Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

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.

Where a person seeks to prove a debt in respect of a bill of exchange, promissory note or other negotiable instrument or security of a like nature for which the corporate person is liable, such bill of exchange, note, instrument or security, as the case may be, shall be produced before the liquidator before the claim is admitted.

The liquidator may call for such other evidence or clarification as he deems fit from a claimant for substantiating the whole or part of its claim.

Where the amount claimed by a claimant is not precise due to any contingency or any other reason, the liquidator shall make the best estimate of the amount of the claim, based on consultation with the claimant and the corporate person and the information available with him.

The claims denominated in foreign currency shall be valued in Indian currency at the official exchange rate as on the liquidation commencement date. Explanation- “The official exchange rate” is the reference rate published by the Reserve Bank of India or derived from such reference rates.

In the case of rent, interest and such other payments of a periodical nature, a person may claim only for any amounts due and unpaid up to the liquidation commencement date.

Where there are mutual dealings between the corporate person and another party, the sums due from one party shall be set off against the sums due from the other to arrive at the net amount payable to the corporate person or to the other party. Illustration: X owesRs.100 to the corporate person. The corporate person owes Rs.70 to X. After set off, Rs.30 is payable by X to the corporate person.

The liquidator may value and sell the assets of the corporate person in the manner and mode approved by the corporate person in compliance with provisions, if any, in the applicable statute. Explanation: “assets” include an asset, all assets, a set of assets or parcel of assets, as the case may be, in relation to sale of assets.

A stakeholder shall forthwith return any monies received by him in distribution, which he was not entitled to at the time of distribution, or subsequently became not entitled to.

(Under Regulation 10 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017) The formats contained in this Schedule are indicative in nature, and the liquidator may make such modifications to them as he deems fit in view of the facts and circumstances of the liquidation.

CASH BOOK Name of Corporate person.......................................................(in liquidation) Date Particulars Ledger | Receipt Payments Balance Folio No. VoucherCash Bank Total VoucherCash Bank Total Cash Bank Total No. | No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Under column 'particulars', the head of account to which the entry relates to should be indicated so that the entry may be posted under the proper head in the General Ledger. GENERAL LEDGER Name of Corporate person.......................................................(in liquidation) .......................................................(Head of account)

Date Particulars Dr. | Cr. | Balance

(Rs.) | (Rs.) | (Rs.)

1 2 3 4 5 Instructions: 1.A General Ledger should be maintained with such heads of account as the liquidator may think necessary and appropriate. The following heads of account may be found suitable: (1) Asset account (2) Investments account (3) Book Debts and Outstandings account (4) Calls (5) Rent Collected/rent receivable (6) Interest on Securities and Deposits (7) Advances received (8) Miscellaneous receipts payments (9) Establishment (10) Legal charges (11) Rents, Rates and Taxes payable (12) Fees and Commission account (13) Other expenses

(14) Suspense account (15) Secured creditors (16) Dividend account. 2. The entries in the General Ledger should be posted from the Cash Book. 3. The total of the debit balances and the total of the credit balances of the several heads of account in the General Ledger should agree, after taking into consideration the cash and bank balances as shown in the Cash Book. The totals should be tallied once a month. BANK LEDGER Corporate person’s (in voluntary liquidation) account with the Scheduled Bank Date Particulars Deposits Withdrawals Balance

Challan | Rs. Cheque | Rs. Rs.

Number | Number 1 2 3 4 5 6 7 REGISTER OF ASSETS

Sl. | Description Date of | Serial | Date Date of | Amount Remarks

No. | of assets | taking | number | of | realization

possession of | sale Sales Register 1 2 3 4 5 6 7 8 1. 2. Instructions: 1. All the assets of the corporate person except the liquidator’s investments in securities and outstanding to be realized should be entered in this Register. SECURITIES AND INVESTMENTS REGISTER

Sl. No. Petition | Date of | Nature | Amount | Dividend Date of | Rema

number | investment | and Invested | or | disposal | rks

and name | particulars | (Rs.) | interest

of the | of security | received

corporate | in which | with date

person | investment | of receipt

is made | (Rs.) 1 2 3 4 5 6 7 8 1. 2. REGISTER OF BOOK DEBTS AND OUTSTANDINGS

Sl. No. Name | Particul Amo | Date | Amo | Acti Date of Refere | Re

and ars of | unt | of bar | unt | on | realisat nce to | ma

addres debt | due | by | realis take ion | Suits | rks

s | (Rs.) | limitat ed | n | Regist

of | ion | (Rs.) | er

debtor 1. 2 3 4 5 6 7 8 9 10 1. 2. 3. Instructions: 1. All debts due to the corporate person, both secured and unsecured, including amounts due for arrears of calls made prior to the liquidation, should be entered in this Register. TENANTS LEDGER 1. Description of assets: 2. Name and address of tenant: 3. Date of tenancy: 4. Period of tenancy: 5. Rent (monthly or annual): 6. Special terms, if any: 7. Arrears on date of taking charge of assets: 8. Advance received, if any: Month Demand Realization Balance Remarks Amount | Date Amount Amount

(Rs.) | (Rs.) | (Rs.)

1 2 3 4 5 6 January February SUITS REGISTER

Sl. | Nu | Nam | Name | Amo Da Date Dat Natu Amo Cost Referen Re

No. | mb e and and unt | te | s of | e of re of unt | s | ce to | mar

er | addr | addres of | of | hear dec | relie decr decr Decree ks

of | ess | s of | clai | fili ing | ree | f | eed | eed | Registe

suit of | defend m | ng | or | gran | r

or | plain ant/ | fina ted

ap | tiff/ | respon | l

pea appel dent | ord

l | lant | and er

an | and his

d | his | advoc

cou advo | ate rt | cate 1 2 3 4 5 6 7 8 9 10 11 12 13 1. 2. Instructions: 1.Applications made by or against the corporate person which are in the nature of suits should alsobe entered in this Register. DECREE REGISTER

Number | Name | Amoun Date | Action | Amount | Date | Referenc

of suit or | and t | of | taken | realized of | e to

appeal | address | Decree decree | (Rs.) | realisa Suits

and of judg- | d | - | Register

court | ment | (Rs.) | tion

debtor 1 2 3 4 5 6 7 8 1. 2. Instructions: 1. The purpose of the Register is to enable the liquidator to keep watch on the progress of the realization of decrees in favor of the corporate person in his charge. 2. Every decree or order for payment of money or delivery of assets in favor of the corporate person including an order for payment of costs whether made in a suit, appeal or application, should be entered in this Register. REGISTER OF CLAIMS AND DISTRIBUTIONS Claims Distributions declared and paid Re m ar ks

Sl. | Na Am N A | Wh D A Da Ra A | D | Ra A | Da

No. | me ou | at mo eth a m te | te | m | at | te | m | te

an | nt | ur unt er | t | o an | ou e | ou an

d | cla e | ad | or | e u d | nt | an | nt | d

Ad | im | of mit din | n M | (R d | (R | mo

dre ed | cl ted ary | t | od | s.) m | s.) de

ss | (Rs ai (R | or | ( | e | od | of

of |.) | m s.) | pre | R of | e | pa

cre | ( | fer | s. Pa | of | ym

dit | R | ent | ) | ym | pa | ent

or | s. | ial | ent | ym

) | en t 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1. 2. Instructions: 1. Only claims admitted either wholly or in part should be entered in this Register. 2. The page on the left side should be reserved for claims and the page on the right side for Distributions.

CONTRIBUTORY’S LEDGER

Sl. | Name | Numb | Calls Rem | Returns of share | Remar

No. | and er of | arks | capital | ks

address share | First call 2nd Da Date Amo

of | s or | call/ | te | of | unt

contrib | extent | 3rd of | Pay | paid

utory | of | call | ret | ment (Rs.)

intere Dat | Amo (Rep | ur

st e of | unt | eat | n

held,a call | paid | colu

nd and and mns

amou | amo date | as

nt | unt | of | unde

paid | call | pay | r first

there | ed | ment call)

on 1 2 3 4 5 6 to | 10 11 12 13 14 9 1. 2. Instructions: Only contributories settled on the list should be entered in this Register and they should be entered in the same order as in the list. DISTRIBUTIONS REGISTER Date on which distribution is made: Total amount payable in this round of distribution: Date Number on list of | Particulars Receipts stakeholders | Payments 1 2 3 4 5 1. 2. Instructions: 1. Separate pages should be set apart for preferential and ordinary distributions. 2. The payments should be entered as and when they are made. Any amount which is returned unpaid should be re-entered in the account under ‘Receipts’. 3. The number in column 2 should be the number of the stakeholders in the list of stakeholders as finally settled.

4. The total amount of unclaimed distribution payable into the 43[Corporate Voluntary Liquidation Account], and the amount paid into the Bank with the date of payment, should be shown at the end of the account. FEE REGISTER

Amount realized Amount distributed Fee payable on the | Total fee | Date of

on which fee are on which fee are | amounts in the two | payable | payment

payable | payable | preceding columns

1 2 3 5 6 1. 2. Instructions: 1. There should be a fresh opening for each year. 2. The fees due to the liquidator should be entered in the Register as soon as the audit of the account for a quarter is completed. SUSPENSE REGISTER Date Particulars Debit (Rs.) Credit(Rs.) Balance (Rs.) 1 2 3 4 5 1. 2. Instructions: 1. Advances made by the liquidator to any person should be entered in this Register. 2. There should be a separate opening for each person. DOCUMENTS REGISTER

Sl. No. Description Date of | From | Reference | How | Rema

of | receipt | whom | number of | disposed | rks

document | received shelf in which of document is kept 1 2 3 4 5 6 7 1. 43 Subs. by Notification No. IBBI/ 2019-20/GN/ REG054 dated 15th January, 2020 (w.e.f. 15.01.2020). 2. Before substitution, the words stood as: “Public Account of India”

Instruction: All documents of title like title-deeds, shares, promissory notes, etc., should be entered in this Register. BOOKS REGISTER

Date From | Serial | Description Shelf | How | Remarks

whom | Number | of books, | number | disposed

received | including | of

files 1 2 3 4 5 6 7 1. 2. Instruction: All books and files of the corporate person which come into the hands of the liquidator should be entered in this Register. REGISTER OF UNCLAIMED DIVIDENDS AND UNDISTRIBUTED 44[PROCEEDS] DEPOSITED

Sl. No. Name of Whether | Number on | Date of | Rate of | Total

person | Creditor or | list of | declaration dividend amount

entitled | Contributory stakeholders of dividend or return | payable

to the | or return dividend | (Rs.) or return 1 2 3 4 5 6 7 1. 44 Subs. by Notification No. IBBI/ 2019-20/GN/ REG054 dated 15th January, 2020 (w.e.f. 15.01.2020). 2. Before substitution, the words stood as: “ASSETS”.