When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated. 118[
(2)
The liquidator shall submit an application along with the final report and the compliance certificate in such format as notified by the Board to the Adjudicating Authority for the dissolution of the corporate debtor or closure of the liquidation process.] 119[45A. Preservation of records.
(1)
The liquidator shall preserve copies of all such records which give a complete account of the liquidation process.
(2)
Without prejudice to the generality of the provisions of sub-regulation (1), the liquidator shall preserve copies of records relating to or forming the basis of:-
(a)
his appointment as liquidator, including the terms of appointment;
(b)
handing over and taking over of the assignment;
(c)
admission of corporate debtor into liquidation;
(d)
public announcement;
(e)
the constitution of 120[***] committee and minutes of 121[***] committee meetings during liquidation process;
116 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: “on the advice”.
117 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as, “consultation”.
118 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:- “(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same. (3) [The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for – (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern [or a compromise or arrangement has been sanctioned under section 230 of the Companies Act, 2013]; or (b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]”
120 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”.
121 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. (f) claims, verification of claims, and list of stakeholders; (g) details of relinquishment or otherwise by secured creditors in liquidation process; (h) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them; (i) Invitation, consideration and approval of plans / proposals / scheme received, in case of 122[***] compromise or arrangement under section 230 of the Companies Act, 2013; (j) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders; (k) statutory filings with Board and insolvency professional agencies; (l) correspondence during the liquidation process; (m) cost of liquidation process; (n) all reports, registers, documents such as 123[***] progress reports, 124[], final report prior to dissolution, various registers and books, etc. mentioned in regulations 5 and 6 of these Regulations. (o) preferential, undervalued, extortionate credit transactions or fraudulent or wrongful trading. (p) any other records, which is required to give a complete account of the process. (3) The liquidator shall preserve: (a) electronic copy of all records (physical and electronic) for a minimum period of eight years;and (b) a physical copy of records for a minimum period of three years; from the date of dissolution of the corporate debtor or closure of the liquidation process or the conclusion of any proceeding relating to the liquidation process, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later. (4) In case of replacement of liquidator, the outgoing liquidator shall handover the records under sub-regulation (1) and (2) to the new liquidator and be responsible for preserving the records not handed over, for any reason, to the new liquidator. 125[***] (6) The records of the corporate debtor shall be preserved by the liquidator as per the applicable laws.
122 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “going concern sale in liquidation process or”.
123 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “preliminary report, asset memorandum,”.
124 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “asset sale report, annual status report”.
125 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “(5) Where the corporate debtor has been sold as a going concern under clause (e) of regulation 32, the general records of the corporate debtor shall be handed over to the successful buyer.”. (7) The liquidator shall preserve the records at a secure place and shall be obliged to produce records as may be required under the Code and the Regulations made thereunder. Explanation - The records referred to in this regulation include records pertaining to the period of a liquidation process during which the liquidator acted as such, irrespective of the fact that he did not take up the assignment from its commencement or continued the assignment till its conclusion.] 126[46. Corporate Liquidation Account. 127[(1) The Board shall maintain and operate an account to be called the Corporate Liquidation Account with a scheduled bank.] Provided that until the Corporate Liquidation Account is operated as part of the Public Accounts of India, the Board shall open a separate bank account with a scheduled bank for the purposes of this regulation. (2) A liquidator shall deposit the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process along with any income earned thereon till the date of deposit into the Corporate Liquidation Account before he submits an application under sub- regulation (3) of regulation 45. (3) A liquidator, who holds any amount of unclaimed dividends or undistributed proceeds in a liquidation process on the date of commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020, shall deposit the same within fifteen days of the date of such commencement, along with any income earned thereon till the date of deposit.
126 Substituted by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020). Prior to substitution it stood as under: “46. Unclaimed proceeds of liquidation or undistributed assets. (1) Before the order of dissolution is passed under section 54(2), the liquidator shall apply to the Adjudicating Authority for an order to pay into the Companies Liquidation Account in the Public Account of India any unclaimed proceeds of liquidation or undistributed assets or any other balance payable to the stakeholders in his hands on the date of the order of dissolution. (2) Any liquidator who retains any money which should have been paid by him into the Companies Liquidation Account under this Regulation shall pay interest on the amount retained at the rate of twelve per cent per annum, and also pay such penalty as may be determined by the Board. (3) The liquidator shall, when making any payment referred to in sub-regulation (1), furnish to the authority with which the corporate debtor is registered, and the Board, a statement setting forth the nature of the sums included, the names and last known addresses of the stakeholders entitled to participate therein, the amount to which each is entitled to and the nature of their claim. (4) The liquidator shall be entitled to a receipt from the Reserve Bank of India for any money paid to it under sub-regulation (2), and such receipt shall be an effectual discharge of the liquidator in respect thereof. (5) A person claiming to be entitled to any money paid into the Companies Liquidation Account may apply to the Board for an order for payment of the money claimed; which may, if satisfied that such person is entitled to the whole or any part of the money claimed, make an order for the payment to that person of the sum due to him, after taking such security from him as it may think fit. (6) Any money paid into the Companies Liquidation Account in pursuance of this Regulation, which remains unclaimed thereafter for a period of fifteen years, shall be transferred to the general revenue account of the Central Government.”
127 Substituted vide Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025). Prior to substitution, it stood as “(1) The Board shall operate and maintain an Account to be called the Corporate Liquidation Account in the Public Accounts of India:” (4) A liquidator, who fails to deposit any amount into the Corporate Liquidation Account under this regulation, shall deposit the same along with interest thereon at the rate of twelve percent per annum from the due date of deposit till the date of deposit. (5) A liquidator shall submit to the authority with which the corporate debtor is registered and the Board, the evidence of deposit of the amount into the Corporate Liquidation Account under this regulation, and a statement in 128[such format as notified by the Board] setting forth the nature of the amount deposited into the Corporate Liquidation Account, and the names and last known addresses of the stakeholders entitled to receive the unclaimed dividends or undistributed proceeds. (6) The liquidator shall be entitled to a receipt from the Board for any amount deposited into the Corporate Liquidation Account under this regulation. 129[(7) Prior to dissolution of the corporate person, a stakeholder, who claims to be entitled to any amount deposited into the Corporate Liquidation Account, may apply to the liquidator in 130[such format as notified by the Board] for withdrawal of the amount. (7A) On receipt of request under sub-regulation (7), the liquidator after verification of the claim, shall request the Board for release of amount to him for onward distribution. (7B) The Board on receipt of request under sub-regulation (7A) may release the amount to the liquidator. (7C) The liquidator shall, after making the distribution to the stakeholder, shall intimate the Adjudicating Authority of such distribution. (7D) After dissolution of the corporate person, a stakeholder, who claims to be entitled to any amount deposited in the Corporate Liquidation Account, may apply to the Board in 131[such format as notified by the Board] for an order for withdrawal of the amount. (7E) If any person other than the stakeholder claims to be entitled to any amount deposited to the Corporate Liquidation Account, he shall submit evidence to satisfy the liquidator or the Board, as the case may be, that he is so entitled.]
128 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:- “Form I”.
129 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as under: “(7) A stakeholder, who claims to be entitled to any amount deposited into the Corporate Liquidation Account, may apply to the Board in Form J for an order for withdrawal of the amount: Provided that if any other person other than the stakeholder claims to be entitled to any amount deposited into the Corporate Liquidation Account, he shall submit evidence to satisfy the Board that he is so entitled.”.
130 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:- “Form I”.
131 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:- “Form I”. (8) The Board may, if satisfied that the stakeholder or any other person referred to under 132[sub-regulation (7D)] is entitled to withdrawal of any amount from the Corporate Liquidation Account, make an order for the same in favour of that stakeholder or that other person. (9) The Board shall maintain a corporate debtor-wise ledger of the amount deposited into and the amount withdrawn from the Corporate Liquidation Account under this regulation. (10) The Board shall nominate an officer of the level of Executive Director of the Board as the custodian of the Corporate Liquidation Account and no proceeds shall be withdrawn without his approval. (11) The Board shall maintain proper accounts of the Corporate Liquidation Account and get the same audited annually. (12) The audit report along with the statement of accounts of the Corporate Liquidation Account referred to in sub-regulation (11) shall be placed before the Governing Board and shall be forwarded to the Central Government. (13) Any amount deposited into the Corporate Liquidation Account in pursuance of this regulation, which remains unclaimed or undistributed for a period of fifteen years from the date of order of dissolution of the corporate debtor and any amount of income or interest received or earned in the Corporate Liquidation Account shall be transferred to the Consolidated Fund of India.] 133[46A. Exclusion of certain assets from the liquidation estate. For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor.] 134[47. Model time-line for liquidation process.
132 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as “sub-regulation (7)”.
133 Inserted by Notification No. IBBI/2023-24/GN/REG112,dated 12th February,2024 (w.e.f. 12.02.2024).
134 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:- “47. [Model time-line for liquidation process. The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013) or sale under regulation 32A: Model Timeline for Liquidation Process Sl. | Section / | Description of Task Norm Latest No. | Regulation | Timeline (Days) (1) (2) (3) (4) (5) 1 Section 33 and Commencement of liquidation and LCD 0 = T 34 | appointment of liquidator The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013): 2 Section 33 (1) Public announcement in Form B Within 5 days of appointment of | T + 5 (b) (ii) / | liquidator. Reg. 12 (1, 2, 3) 3 Reg. 35 (2) Appointment of registered valuers Within 7 days of LCD T + 7 134[3A. Reg. 31A (6) First meeting of SCC Within 7 days of LCD T+7] 4 134[Section 38 Submission of claims; Within 30 days of LCD T + 30 (1), Reg. 17, 18, Intimation of decision on relinquishment of 19, 20 and 21A] security interest 5 Section 38 (5) Withdrawal/ modification of claim Within 14 days of submission of | T + 44 claim 6 Reg. 30 Verification of claims received under Within 30 days from the last date | T + 60 regulation 12(2)(b) | for receipt of claims 7 Reg. 31A Constitution of SCC Within 60 days of LCD T + 60 8 Section 40 (2) Intimation about decision of acceptance/ Within 7 days of admission or | T + 67 rejection of claim | rejection of claim 9 Reg. 31 (2) Filing the list of stakeholders 134[***] Within 45 days from the last date of | T + 75 receipt of claims 10 Section 42 Appeal by a creditor against the decision of Within 14 days of receipt of such | T + 81 the liquidator | decision 11 Reg. 13 Preliminary report to the AA Within 75 days of LCD T + 75 12 Reg. 34 Asset memorandum Within 134[30/75] days of LCD T + 134[30/75] 13 Reg. 15 (1), (2), Submission of progress reports to AA; | First progress report Q1 + 15 (3), (4) and (5), Asset Sale report to be enclosed with every Q-2 Q2 + 15 and 36 | Progress Report, if sales are made Q-3 Q3 + 15 Q-4 Q4 + 15 FY: 1 Audited accounts of 15th April liquidator's receipt & payments for the financial year 14 Proviso to Reg. Progress report in case of cessation of Within 15 days of cessation as | Date of 15 (1) | liquidator | liquidator | cessation + 15 15 Reg. 37 (2, 3) Information to secured creditors Within 21 days of receipt of | Date of intimation from secured creditor | intimation + 21 16 Reg. 42 (2) Distribution of the proceeds to the Within 3 months from the receipt of | Date of stakeholders | amount | Realisation + 90 17 Reg.10 (1) Application to AA for Disclaimer of onerous Within 6 months from the LCD T + 6 property | months 18 Reg.10 (3) Notice to persons interested in the onerous At least 7 days before making an property or contract | application to AA for 134[disclaimer]. 19 Reg. 44 Liquidation of corporate debtor. Within one year T + 365 20 134[Reg. 46 Deposit the amount of unclaimed dividends Before submission of application and undistributed proceeds | under sub-regulation (3) of regulation 45 21 Sch-1 Sl. No 12 Time period to H1 bidder to provide balance Within 90 days of the date of sale consideration | invitation to provide the balance amount.] [AA: Adjudicating Authority, LCD: Liquidation Commencement Date, SCC: Stakeholders’ Consultation Committee] ”. Model Timeline for Liquidation Process Sl. Sectio | Description of Task Norm Latest N | n / | Timeline o. | Regul | (Days) ation (1) (2) (3) (4) (5) 1 Sectio Commencement of liquidation LCD 0 = T n 33 and appointment of liquidator and 34 2 Sectio Public announcement Within 5 days of appointment | T + 5 n 33 | of liquidator. (1) (b) (ii) / Reg. 12 3 Reg. | Appointment of registered Within 7 days of LCD T + 7 35 (2) | valuers 4 Reg. 8 First meeting of committee of Within 7 days of LCD T+ 7 creditors 5 Reg. | Submission of claims; Within 14 days of LCD T + 14 16 / Intimation of decision on Sec. | relinquishment of security 52 and interest reg. 21A 6 Reg. | Verification of claims Within 7 days of receipt of | T + 21 30 | received under regulation 16 | claims 7 Reg. | Intimation about decision of Within 7 days of admission or | T + 28 30 | acceptance/ rejection of claim rejection of claim 8 Reg. | Filing the list of stakeholders Within 30 days from the last T + 44 31 (2) | date of receipt of claims 9 Reg. | Submission of progress First progress report Q1 + 15 15 | reports to AA | Second progress report Q2 + 15 10 Provis Progress report in case of Within 15 days of cessation as | Date of o to cessation of liquidator | liquidator | cessation Reg. | + 15 15 11 Reg. | Distribution of the proceeds to Within 15 days from the receipt | Date of 42 (2) | the stakeholders | of amount | Realisation + 15 12 Reg. | Liquidation of corporate Within 180 days T + 180 44 | debtor. 13[Reg. | Deposit the amount of Before submission of 46 | unclaimed dividends and application under sub- undistributed proceeds | regulation (2) of regulation 45 14 Sch-1 | Time period to H1 bidder to Within 90 days of the date of Sl. No provide balance sale invitation to provide the balance 12 | consideration | amount.] [AA: Adjudicating Authority, LCD: Liquidation Commencement Date] ] 135[Exclusion of period of lockdown.
Regulation 45. Final report prior to dissolution
(1)
When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated. 118[
(2)
The liquidator shall submit an application along with the final report and the compliance certificate in such format as notified by the Board to the Adjudicating Authority for the dissolution of the corporate debtor or closure of the liquidation process.] 119[45A. Preservation of records.
(1)
The liquidator shall preserve copies of all such records which give a complete account of the liquidation process.
(2)
Without prejudice to the generality of the provisions of sub-regulation (1), the liquidator shall preserve copies of records relating to or forming the basis of:-
(a)
his appointment as liquidator, including the terms of appointment;
(b)
handing over and taking over of the assignment;
(c)
admission of corporate debtor into liquidation;
(d)
public announcement;
(e)
the constitution of 120[***] committee and minutes of 121[***] committee meetings during liquidation process;
116 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: “on the advice”.
117 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as, “consultation”.
118 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:- “(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same. (3) [The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for – (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern [or a compromise or arrangement has been sanctioned under section 230 of the Companies Act, 2013]; or (b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]”
120 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”.
121 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. (f) claims, verification of claims, and list of stakeholders; (g) details of relinquishment or otherwise by secured creditors in liquidation process; (h) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them; (i) Invitation, consideration and approval of plans / proposals / scheme received, in case of 122[***] compromise or arrangement under section 230 of the Companies Act, 2013; (j) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders; (k) statutory filings with Board and insolvency professional agencies; (l) correspondence during the liquidation process; (m) cost of liquidation process; (n) all reports, registers, documents such as 123[***] progress reports, 124[], final report prior to dissolution, various registers and books, etc. mentioned in regulations 5 and 6 of these Regulations. (o) preferential, undervalued, extortionate credit transactions or fraudulent or wrongful trading. (p) any other records, which is required to give a complete account of the process. (3) The liquidator shall preserve: (a) electronic copy of all records (physical and electronic) for a minimum period of eight years;and (b) a physical copy of records for a minimum period of three years; from the date of dissolution of the corporate debtor or closure of the liquidation process or the conclusion of any proceeding relating to the liquidation process, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later. (4) In case of replacement of liquidator, the outgoing liquidator shall handover the records under sub-regulation (1) and (2) to the new liquidator and be responsible for preserving the records not handed over, for any reason, to the new liquidator. 125[***] (6) The records of the corporate debtor shall be preserved by the liquidator as per the applicable laws.
122 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “going concern sale in liquidation process or”.
123 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “preliminary report, asset memorandum,”.
124 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “asset sale report, annual status report”.
125 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “(5) Where the corporate debtor has been sold as a going concern under clause (e) of regulation 32, the general records of the corporate debtor shall be handed over to the successful buyer.”. (7) The liquidator shall preserve the records at a secure place and shall be obliged to produce records as may be required under the Code and the Regulations made thereunder. Explanation - The records referred to in this regulation include records pertaining to the period of a liquidation process during which the liquidator acted as such, irrespective of the fact that he did not take up the assignment from its commencement or continued the assignment till its conclusion.] 126[46. Corporate Liquidation Account. 127[(1) The Board shall maintain and operate an account to be called the Corporate Liquidation Account with a scheduled bank.] Provided that until the Corporate Liquidation Account is operated as part of the Public Accounts of India, the Board shall open a separate bank account with a scheduled bank for the purposes of this regulation. (2) A liquidator shall deposit the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process along with any income earned thereon till the date of deposit into the Corporate Liquidation Account before he submits an application under sub- regulation (3) of regulation 45. (3) A liquidator, who holds any amount of unclaimed dividends or undistributed proceeds in a liquidation process on the date of commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020, shall deposit the same within fifteen days of the date of such commencement, along with any income earned thereon till the date of deposit.
126 Substituted by Notification No. IBBI/2019-20/GN/REG053, dated 6th January, 2020 (w.e.f. 06-01-2020). Prior to substitution it stood as under: “46. Unclaimed proceeds of liquidation or undistributed assets. (1) Before the order of dissolution is passed under section 54(2), the liquidator shall apply to the Adjudicating Authority for an order to pay into the Companies Liquidation Account in the Public Account of India any unclaimed proceeds of liquidation or undistributed assets or any other balance payable to the stakeholders in his hands on the date of the order of dissolution. (2) Any liquidator who retains any money which should have been paid by him into the Companies Liquidation Account under this Regulation shall pay interest on the amount retained at the rate of twelve per cent per annum, and also pay such penalty as may be determined by the Board. (3) The liquidator shall, when making any payment referred to in sub-regulation (1), furnish to the authority with which the corporate debtor is registered, and the Board, a statement setting forth the nature of the sums included, the names and last known addresses of the stakeholders entitled to participate therein, the amount to which each is entitled to and the nature of their claim. (4) The liquidator shall be entitled to a receipt from the Reserve Bank of India for any money paid to it under sub-regulation (2), and such receipt shall be an effectual discharge of the liquidator in respect thereof. (5) A person claiming to be entitled to any money paid into the Companies Liquidation Account may apply to the Board for an order for payment of the money claimed; which may, if satisfied that such person is entitled to the whole or any part of the money claimed, make an order for the payment to that person of the sum due to him, after taking such security from him as it may think fit. (6) Any money paid into the Companies Liquidation Account in pursuance of this Regulation, which remains unclaimed thereafter for a period of fifteen years, shall be transferred to the general revenue account of the Central Government.”
127 Substituted vide Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025). Prior to substitution, it stood as “(1) The Board shall operate and maintain an Account to be called the Corporate Liquidation Account in the Public Accounts of India:” (4) A liquidator, who fails to deposit any amount into the Corporate Liquidation Account under this regulation, shall deposit the same along with interest thereon at the rate of twelve percent per annum from the due date of deposit till the date of deposit. (5) A liquidator shall submit to the authority with which the corporate debtor is registered and the Board, the evidence of deposit of the amount into the Corporate Liquidation Account under this regulation, and a statement in 128[such format as notified by the Board] setting forth the nature of the amount deposited into the Corporate Liquidation Account, and the names and last known addresses of the stakeholders entitled to receive the unclaimed dividends or undistributed proceeds. (6) The liquidator shall be entitled to a receipt from the Board for any amount deposited into the Corporate Liquidation Account under this regulation. 129[(7) Prior to dissolution of the corporate person, a stakeholder, who claims to be entitled to any amount deposited into the Corporate Liquidation Account, may apply to the liquidator in 130[such format as notified by the Board] for withdrawal of the amount. (7A) On receipt of request under sub-regulation (7), the liquidator after verification of the claim, shall request the Board for release of amount to him for onward distribution. (7B) The Board on receipt of request under sub-regulation (7A) may release the amount to the liquidator. (7C) The liquidator shall, after making the distribution to the stakeholder, shall intimate the Adjudicating Authority of such distribution. (7D) After dissolution of the corporate person, a stakeholder, who claims to be entitled to any amount deposited in the Corporate Liquidation Account, may apply to the Board in 131[such format as notified by the Board] for an order for withdrawal of the amount. (7E) If any person other than the stakeholder claims to be entitled to any amount deposited to the Corporate Liquidation Account, he shall submit evidence to satisfy the liquidator or the Board, as the case may be, that he is so entitled.]
128 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:- “Form I”.
129 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as under: “(7) A stakeholder, who claims to be entitled to any amount deposited into the Corporate Liquidation Account, may apply to the Board in Form J for an order for withdrawal of the amount: Provided that if any other person other than the stakeholder claims to be entitled to any amount deposited into the Corporate Liquidation Account, he shall submit evidence to satisfy the Board that he is so entitled.”.
130 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:- “Form I”.
131 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:- “Form I”. (8) The Board may, if satisfied that the stakeholder or any other person referred to under 132[sub-regulation (7D)] is entitled to withdrawal of any amount from the Corporate Liquidation Account, make an order for the same in favour of that stakeholder or that other person. (9) The Board shall maintain a corporate debtor-wise ledger of the amount deposited into and the amount withdrawn from the Corporate Liquidation Account under this regulation. (10) The Board shall nominate an officer of the level of Executive Director of the Board as the custodian of the Corporate Liquidation Account and no proceeds shall be withdrawn without his approval. (11) The Board shall maintain proper accounts of the Corporate Liquidation Account and get the same audited annually. (12) The audit report along with the statement of accounts of the Corporate Liquidation Account referred to in sub-regulation (11) shall be placed before the Governing Board and shall be forwarded to the Central Government. (13) Any amount deposited into the Corporate Liquidation Account in pursuance of this regulation, which remains unclaimed or undistributed for a period of fifteen years from the date of order of dissolution of the corporate debtor and any amount of income or interest received or earned in the Corporate Liquidation Account shall be transferred to the Consolidated Fund of India.] 133[46A. Exclusion of certain assets from the liquidation estate. For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor.] 134[47. Model time-line for liquidation process.
132 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as “sub-regulation (7)”.
133 Inserted by Notification No. IBBI/2023-24/GN/REG112,dated 12th February,2024 (w.e.f. 12.02.2024).
134 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:- “47. [Model time-line for liquidation process. The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013) or sale under regulation 32A: Model Timeline for Liquidation Process Sl. | Section / | Description of Task Norm Latest No. | Regulation | Timeline (Days) (1) (2) (3) (4) (5) 1 Section 33 and Commencement of liquidation and LCD 0 = T 34 | appointment of liquidator The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013): 2 Section 33 (1) Public announcement in Form B Within 5 days of appointment of | T + 5 (b) (ii) / | liquidator. Reg. 12 (1, 2, 3) 3 Reg. 35 (2) Appointment of registered valuers Within 7 days of LCD T + 7 134[3A. Reg. 31A (6) First meeting of SCC Within 7 days of LCD T+7] 4 134[Section 38 Submission of claims; Within 30 days of LCD T + 30 (1), Reg. 17, 18, Intimation of decision on relinquishment of 19, 20 and 21A] security interest 5 Section 38 (5) Withdrawal/ modification of claim Within 14 days of submission of | T + 44 claim 6 Reg. 30 Verification of claims received under Within 30 days from the last date | T + 60 regulation 12(2)(b) | for receipt of claims 7 Reg. 31A Constitution of SCC Within 60 days of LCD T + 60 8 Section 40 (2) Intimation about decision of acceptance/ Within 7 days of admission or | T + 67 rejection of claim | rejection of claim 9 Reg. 31 (2) Filing the list of stakeholders 134[***] Within 45 days from the last date of | T + 75 receipt of claims 10 Section 42 Appeal by a creditor against the decision of Within 14 days of receipt of such | T + 81 the liquidator | decision 11 Reg. 13 Preliminary report to the AA Within 75 days of LCD T + 75 12 Reg. 34 Asset memorandum Within 134[30/75] days of LCD T + 134[30/75] 13 Reg. 15 (1), (2), Submission of progress reports to AA; | First progress report Q1 + 15 (3), (4) and (5), Asset Sale report to be enclosed with every Q-2 Q2 + 15 and 36 | Progress Report, if sales are made Q-3 Q3 + 15 Q-4 Q4 + 15 FY: 1 Audited accounts of 15th April liquidator's receipt & payments for the financial year 14 Proviso to Reg. Progress report in case of cessation of Within 15 days of cessation as | Date of 15 (1) | liquidator | liquidator | cessation + 15 15 Reg. 37 (2, 3) Information to secured creditors Within 21 days of receipt of | Date of intimation from secured creditor | intimation + 21 16 Reg. 42 (2) Distribution of the proceeds to the Within 3 months from the receipt of | Date of stakeholders | amount | Realisation + 90 17 Reg.10 (1) Application to AA for Disclaimer of onerous Within 6 months from the LCD T + 6 property | months 18 Reg.10 (3) Notice to persons interested in the onerous At least 7 days before making an property or contract | application to AA for 134[disclaimer]. 19 Reg. 44 Liquidation of corporate debtor. Within one year T + 365 20 134[Reg. 46 Deposit the amount of unclaimed dividends Before submission of application and undistributed proceeds | under sub-regulation (3) of regulation 45 21 Sch-1 Sl. No 12 Time period to H1 bidder to provide balance Within 90 days of the date of sale consideration | invitation to provide the balance amount.] [AA: Adjudicating Authority, LCD: Liquidation Commencement Date, SCC: Stakeholders’ Consultation Committee] ”. Model Timeline for Liquidation Process Sl. Sectio | Description of Task Norm Latest N | n / | Timeline o. | Regul | (Days) ation (1) (2) (3) (4) (5) 1 Sectio Commencement of liquidation LCD 0 = T n 33 and appointment of liquidator and 34 2 Sectio Public announcement Within 5 days of appointment | T + 5 n 33 | of liquidator. (1) (b) (ii) / Reg. 12 3 Reg. | Appointment of registered Within 7 days of LCD T + 7 35 (2) | valuers 4 Reg. 8 First meeting of committee of Within 7 days of LCD T+ 7 creditors 5 Reg. | Submission of claims; Within 14 days of LCD T + 14 16 / Intimation of decision on Sec. | relinquishment of security 52 and interest reg. 21A 6 Reg. | Verification of claims Within 7 days of receipt of | T + 21 30 | received under regulation 16 | claims 7 Reg. | Intimation about decision of Within 7 days of admission or | T + 28 30 | acceptance/ rejection of claim rejection of claim 8 Reg. | Filing the list of stakeholders Within 30 days from the last T + 44 31 (2) | date of receipt of claims 9 Reg. | Submission of progress First progress report Q1 + 15 15 | reports to AA | Second progress report Q2 + 15 10 Provis Progress report in case of Within 15 days of cessation as | Date of o to cessation of liquidator | liquidator | cessation Reg. | + 15 15 11 Reg. | Distribution of the proceeds to Within 15 days from the receipt | Date of 42 (2) | the stakeholders | of amount | Realisation + 15 12 Reg. | Liquidation of corporate Within 180 days T + 180 44 | debtor. 13[Reg. | Deposit the amount of Before submission of 46 | unclaimed dividends and application under sub- undistributed proceeds | regulation (2) of regulation 45 14 Sch-1 | Time period to H1 bidder to Within 90 days of the date of Sl. No provide balance sale invitation to provide the balance 12 | consideration | amount.] [AA: Adjudicating Authority, LCD: Liquidation Commencement Date] ] 135[Exclusion of period of lockdown.
Regulations
PART II ] of the Code; and / CHAPTER VII PROCEEDS OF LIQUIDATION AND DISTRIBUTION OF...
