Extension of filing deadline secures additional time for liquidation form submissions; current or tenure IPs remain responsible.
The deadline for filing forms for liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, is extended to 31.12.2024. For ongoing matters the Insolvency Professional currently handling the case must file all forms; where a closure or dissolution application was filed or a closure/dissolution order passed, the Insolvency Professional in office when that application was filed or order was passed is responsible. The circular invokes the statutory authority under the Code.

Centralized listing and auction platform mandates public asset listings to enhance transparency and improve liquidation recoveries.
A centralized electronic listing and auction platform on eBKray will host continuous public listings of assets under liquidation with detailed data (photographs, videos, geographical coordinates) to improve transparency and recoveries. Insolvency professionals must list unsold assets and upload all assets within seven days of submitting the asset memorandum for new liquidations; use of the platform for ongoing cases is permitted. Deployment begins as a pilot, accessible via IBBI logins, and is issued under the Board's statutory power.

Extension of filing deadline for voluntary liquidation monitoring forms under section 196(1) IBC to address technical issues.
Extension of time granted for filing forms to monitor voluntary liquidation processes following representations from liquidators and agencies about technical difficulties; the Board has extended the last date for submission to accommodate electronic and submission issues and issues the extension under its statutory power under section 196(1) of the Insolvency and Bankruptcy Code, 2016.

Extension of filing deadline for liquidation monitoring forms granted, allowing liquidators more time to comply.
The Board extended the deadline for submission of liquidation-monitoring forms to 30.11.2024 after representations from liquidators and Insolvency Professional Agencies citing technical difficulties; the extension is issued under the Board's powers under section 196(1) of the Insolvency and Bankruptcy Code, 2016 and is directed to all registered Insolvency Professionals, Recognised Insolvency Professional Entities and Registered Insolvency Professional Agencies.

Valuation Report Identification Number requirement: registered valuers must generate and display VRIN before submitting IBC valuation reports.
A mandatory regime requires each valuation report under the Code to bear a unique Valuation Report Identification Number (VRIN) generated via an IBBI online module before submission; the VRIN must appear on the report front page and can be used on the IBBI website to verify authenticity. Insolvency professionals must not accept reports dated on or after the circular without a VRIN.

Voluntary liquidation reporting: insolvency professionals must file standardized electronic forms with verified records and digital signatures.
The circular mandates Insolvency Professionals to file prescribed electronic forms on the IBBI platform for voluntary liquidation processes, detailing stages from initial corporate debtor particulars through meetings, dissolution applications, realisations, distributions and the dissolution order; requires DSC/e-signing and supporting records; assigns sole responsibility for timely and accurate filings to the IP; provides transitional filing instructions for ongoing and completed cases; and notifies liability under the Code and regulations for failure, inaccuracy, or incompleteness in filings.

Liquidator reporting obligations require electronic filing of prescribed LIQ forms with timely, accurate records to monitor liquidation.
Insolvency Professionals functioning as liquidators must file prescribed electronic LIQ forms on the IBBI platform-authenticated by digital signature or e sign-capturing stage wise information on liquidation (commencement, public announcement, valuation and sale, litigations, PUFE, SCC meetings, receipts/payments, distributions and unclaimed proceeds); filings follow specified timelines, are the IP's responsibility, and non compliance or inaccurate/incomplete filings attract liability under the Code.

Insolvency professionals must upload specified judicial orders to their IBBI assignment dashboard for stakeholder facilitation.
Insolvency professionals must upload specified judicial orders affecting their assignments to the IBBI website via the assignment portal's "Orders" section, after downloading identical PDFs from official judicial forum websites. Required categories include admission, approval of resolution plan, withdrawal/closure, stay, liquidation, dissolution, final orders on preferential/undervalued/fraudulent transactions and wrongful trading, and any order actionable for IBBI; HC and SC orders are to be uploaded where they correspond to these categories, involve IBBI/Ministry, or address vires or applicability of the Code. Uploads must follow the annexed step-by-step process and be verified before submission.

Liquidators' fee clarification: certain circular provisions withdrawn; insolvency professionals must comply with remaining guidance and report.
Paragraphs 2.1 and 2.5 of the IBBI circular dated 28 September 2023 are withdrawn after being struck down by court order; the remaining parts of the circular remain valid. Insolvency professionals who have not complied with the original circular are given an opportunity to comply with the remaining operative provisions and must inform IBBI of their compliance status electronically on the IBBI website by the prescribed deadline. The circular is issued under the authority of section 196 of the Insolvency and Bankruptcy Code.

Transparency in liquidation: liquidators must share quarterly progress reports with SCC members after confidentiality undertakings.
Liquidators must share quarterly progress reports filed under Regulation 15 with Stakeholders' Consultation Committee members after obtaining confidentiality undertakings, continue such reporting until filing the final report, seek and consider SCC suggestions when preparing the Preliminary Report under Regulation 13, and submit the final report with Form H and the process closure/dissolution order to the Board by email under powers conferred by section 196.

Unclaimed dividends withdrawal: liquidator may apply to the Board for release to a verified stakeholder using prescribed particulars.
Liquidators must deposit unclaimed dividends and undistributed proceeds into the Corporate Liquidation Account and notify the Board. If a stakeholder claims entitlement before dissolution, the liquidator, after verification, shall apply to the Board for release using the prescribed annexure, which requires detailed particulars of the corporate debtor, deposit and request dates, acknowledgement number, amounts, stakeholder identity and position, reasons for non-distribution, justification, beneficiary bank details with supporting cheque, and the liquidator's certification.

Withdrawal from Corporate Voluntary Liquidation Account requires Board application for release to enable onward distribution to stakeholders.
Liquidators must deposit unclaimed dividends and undistributed proceeds into the Corporate Voluntary Liquidation Account and notify the Board in Form G. For stakeholder claims under regulation 39(7), the liquidator shall apply to the Board using the prescribed annexure to request release of specified amounts for onward distribution, providing corporate identifiers, deposit and withdrawal details, stakeholder references, reasons for prior non distribution, justification, and bank account particulars, and certifying the accuracy of the submitted information.

Voluntary liquidation compliance: liquidators must confirm FSP notification and regulator permission, and file Form H and dissolution documents.
Liquidators must declare that a corporate entity classified as a Financial Service Provider has both been notified by the Central Government and obtained prior permission from the appropriate regulator before initiating voluntary liquidation. Additionally, liquidators must submit a copy of Form H, the final report filed before the Adjudicating Authority, and the dissolution order to the Board's specified email for voluntary liquidation reporting, consistent with the Board's statutory oversight powers.

Sharing of RP report under section 99 ensures both debtor and creditor receive the resolution professional's evaluation for transparency.
Resolution professionals must provide a copy of the report prepared under the Code to both debtor and creditor in all cases to ensure equal information access, transparency, and informed decision-making; this requirement is issued under the Board's powers under the Code and applies to registered insolvency professionals and recognised entities involved in Chapter III insolvency resolution processes.

IPE liability clarified: authorised partners receive disciplinary notices; assignment limits and fixed fee rules do not apply to IPEs.
Show cause notices for assignments undertaken by an IPE shall be issued to the partner or director authorised to sign and act for that assignment; the IPE itself may be targeted where repeated contraventions or systemic failure are found. Clause 22 limiting number of assignments does not apply to an IP that is an IPE. Regulation 34B prescribing minimum fixed and incentive fees for CIRP practitioners does not apply to an IP that is an IPE, whose fees are to be market determined.

Professional service by insolvency professionals permitted for resolution plan implementation when expressly specified in the approved plan.
An IP may render professional services for implementation of an approved resolution plan only if such services are specified in the resolution plan. Bills or invoices for professionals engaged by the IP may be raised in the name of the insolvency professional entity, the individual professional, or the firm in which the professional is a partner, and fees must be paid through banking channels; these clarifications are issued under the Board's statutory powers.

Cooling-off period reduction for insolvency and valuation exams shortens interval, allowing more frequent candidate attempts.
The cooling-off interval between consecutive attempts in the Limited Insolvency Examination and Valuation Examinations is reduced to twenty-one days from the earlier two months; this applies to examinations conducted or attempted after three months from the circular date, and is issued under the Board's regulatory powers over exam frequency, syllabus, format and qualifying criteria.