A Progress Report shall enclose an account maintained by the liquidator showing- (a) his receipts and payments during the quarter; and (b) the cumulative amount of his receipts and payments since the liquidation commencement date. (4) A Progress Report shall enclose a statement indicating any material change in expected realization of any property proposed to be sold, along with the basis for such change: 33 [***] (5) The Progress Report for the fourth quarter of the financial year shall enclose audited accounts of the liquidator’s receipts and payments for the financial year: Provided that in case an insolvency professional ceases to act as liquidator, the audited accounts of his receipts and payments for that part of the financial year during which he has acted as liquidator, shall be enclosed with the Progress Report to be filed after cessation of his appointment. 32 Substituted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). Prior to substitution, it stood as under – “in accordance with Chapter III of Part II”. 33 Omitted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
34 [Illustration: An insolvency professional becomes a liquidator on 13th February, 2026, and ceases to act as liquidator on 12th June, 2026. He shall submit Progress Reports as under: Report No. Period covered in the Quarter Last Date of Submission of Report 1 13th February - 31st March, 2026 15th April, 2026 2 April – 12th June, 2026 27th June, 2026 He shall submit the audited accounts of his receipts and payments as under: Audited Account No. Period covered in the Year Last Date of Submission 1 13th February - 31st March, 2026 15th April, 2026 2 April – 12th June, 2026 27th June, 2026 ] 16. 35 [Submission of claim. 34 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “Illustration: An insolvency professional becomes a liquidator on 13th February, 2017, and ceases to act as liquidator on 12th February, 2019. He shall submit Progress Reports as under: Report No. Period covered in the Quarter Last Date of Submission of Report 1 13th February - 31st March, 2017 15th April, 2017 2 April - June, 2017 15th July, 2017 3 July - September, 2017 15th October, 2017 4 October - December, 2017 15th January, 2018 5 January - March, 2018 15th April, 2018 6 April - June, 2018 15th July, 2018 7 July - September, 2018 15th October, 2018 8 October - December, 2018 15th January, 2019 9 January - 12th February, 2019 27th February, 2019 He shall submit the audited accounts of his receipts and payments as under: Audited Account No. Period covered in the Year Last Date of Submission 1 13th February - 31st March, 2017 15th April, 2017 2 April - March, 2018 15th April, 2018 3 April - 12th February, 2019 27th February, 2019 35 Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to substitution it stood as under: “16. Proof of claim. A person, who claims to be a stakeholder, shall prove his claim for debt or dues to him, including interest, if any, as on the liquidation commencement date.”
(1) A person, who claims to be a stakeholder, 36 [shall submit its claim where not submitted during the corporate insolvency resolution process as on insolvency commencement date, within fourteen days of the liquidation commencement date.] (2) A person shall prove its claim for debt or dues to him, 37 [ for the newly submitted claims, if any, as on the insolvency commencement date ].] 38 [(3) A stakeholder shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.]
(1) The liquidator shall submit 29 [Progress Reports, in the format stipulated by the Board, to 30 [be placed before the committee] the Adjudicating Authority and the Board”] as under- (a) the first Progress Report within fifteen days after the end of the quarter in which he is appointed; (b) subsequent Progress Report(s) within fifteen days after the end of every quarter during which he acts as liquidator; and Provided that if an insolvency professional ceases to act as a liquidator during the liquidation process, he shall file a Progress Report for the quarter up to the date of his so ceasing to act, within fifteen days of such cessation. (2) A Progress Report shall provide all information relevant to liquidation for the quarter, including- (a) appointment, tenure of appointment and cessation of appointment of professionals; (b) 31 [a statement indicating progress in liquidation, including- (i) minutes of meetings of the committee, (ii) asset memorandum, (iii) sale report(s), (iv) settlement of list of stakeholders, (v) details of any property that remains to be sold and realised, (vi) distribution made to the stakeholders, and (vii) distribution of unsold property made to the stakeholders; (c) details of fee or remuneration, including- 29 Substituted by Notification No. IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). Prior to Substitution, the words stood as: “Progress Reports to the Adjudicating Authority”. 30 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 31 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “(b) a statement indicating progress in liquidation, including- (i) settlement of list of stakeholders, (ii) details of any property that remain to be sold and realized, (iii) distribution made to the stakeholders, and (iv) distribution of unsold property made to the stakeholders;”.
(i) the fee due to and received by the liquidator together with a description of the activities carried out by him, (ii) the remuneration or fee paid to professionals appointed by the liquidator together with a description of activities carried out by them, (iii) other expenses incurred by the liquidator, whether paid or not; (d) developments in any material litigation, by or against the corporate debtor; (e) filing of, and developments in applications for avoidance of transactions 32 [under (f) changes, if any, in estimated liquidation costs. (3) A Progress Report shall enclose an account maintained by the liquidator showing- (a) his receipts and payments during the quarter; and (b) the cumulative amount of his receipts and payments since the liquidation commencement date. (4) A Progress Report shall enclose a statement indicating any material change in expected realization of any property proposed to be sold, along with the basis for such change: 33 [***] (5) The Progress Report for the fourth quarter of the financial year shall enclose audited accounts of the liquidator’s receipts and payments for the financial year: Provided that in case an insolvency professional ceases to act as liquidator, the audited accounts of his receipts and payments for that part of the financial year during which he has acted as liquidator, shall be enclosed with the Progress Report to be filed after cessation of his appointment. 32 Substituted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). Prior to substitution, it stood as under – “in accordance with Chapter III of Part II”. 33 Omitted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).
34 [Illustration: An insolvency professional becomes a liquidator on 13th February, 2026, and ceases to act as liquidator on 12th June, 2026. He shall submit Progress Reports as under: Report No. Period covered in the Quarter Last Date of Submission of Report 1 13th February - 31st March, 2026 15th April, 2026 2 April – 12th June, 2026 27th June, 2026 He shall submit the audited accounts of his receipts and payments as under: Audited Account No. Period covered in the Year Last Date of Submission 1 13th February - 31st March, 2026 15th April, 2026 2 April – 12th June, 2026 27th June, 2026 ] 16. 35 [Submission of claim. 34 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “Illustration: An insolvency professional becomes a liquidator on 13th February, 2017, and ceases to act as liquidator on 12th February, 2019. He shall submit Progress Reports as under: Report No. Period covered in the Quarter Last Date of Submission of Report 1 13th February - 31st March, 2017 15th April, 2017 2 April - June, 2017 15th July, 2017 3 July - September, 2017 15th October, 2017 4 October - December, 2017 15th January, 2018 5 January - March, 2018 15th April, 2018 6 April - June, 2018 15th July, 2018 7 July - September, 2018 15th October, 2018 8 October - December, 2018 15th January, 2019 9 January - 12th February, 2019 27th February, 2019 He shall submit the audited accounts of his receipts and payments as under: Audited Account No. Period covered in the Year Last Date of Submission 1 13th February - 31st March, 2017 15th April, 2017 2 April - March, 2018 15th April, 2018 3 April - 12th February, 2019 27th February, 2019 35 Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to substitution it stood as under: “16. Proof of claim. A person, who claims to be a stakeholder, shall prove his claim for debt or dues to him, including interest, if any, as on the liquidation commencement date.”
(1) A person, who claims to be a stakeholder, 36 [shall submit its claim where not submitted during the corporate insolvency resolution process as on insolvency commencement date, within fourteen days of the liquidation commencement date.] (2) A person shall prove its claim for debt or dues to him, 37 [ for the newly submitted claims, if any, as on the insolvency commencement date ].] 38 [(3) A stakeholder shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.]