TaxTMI 
TaxTMI 
Launch of Revised Forms for the Liquidation Process
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.... were comprehensively revised. The revised forms have been designed to ensure a reduced compliance burden by eliminating duplications, rationalising data requirements and leveraging technology for auto-population of information already available on the portal. Consequently, these revisions are expected to significantly reduce the time and effort required for compliance by insolvency professionals, while continuing to ensure that the Board receives all essential information in a timely manner. 4. The revised forms framework comprises: Form Period covered and scope Timeline LIQ 1 From Commencement of Liquidation till Public Announcement: This includes details of the CD, Public Announcement, etc On or before the 10th day of the subsequent month, after a public announcement has been made. LIQ 2 Progress report on the Liquidation Process during the quarter: This includes status of the process, details of valuation, Realisation, PUFE, SCC meetings, Receipts and Payments, etc. On or before the 10th day of the subsequent month, after the submission of the Progress report to the AA. LIQ 3 From last Progress Report to Application for Dissolution/closure of....
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....on the portal to make the necessary modification, authenticated through the OTP-based process. 11. If an Insolvency Professional (IP) submits a Form before the due date and subsequently modifies the same before the due date, no fee shall be applicable, as the computation of fee under Regulation 47B will commence only after the last due date of the Form. 12. In case of any clarification or technical issues or difficulties in filing may be reported to [email protected]. 13. It is clarified that an IP who does not comply with applicable provisions of the Code and the Regulations made thereunder, shall be liable for: (i) failure to file a Form along with relevant information and records, (ii) inaccurate and incomplete information and/or records filed in or along with a Form. 14. This circular is issued in exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016. Yours faithfully, Sd/- Rajesh Tiwari General Manager ANNEXURE I FORM - LIQ 1 (On or before the 10th day of the subsequent month, after a public announcement has been made) A. Details of Corporate Debtor 1. Name of the C....
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....CIRP (in Rs.): [Auto-populated from CIRP forms; editable] • Average liquidation value during liquidation process: (If applicable) D. Details of assets realized during the period of Progress Report Particulars Estimated Realizable Value in accordance with Reg. 35 (Rs.) Reserve Price (Rs.) Value of Successful Bid Till Last Quarter During the current Quarter Cumulative (Auto Calculate) E. Details of asset(s) which are not being put up for sale as of the date of progress report - (to be filled-in for each asset) (Last quarter filings should be auto-filled and editable) Sl. No. Class of Assets (Land & Buildings / Plant & Machinery / Land & Building along with Plant & Machinery / Security & Financial Assets) (Dropdown - Multiple choices can be selected) ....
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....) Revenue from the business of CD as a going concern Realisation from Receivables Auction sale Private sale Others Total X (A+B) Details of Payments A. Unpaid CIRP Expenses paid during liquidation B. Liquidation Process Cost i. Liquidator fee ii. Process costs other than liquidator fees C. Cost incurred for running the business of the CD D. Distribution to claimants under Section 53(1) E. Contribution repayment to CoC members Total Payments Y (A+B+C+D+D+E) Balance Cash and Cash Equivalents at the end of the period (X-Y) I. Status of the Liquidation process ....
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.... in accordance with Reg. 35 (Rs.) Reasons for not getting sold (Attachment by statutory authority / No buyers / Others) Remarks (E.g., proposed line of action for disposing such assets, etc.) 1 2 Total D. Amount realised during the liquidation process: S. No. Realisations Amount (Rs) 1. Opening balance as on liquidation commencement date (A) Realisations (B) 2. Auctions of assets 3. Private sales of assets 4. Assignment of not readily realisable assets 5. Distribution of unsold asset 6. Revenue earned as a going concern 6. Others (specify) ....
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....bsp; F. Details of security interest not relinquished by secured creditors under section 52 - add multiple rows S. No Number of Claimants Amount of Claims Admitted Liquidation Value Amount Realised Amount Distributed G. Receipts and Payments for the entire liquidation period A. Balance at LCD Cumulative since LCD (Rs.) Cash Bank Balance FDR/Insurance /Mutual funds/Investment in listed shares, etc. B. Contribution to liquidation cost from Fis Contribution from financial institution C. Realisation from assets Receivables Auction sale Arbitration/ settlement proceeds Avoidance applications Private sale Assignment of NRRA ....
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....r dissolution / closure of liquidation process 1. Date of order for dissolution of Corporate Debtor / closure of the liquidation process by the AA: (Date) 2. The liquidation process was closed by (choose one): a. Approval of Compromise or Arrangement under section 230 of the Companies Act, 2013 b. Sale of Corporate Debtor as a going concern c. Dissolution of Corporate Debtor d. Any other: (please specify such as revocation of liquidation order, etc.) 3. Date of filing of dissolution order with ROC / applicable authority: B. Whether any change in distribution as provided in Table G in Form-LIQ 3? (Yes/No) 2. If yes, may provide revised distribution made to stakeholders (in Rupees) (Filings made in Form LIQ-3 should be auto-filled and editable) Stakeholders Number of claimants Amount Claimed Total Claims admitted by the Liquidator Amount distributed as per Sec. 53 Remarks I II III IV V Insolvency resolution process costs (Sec.53(1)(a)) ....
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....sted shares, etc. B. Contribution to liquidation cost from Fis Contribution from financial institution C. Realisation from assets Receivables Auction sale Arbitration/ settlement proceeds Avoidance applications Private sale Assignment of NRRA D. Other realization Refunds from Statutory authorities Revenue from the business of CD as a going concern Others Total Receipts (A+B+C+D) Details of Payments A. Unpaid CIRP Expenses paid during liquidation Interim Finance, including interest RP's fee Professional fee Cost of operating the business as a going concern during CIRP Statutory ....