Launch of Revised forms for Liquidation Process

https://ibbi.gov.in//uploads/legalframwork/304ead257ae9d89d6d2754d760e43b6f.pdf

Subject: Launch of Revised Forms for the Liquidation Process. 05th January 2026

1. The Insolvency and Bankruptcy Board of India, through circular dated 28th June 2024, introduced a streamlined forms framework for monitoring the liquidation process

2. Further, the Insolvency and Bankruptcy Board of India, through notification dated 2nd January 2026 has amended the IBBI (Liquidation Process) Regulations, 2016), which provides that the insolvency professionals to file the Forms, along with enclosures thereto, as notified by the Board, from time to time, on an electronic platform of the Board as per the timelines stipulated for each form.

3. Accordingly, the existing forms 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 LIQ 3 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. From last Progress Report to Application for Dissolution/closure of the Process: This includes details of the application, unclaimed proceeds, Realisation and distribution of the proceeds, Receipts and Payments. (The details required in these forms are carried forward from the last Progress Report and hence need not be filled again with the editable option). On or before the 10th day of the subsequent month, after the submission of the Progress report to the AA. On or before the 10th day of the subsequent month, after submission of the Dissolution /closure application to the AA. LIQ 4 From Application for Dissolution/closure to Order for Dissolution/closure of the process: This includes details of the distribution of proceeds, Receipts and Payments, etc. (The details required in these forms are carried forward from the last Progress Report and hence need not be filled again). Within 7 days of disposal of the application by the AA.

5. An indicative template of Revised forms is placed as Annexure-I for reference.

6. All revised forms, except LIQ-2, will be made available on the IBBI website from 1st January 2026. Since LIQ-2 is required to be submitted on or after 1st February 2026, it will be made available accordingly. The existing forms shall stand discontinued with effect from the said date.

7. In order to facilitate IPs to familiarise themselves with the revised forms and resolve any technical issue(s) that may arise, no penalty will be levied on delayed filing of forms, if any, during the initial quarter (January – March 2026).

8. The set of forms developed by the Board on an electronic platform will be hosted on its website at https://www.ibbi.gov.in. The IP handling the liquidation assignment shall access the platform with a unique username and password provided by the IBBI and upload/submit the Forms, along with relevant information and records, after affixing a DSC or e-signing.

9. All subsequent filings shall be made only through the revised forms by the IP who is in office as Liquidator as on the last date of the month preceding the month in which the form is due to be filed.

10. It is observed that several Insolvency Professionals (IPs) have requested permission to amend already filed forms to correct any errors or omissions. To enable such corrections and ensure prompt updating of regulatory filings, a form-modification utility has now been made available on the IBBI electronic platform. Where an IP identifies any deficiency in a submitted form, the IP may use the modification utility 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 support.form@ibbi.gov.in.

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.