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<h1>Liquidators must submit final reports and compliance certificates under Regulation 45 for closing or dissolving liquidation processes.</h1> Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 mandates that upon liquidation of a corporate debtor, the liquidator must provide a detailed account of the liquidation process, including asset liquidation. If actual liquidation costs exceed initial estimates, an explanation is required. The liquidator must submit an application with the final report and compliance certificate to the Adjudicating Authority for either closing the liquidation process if the debtor is sold as a going concern or a compromise is sanctioned, or for the corporate debtor's dissolution in other cases.