Discussion Paper: Proposed Amendments to IBBI (Liquidation Process) Regulations, 2016

1. Background
   Over time, several challenges have emerged, including delays in the admission and resolution process, absence of a Committee of Creditors (CoC) during liquidation, ambiguities in provisions related to creditor rights, and the need to align the IBC with global best practices. These issues have necessitated the proposed amendments to address these concerns and further improve the overall functioning of the Code.

2. Based on extensive deliberation and public consultations, proposals for amendments to the Code were
   finalized and the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (Amendment Act) received the presidential assent on 06 April, 2026. th

3. The Amendment Act contains several clauses proposing amendments to provisions of the Code,
   encompassing the corporate insolvency resolution process, liquidation process, voluntary liquidation process, pre-packaged insolvency resolution process, individual insolvency framework for personal guarantors to corporate debtors, creditor-initiated insolvency resolution process, information utilities, etc.

4. The Amendment Act reflects a clear legislative intent to strengthen the regulatory framework by
   expanding the scope of matters to be specified by the Insolvency and Bankruptcy Board of India (IBBI / Board) through regulations. The Amendment Act introduces both clarificatory amendments and substantive amendments. On examination of the Amendment Act, the Select Committee's recommendations, the existing regulations were reviewed and amendments are proposed at various places.

5. The IBBI (Liquidation Process) Regulations, 2016 (Liquidation Regulations) govern the liquidation
   process under Chapter III of Part II of the Code. The proposed amendments to the Liquidation Regulations operationalise the legislative reforms contemplated under the Amendment Act. Where the existing regulations already comprehensively address the amended provisions, no change is recommended so as to avoid unnecessary duplication or over-regulation. Where the amendments introduce new procedural requirements, governance mechanisms, or timelines, targeted regulatory changes are proposed, guided by the principles of proportionality, regulatory certainty, and minimal intervention.

6. Objectives of the Proposed Amendments

7. The proposed regulatory changes are directed towards achieving the following objectives:

• Operationalise the legislative shift from the Stakeholders' Consultation Committee (SCC) to the

Committee of Creditors (CoC). INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

Page 1 of 50 Discussion Paper

Proposed Amendments to IBBI (Liquidation Process) Regulations, 2016

In pursuance of the Insolvency and Bankruptcy Code (Amendment) Act, 2026

• Establish a time-bound liquidation framework aligned with the 180-day statutory mandate
  introduced by the Amendment Act.

• Rationalise the liquidator's fee structure to reflect the reduced duplication of work at the liquidation
  stage.

• Streamline the claims process by carrying forward verified claims from CIRP, avoiding duplicate
  claim receipt and verification exercises.

• Align the liquidator's key decisions with CoC oversight and prior approval requirements.

• Introduce a formal mechanism for replacement of the liquidator by the CoC.

• Facilitate transfer of guarantor assets under the new Section 28A framework.

• Harmonise the liquidation framework with amendments relating to avoidance transactions,
  fraudulent or wrongful trading, and dissolution.

1. Key Proposed Changes: Summary
2. The following table presents a summary of the key proposed amendments to the Liquidation Regulations, the nature of each change, and the rationale therefor. The draft Gazette Notification is at attached with this paper at Annexure 1 -

2 Amendment Reg. 2(ea) - (i) Sub-clause (v) relating to Consequential to the Definition of costs of carrying on the deletion of Reg. 2A 'liquidation cost' business as a going concern is (contributions to deleted. liquidation cost). 1 Insertion / Reg. 2(ba) - The term 'consultation Consequential to (ii) Sub-clause (vii) relating to Definition of committee' (referring to the provision in the amounts repayable under the These are no longer part 'committee' erstwhile Stakeholders' Amendment Act, which erstwhile Reg. 2A is deleted. of the liquidation Consultation Committee under mandates the CoC framework under the Reg. 31A) is substituted with formed during CIRP to Code and their 'committee', defined as the supervise the associated cost items committee of creditors liquidation process. The Page 2 of 50

are accordingly constituted under section 21 of SCC regime is replaced

1. Regulation Nature Proposed Change Rationale removed from the the Code. by a statutory CoC-

No. definition. based model.

4 Modification Reg. 2B - Regulation 2B, providing for an In liquidation, sale of Compromise or optional compromise or assets is done via an arrangement arrangement under section 230 auction and bidding of the Companies Act, 2013 process is conducted in within ninety days of the a transparent manner liquidation order, is being involving market modified to provide the mechanisms, which is following - not the case in 3 5 Deletion Reg. 2A - Regulation 2A, which provided The mechanism of Reg. 4 - The existing two-part fee Since sections 38-42 compromise and (a) reference to requirement of Contributions to for financial creditor-requiring financial Liquidator's Fee structure (percentage of (consolidation and arrangement. approval threshold of 75% in liquidation costs institutions to contribute creditors to fund excess realization and distribution) is verification of claims sub-section (2) of section 230 towards excess liquidation liquidation costs is revised. during liquidation) are of Companies Act, 2013; and Accordingly, said costs and for deposit into a being removed given omitted by the The new structure provides: (b) CoC shall approve a scheme reforms are proposed. designated escrow account, is the reformed liquidation Amendment Act and the (a) a monthly fee during the for compromise and deleted in its entirety. framework with CoC filing requirements liquidation process; or arrangement, only if the oversight. CoC can before AA have been (b) a percentage fee on amounts amount realisable to the decide such matters as reduced, the fee distributed to stakeholders for creditors pursuant to scheme is Page 3 of 50 per their commercial structure is rationalised the balance period. The revised above the liquidation value as wisdom in line with accordingly to be fee table reflects distribution-determined on the insolvency existing regulation 39B proportionate to the based metrics. of CIRP Regulations. revised scope of work.

6 Omission Reg. 5 - The regulation currently It is proposed to Reporting by requires the liquidator to file consolidate documents 9 Reg. 8 - A new regulation is inserted Operationalises section multiple reports to AA i.e. prepared by liquidator Committee of providing for: 21(11) and section preliminary report, asset and submitted to AA, so Creditors 35(2) of the Code as (i) the CoC constituted under memorandum, sale reports, as to avoid multiple amended. The CoC with Also, as the CoC is section 21 to function in the minutes of consultation filings before AA. CIRP experience brings present during the entire liquidation process with the committee, progress report and commercial oversight 8 Insertion liquidation process, the Reg. 7 - The regulation is amended to As CoC will be in same voting rights; final report with the AA. and continuity to the 7 Amendment Reg. 15 - Progress Minutes of CoC meetings, asset Updates reporting framework gives Appointment of provide that the appointment of liquidation also, the (ii) re-constitution of the CoC liquidation process, Reports memorandum and sale report requirements to reflect flexibility CoC to take professionals professionals shall be with the appointment of on the basis of updated claims improving efficiency shall also be included in the CoC-centric model decisions on any aspect These filings are rationalised to CoC approval. professionals should be Page 4 of 50 during the liquidation process;

and accountability of Progress Report. and ensures of liquidation process provide that liquidator shall file with their approval, in (iii) a secured creditor who has the liquidator. including liquidator's transparency to all progress report and final report line with approach not relinquished security

remuneration. stakeholders. before the AA. followed during CIRP.

interest under section 52 not to be part of the CoC; (iv) where partial relinquishment applies, the creditor participates in the CoC to the extent of the unsecured portion; (v) valuation of security interest for this purpose to be the 11 Reg. 8 - The liquidator shall obtain prior Aligns the liquidation liquidation value per Reg. 35; Committee of approval of the CoC for the framework with the (vi) the first meeting of the CoC Creditors following matters: CoC's statutory role to be convened within seven under section 35(2). (a) remuneration of days of the liquidation Ensures that major professionals under Reg. 7; (b) commencement date; commercial and legal liquidator's fee; (c) liquidation (vii) provisions of Regulations decisions in the costs; (d) valuation under Reg. 18-26 of the CIRP Regulations 10 Reg. 8 - New provisions require the Ensures regular liquidation process are 35(2); (e) continuation or (relating to CoC meetings, Committee of liquidator to present to each transparency to the CoC subject to creditor institution of suits and legal voting, etc.) to apply mutatis Creditors CoC meeting: (a) actual and enables informed oversight, improving proceedings by or against the mutandis. liquidation costs with oversight of the transparency. corporate debtor; (f) extension

explanation for overruns; (b) liquidation process. Page 5 of 50 of payment of balance sale

Additionally, regulation 31A consolidated status of all legal consideration beyond ninety

regarding SCC is also being proceedings; and (c) the days; (g) arrangements for omitted. progress made in the process. pursuing suits under section

54(1B); (h) any other matter as decided by the CoC. The liquidator shall obtain prior approval of the CoC by a voting share of not less than sixty-six per cent. for the following matters: 12 Insertion New Reg. 8A - Where the corporate debtor is a Operationalises the new (a) sale under Reg. 32 including Facilitation of corporate guarantor undergoing section 28A of the manner of sale, pre-bid Transfer of liquidation, a new regulation Code, which enables qualifications, reserve price, 13 Insertion Guarantor Assets provides for: transfer of guarantor New Reg. 8B - The CoC may, by a vote of not Operationalises the new marketing strategy and auction assets (personal or Replacement of less than sixty-six per cent., section 34A of the (i) the liquidator to obtain CoC process; corporate) as part of the Liquidator propose replacement of the Code, which empowers approval for transfer of the (b) manner of pursuing and CIRP of the principal liquidator and file an the CoC to replace the guarantor's assets as part of the distributing proceeds from debtor, subject to CoC application before the liquidator during the CIRP of the principal corporate avoidance transaction approval. The Adjudicating Authority after liquidation process. The debtor; proceedings and fraudulent or regulation provides the obtaining the written consent of regulation provides the (ii) appropriate disclosure of wrongful trading after procedural mechanism Page 6 of 50 the proposed liquidator in the procedural framework such transfer in the progress dissolution; and for such transfers during format notified by the Board. for such replacement. report and asset memorandum. (c) assignment of not readily the liquidation of a The incumbent liquidator shall realisable assets; corporate guarantor. continue until replaced.

15 Amendment Reg. 12 - Public The public announcement Consequential to the Announcement during liquidation shall call omission of sections only upon stakeholders who 38-42 (fresh 16 Insertion / Reg. 16 - Claims submitted during CIRP Avoids duplication and have not submitted claims consolidation of claims Amendment Submission and are carried forward. Fresh delay associated with during the CIRP (rather than all during liquidation) by updation of claims submission applies only to complete re-inviting of stakeholders). the Amendment Act. newly submitted claims or the claims. Ensures the The Amendment Act updated portion of existing claims list remains and amended section Creditors who submitted claims claims. current and reflects 35(1)(a) provide for during CIRP may not re-actual outstanding updating and submit; their claims are carried amounts throughout the A creditor shall update its claim maintaining the existing forward. liquidation process. as and when it is satisfied claims list. This is also in line with (partly or fully) from any amendments regarding source after the liquidation Also, the submission of omission of sections claims should be as on 38-42. 14 Amendment insolvency Reg. 10 - The liquidator after seeking Timeline aligned with Also, the submission of commencement date Disclaimer of approval of CoC make an the revised timeline claims should be as on including consequential onerous property application regarding onerous proposed in Page 7 of 50 insolvency

amendments in Form C, property before AA within 90 Amendment Act i.e. commencement date

D, E, F and G as listed days. 180 days for including consequential in the Annexure 2. amendments in Form C,

19 Insertion Reg. 44 - A new provision specifies that Operationalises the new Liquidation the liquidator shall liquidate the section 54(1) as Timeline corporate debtor within one substituted by the hundred and eighty days from Amendment Act, which the liquidation commencement mandates completion of date. liquidation within 180 days (extendable by up to 90 days by the A clarification is added that the Adjudicating liquidator shall continue to Authority). The model discharge responsibilities until timeline provides 18 Insertion Reg. 30 - Where the liquidator rejects a Aligns liquidation the extension application is practical guidance and decided by the Adjudicating Rejection of claim, he shall record in writing claims procedure with promotes predictability. 17 Insertion Authority. The model timeline Reg. 21A - A secured creditor shall within The timeline is aligned Claims and the reasons for rejection. the CIRP framework. Relinquishment of 14 days inform liquidator of his with the amendments Communication Ensures due process table for the liquidation process security interest decision to relinquish security proposed in the rights of creditors and is revised accordingly. The liquidator shall interest. Amendment Act. provides a clear communicate his decision of timeline for finalising admission or rejection to the An Explanation provides that the stakeholder list. The payment regarding amount stakeholder within seven days. the new timeline applies to payable under 53(1)(b)(i)(a) is The liquidator shall file the list liquidation processes Page 8 of 50

to be made within 45 days and of stakeholders with the commenced after the

D, E, F and G as listed the excess to be paid within 90 Adjudicating Authority within commencement of the in the Annexure 2. days. thirty days. Amendment Regulations.

(a) To provide that the 21 Insertion Reg. 33 - Mode of Ensures integrity of the sale liquidator shall not sell the asset sale process and prevents conflicts of assets without prior permission 22 Amendment Reg. 37A - In the explanation, it is clarified This is to clarify the interest. of the Adjudicating Authority Assignment of not that 'not readily realisable position that during the auction, to: readily realisable asset' (NRRA) means any asset crystallisation is not a (i) a related party of the assets included in the liquidation pre-condition for

corporate debtor subject to estate which could not be sold assignment or transfer 20 Insertion of Reg. 32 - Sale of Clarification inserted that it is Ensures integrity of the proviso to clause (f) of sub-through available options and of NRRA. Clarification Assets hereby clarified that the asset sale process and includes contingent or disputed section (1) of section 35; liquidator shall not sell any prevents conflicts of assets and assets underlying (ii) his related party; or immovable and movable interest. proceedings for preferential, (iii) any professional appointed property or actionable claims of undervalued, extortionate by him. the corporate debtor in credit and fraudulent liquidation to any person who is 23 Insertion Reg. 44A - Amendments made to give Operationalises transactions referred to in Page 9 of 50

ineligible to be a resolution (b) To provide that in a private Dissolution under effect to sub-sections (1A) and sections 54(1A) and sections 43 to 51 and section 66

applicant under section 29A. sale, liquidator shall not sell the section 54(1A) (1B) of section 54 as inserted 54(1B) of the Code. of the Code, whether assets to above listed persons. and 54(1B) by the Amendment Act: These provisions ensure crystallised or not.

(i) the CoC shall determine the that dissolution of the manner of pursuing corporate debtor does proceedings in respect of not extinguish ongoing 26 - Circular for Forms All forms are to be notified Since the Forms relate avoidance transactions, avoidance transaction through a Circular rather than only to procedural and fraudulent or wrongful trading, proceedings or recovery being scheduled to the administrative aspects, or section 47 proceedings after suits, and that the CoC Regulations. notifying them through 25 Amendment the dissolution of the corporate has a defined role in Reg. 45 - The liquidator shall submit the Provides flexibility to Circulars is adequate debtor; managing their Dissolution dissolution application, final update formats through and efficient. The regulations are updated to continuation. Application report, and compliance Board notifications reference "such format as Format certificate in such format as without formal 24 Amendment Reg. 14 - Early Stakeholder Consultation Aligns with the (ii) the CoC shall make notified by the Board". Unlike substantive notified by the Board. regulatory amendments. dissolution Committee is being replaced amended provisions of appropriate arrangements for provisions which with CoC for taking decision on the Amendment Act, pursuing any suit or legal require incorporation in No change is suggested in the the application for dissolution which empowers CoC proceedings against the Also, sub-regulation (2) is Page 10 of 50 Regulations, Forms content of the present Forms to the Adjudicating Authority. to continue during corporate debtor in respect of omitted in light of addition of related updates are except as outline in this paper proceeds to be distributed under Also, the decision of the CoC is other provisions related to CoC merely operational in

section 53 after dissolution. binding. in liquidation. nature and can be

Note 1: Manner of Determination of Value of Security Interest -

1. The Explanation inserted by the Amendment Act to section 53(1)(b)(ii) requires the Board to specify
   the manner of determining the value of security interest relinquished by a secured creditor (for the purpose of treating the remaining debt as unsecured). It is observed that the current valuation framework under the Liquidation Regulations is adequate to address this requirement; accordingly, no separate amendment in this regard is proposed. Note 2: Treatment of Unremitted TDS/TCS -

2. Clause 32 of the Insolvency and Bankruptcy Code (Amendment) Act, 2025 amends section 53 of the
   Code to clarify that Government dues shall not be treated as dues of a 'secured creditor' even where a 27 Omission Clause 4, To omit the proviso that in The reduction of reserve security interest exists in favour of the Government. The amendment standardises the priority position of Schedule I - cases where the reserve price of price shall be with all Government dues under section 53(1)(e) and section 53(1)(f), thereby displacing any preferential Reduction in the failed auction of the asset approval of the treatment that had been claimed on the basis of a notional security interest. reserve price was fixed as per the valuation committee with under sub-regulation (1) of discretion to reduce 10. The Select Committee, while accepting the amendment, flagged a specific concern: regulation 35, the liquidator upto 10% at a time. 32.6.2 The Committee also take on record the assurance given by the Ministry that the revenue may, on the advice of the loss to the Government on account of tax which has been collected or deducted at source consultation committee, reduce Also, as the bidder (TDS/TCS) by the corporate debtor but has not been deposited with the Central Government will the reserve price up to twenty-participation is be taken care of while formulating the regulations. five percent, once during the 28 Omission expected to increase Clause 11A, 12C Consultation with SCC is Aligns with the process. through introduction of and 12E, Schedule replaced with approval of CoC. amended provisions of

BAANKNET platform I the Amendment Act, Page 11 of 50

for auction, an upper which empowers CoC

flexibly addressed via and consequential changes Amendment limit of reduction by to continue during Reg. 47 - Model The model time-line has been revised to align with the (placed at Annexure 2). Circulars. 10% is being proposed. timeline revised timeline for liquidation in the Amendment Act.

1. The question of treatment of unremitted TDS in liquidation has been directly addressed by the NCLT
   Bengaluru Bench in M/s. New Age Real Properties, LLP v. M/s. Bhuvana Infra Projects Pvt. Ltd. [I.A. Nos. 428/2024 & 239/2025 in C.P.(IB) No. 122/BB/2017] vide order dated 04.09.2025. The Tribunal, held that unremitted TDS amounts deducted by the corporate debtor before liquidation are assets held in trust for the Government and therefore stand excluded from the liquidation estate. The Tribunal accordingly allowed the delayed claim and directed the liquidator to verify and remit the unremitted TDS amounts directly to the Income Tax Department.

2. The Select Committee's recommendation envisages that the treatment of unremitted TDS/TCS be
   addressed through regulations. The NCLT Bengaluru Bench in New Age Real Properties has, in the interim, clarified the legal position by holding that TDS amounts deducted but not deposited by the corporate debtor are held in trust for the Government and do not form part of the liquidation estate.

3. In view of the above, it is proposed to clarify the same through an amendment in the regulations.

Proposed Amendment

1. In the principal regulations, in regulation 46A, (a) the existing clause shall be numbered as sub-regulation (1). (b) after the sub-regulation (1) so numbered, the following sub-regulation shall be inserted, namely:-

"(2) For the purpose of sub-clause (i) of clause (a) of sub-section (4) of section 36, it is hereby clarified that the amount of unremitted statutory dues deducted or collected from third parties by the corporate debtor prior to the liquidation commencement date, are third party assets held in trust."

1. Public comments: The Board accordingly solicits comments on the proposals discussed above and
   the draft regulations proposed above. After considering the comments, the Board proposes to make regulations under clauses (aa) and (t) of sub-section (1) of section 196 read with section 240 of the Code. The process for submission of comments is provided at Page 49.

2. The last date for submission of comments is 28 April, 2026. th

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Annexure 1 Draft Gazette Notification for amendment of the IBBI (Liquidation Process) Regulations, 2016 THE GAZETTE OF INDIA EXTRAORDINARY PART III, SECTION 4 PUBLISHED BY AUTHORITY

NEW DELHI, WEDNESDAY, ….., 2026

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION

New Delhi, the ….. 2026

Insolvency and Bankruptcy Board of India (Liquidation Process) (….. Amendment) Regulations,

2026 No. IBBI/2025-26/GN/REG…..--In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, namely: -

1. (1) These regulations may be called Insolvency and Bankruptcy Board of India (Liquidation Process) (….. Amendment) Regulations, 2026.

(2) They shall come into force on the date of publication in the Official Gazette.

1. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, (hereinafter referred to as 'the principal regulations'), in regulation 2, in sub-regulation (1),:-

(i) for clause (ba), the following clause shall be substituted, namely:-

"(ba) "committee" means a committee of creditors established under section 21;".

(ii) in clause (ea),

1. sub-clause (v) shall be omitted.
2. sub-clause (vii) shall be omitted.
3. In the principal regulation, regulation 2A shall be omitted.

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1. In the principal regulation, in regulation 2B, after the third proviso, the following provisos shall be inserted, namely:-

"Provided further that no compromise or arrangement under section 230 of the Companies Act,

2013 shall be filed by the liquidator unless-- (a) such compromise or arrangement has been approved by requisite majority of creditors as provided in sub-section (2) of section 230 of the Companies Act, 2013; and (b) the amount realisable to the creditors under the proposed compromise or arrangement is higher

than the liquidation value determined as on the insolvency commencement date."

1. In the principal regulation, for regulation 4, the following regulation shall be substituted, namely:- "4. Liquidator's fee.

(1) The committee shall fix the fee of the liquidator in the first meeting after the appointment of liquidator during the liquidation process, as follows:- (a) a monthly fee; or (b) a fee as a percentage of the amount distributed to the stakeholders, for the balance period of liquidation, as under:

Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the commencement of the Insolvency

and Bankruptcy Board of India (Liquidation Process) (……..Amendment) Regulations, 2026."

1. In the principal regulations, in regulation 5:- (i) for sub-regulation (1), the following sub-regulation shall be substituted, namely:-

"(1) The liquidator shall prepare and submit:

(a) progress report(s); and (b) the final report prior to dissolution:

to the Adjudicating Authority in the manner specified under these Regulations."

Page 14 of 50 Amount of Distribution (In

rupees) in the next six in the first thereafter six months months Percentage of fee on the amount distributed Amount Distributed to Stakeholders (exclusive of liquidation costs) On the first 1 crore On the next 9 crore On the next 40 crore On the next 50 crore On further sums realized 5.00 4.00 2.50 1.25 0.25 4.00 3.00 0.20 2.0 1.0 1.50 0.50 0.10 2.0 1.0

(ii) in sub-regulation (2), the words "and minutes" shall be omitted. (iii) in sub-regulation (3), for the words "make the reports and minutes", the words "make the reports" shall be substituted.

1. In the principal regulations, in regulation 7, in sub-regulation (1), after the words "may appoint
   professionals" the words "with the approval of the committee by a voting share of not less than sixty-six per cent." shall be inserted.

2. In the principal regulations, for regulation 8, the following regulations shall be substituted, namely:-
   "8. Committee of Creditors.

(1) The committee of creditors constituted under section 21 shall function with same voting rights till re-constitution of the committee on the basis of the claims updated during the liquidation process: Provided that a secured creditor who has not relinquished his security interest under section 52 shall not be part of the committee. Provided further that in reference to Explanation in clause (b) in sub-section (1) of section 53, the creditor whose value of debt remains and is considered as unsecured creditor shall be a part of the committee for the remaining portion of debt and shall have the voting rights to the value of the remaining debt. Explanation: For the purposes of Explanation in clause (b) in sub-section (1) of section 53, the value of security interest shall be the liquidation value determined in accordance with Regulation

(2) The provisions of regulations 18 to 26 of Chapter VI and Chapter VII of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall apply mutatis mutandis to meetings of the committee under liquidation proceedings: Provided that the first meeting of the committee shall be convened within seven days of liquidation

(3) In every meeting, the liquidator shall present to the committee: (a) the actual liquidation cost along with reasons for exceeding the estimated cost, if any; (b) the consolidated status of all the legal proceedings; and (c) the progress made in the process. (4) The liquidator shall not undertake the following without the prior approval of the committee: (a) appointment and remuneration of professionals appointed under regulation 7;

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(b) fees of the liquidator; (c) liquidation costs; (d) valuation under sub- regulation (2) of regulation 35; (e) continuation or institution of any suits or legal proceedings by or against the corporate debtor; (f) extension of payment of balance sale consideration as provided in clause (12) of Para 1 of Schedule I, beyond ninety days, to be disclosed in the auction notice; (g) appropriate arrangement for pursuing any suit or proceedings with regard to distribution of proceeds in reference to sub-section (1B) of section 54; (h) any other matter or activity relating to the liquidation process except those listed in sub- regulation (5), as may be decided by the committee. (5) The liquidator shall not undertake the following without the prior approval of the committee obtained by a voting share of not less than sixty-six per cent., in matters relating to: (a) sale under regulation 32, including manner of sale, pre-bid qualifications, reserve price, marketing strategy and auction process; (b) the manner in which proceedings in respect of preferential transactions, undervalued transaction, extortionate credit transaction or fraudulent or wrongful trading, if any, shall be pursued after dissolution of the corporate debtor and the manner in which the proceeds, if any, from these proceedings shall be distributed (c) assignment of not readily realisable assets; (6) The committee shall have access to all relevant records and information as may be required by the committee. 8A. Facilitation of transfer of assets. (1) Where the corporate debtor is a corporate guarantor undergoing a liquidation process, the liquidator of such corporate debtor which has given the corporate guarantee shall coordinate with the resolution professional of the corporate debtor to whom such guarantee has been given, regarding transfer of asset in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given. (2) For the purposes of section 28A, the liquidator shall obtain approval from the committee of the corporate debtor which has given the corporate guarantee to transfer of asset in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given. (3) Where approval is granted by the committee of the corporate debtor as corporate guarantor permitting the transfer, the liquidator of such corporate debtor shall ensure that the proposed transfer is appropriately disclosed in the progress report and asset memorandum.

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8B. Replacement of liquidator. The committee, after recording the reasons, may by a vote of not less than sixty-six per cent., propose to replace the liquidator and shall file an application, after obtaining the written consent of the proposed liquidator in such format as notified by the Board, before the Adjudicating Authority for replacement of the liquidator: Provided that where a liquidator is proposed to be replaced, he shall continue to work till his

replacement."

1. In the principal regulations, in regulation 9, in sub-regulation (1), in clause (a), after the words "partner of the corporate debtor" the words "or any other person referred under sub-section (3) of section 34" shall

be inserted.

1. In the principal regulations, in regulation 10, in sub-regulation (1), for the words "in pursuance of the contract, make an application to the Adjudicating Authority within six months from the liquidation commencement date, or such extended period as may be allowed by the Adjudicating Authority, to

disclaim the property or contract", the words "in pursuance of the contract, make an application, after

seeking approval from the committee, before the Adjudicating Authority within ninety days from the liquidation commencement date, or such extended period as may be allowed by the Adjudicating

Authority, to disclaim the property or contract" shall be substituted.

1. In the principal regulations, in regulation 12:- (i) in sub-regulation (1), for the words "Form B of Schedule II" the words "such format as notified by the

Board" shall be substituted.

(ii) in sub-regulation (2), (a) for clause (a), the following clause shall be substituted, namely:-

"(a) call upon stakeholders -

(i) to submit their claims who have not submitted claims during the corporate insolvency resolution process; or (ii) to update their submitted claims during the corporate insolvency resolution process, as on the insolvency commencement date; and" (b) in clause (b), for the word "thirty", the word "fourteen" shall be substituted. (c) in clause (c), for the words "under section 38", the words "under liquidation process" shall be

1. In the principal regulations, in regulation 13: - (i) for the words "Adjudicating Authority" the word "committee" shall be substituted.

(ii) for the words "seventy-five" the word "thirty" shall be substituted.

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1. In the principal regulations, in regulation 14, for the words "he shall consult the consultation committee and if it advises for early dissolution, he may apply, along with a detailed report incorporating the views of the consultation committee, to the Adjudicating Authority for early dissolution of the corporate debtor

and for necessary directions in respect of such dissolution", the words "he shall place the agenda in this

regard before the committee and if it decides by a voting share of not less than sixty-six per cent. for early dissolution, he shall apply, along with a detailed report incorporating the decision of the committee, to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution" shall be substituted.

1. In the principal regulations, in regulation 15:- (i) in sub-regulation (1), after the words "stipulated by the Board, to" the words "be placed before the

committee" shall be inserted.

(ii) in sub-regulation (2), for clause (b), the following clause shall be substituted, namely:-

"(b) a statement indicating progress in liquidation, including-

(i) minutes of meetings of the committee, (ii) asset memorandum, (iii) sale report(s), (iv) settlement of list of stakeholders, (v) details of any property that remain to be sold and realized, (vi) distribution made to the stakeholders, and

(vii) distribution of unsold property made to the stakeholders;"

(iii) in sub-regulation (5), for the illustration, the following illustration shall be substituted, namely:-

"Illustration: An insolvency professional becomes a liquidator on 13 February, 2017, and ceases to act th

as liquidator on 12 June, 2017. He shall submit Progress Reports as under: th

He shall submit the audited accounts of his receipts and payments as under:

1. In the principal regulations, in regulation 16, (i) in the marginal heading, after the word "Submission", the words "and updation" shall be inserted.

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Report No. Last Date of Submission of Report Period covered in the Quarter Audited Account No. Last Date of Submission Period covered in the Year April - 12 June, 2017 June, 2017 April - 12 April, 2017 June, 2017 April, 2017 February - 31 February - 31 June, 2017 March, 2017 March, 2017 th thth ththth th th st st

(ii) in sub-regulation (1), after the words "shall submit its claim", the words "where not submitted

during the corporate insolvency resolution process" shall be inserted.

(iii) in sub-regulation (2), for the words "including interest, if any, as on the liquidation commencement date", the words "including interest, for the newly submitted claims or the updated part of the claim, if any, as on the insolvency commencement date" shall be substituted. (iv) after sub-regulation (2), the following sub-regulation shall be inserted, namely:-

"(3) A stakeholder shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the liquidation commencement date."

1. In the principal regulations, in regulation 17, in sub-regulation (1), for the words "Form C of Schedule
   II", the words "such format as notified by the Board" shall be substituted.

2. In the principal regulations, , in regulation 18, in sub-regulation (1), for the words "Form D of Schedule
   II", the words "such format as notified by the Board" shall be substituted.

3. In the principal regulations, in regulation 19: -
   (i) in sub-regulation (1), for the words "Form E of Schedule II", the words "such format as notified

by the Board" shall be substituted.

(ii) in sub-regulation (2), for the words "Form F of Schedule II", the words "such format as notified

by the Board" shall be substituted.

1. In the principal regulations, in regulation 20, in sub-regulation (1), for the words "Form G of Schedule
   II", the words "such format as notified by the Board" shall be substituted.

2. In the principal regulations, in regulation 21A:-
   (i) in the marginal heading, for the word "Presumption", the word "Relinquishment" shall be substituted.

(ii) in sub-regulation (1),

1. after the words "A secured creditor" the words ",within fourteen days," shall be inserted.
2. for the words "Form C or Form D of Schedule II", the words "such format as notified by the Board" shall be substituted.

(iii) in the proviso to sub-regulation (1),

1. for the word "thirty days" the word "fourteen days" shall be substituted.
2. for the word "presumed" the word "deemed to be relinquished" shall be substituted.

3. the word "be part of" shall be omitted.
   (iv) in sub-regulation (2),

4. in clause (a), for the word "ninety", the words "forty-five" shall be substituted.

5. in clause (b), for the word "one hundred and eighty", the words "ninety" shall be substituted.

Page 19 of 50

1. In the principal regulations, in regulation 28, sub-regulation (1), for the words 'liquidation
   commencement date', the words 'insolvency commencement date' shall be substituted.

2. In the principal regulations, in regulation 30:
   (i) The existing provision, beginning from the words "The liquidator", shall be numbered as sub-regulation

(1). (ii) in sub-regulation (1) so renamed, for the word "thirty", the word "seven" shall be substituted. (iii) in the proviso to sub-regulation (1) so renamed, for the word "thirty", the word "seven" shall be (iv) after the proviso to sub-regulation (1) so renamed, the following proviso shall be inserted, namely: -

"Provided further that where the liquidator rejects a claim, he shall record in writing the reasons for such rejection."

(v) after sub-regulation (1) so renamed, the following sub-regulation shall be inserted, namely: -

"(2) The liquidator shall communicate his decision of admission or rejection of claims to the stakeholder within seven days of such admission or rejection of claims."

1. In the principal regulations, in regulation 31, in sub-regulation (2), for the words "forty-five", the
   words "thirty" shall be substituted.

2. In the principal regulations, regulation 31A shall be omitted.

3. In the principal regulations, after the proviso to regulation 32, the following clarification shall be
   inserted, namely: -

"Clarification: It is hereby clarified that the liquidator shall not sell any immovable and movable

property or actionable claims of the corporate debtor in liquidation to any person who is ineligible to be a resolution applicant under section 29A."

1. In the principal regulations, regulation 32B shall be omitted.

2. In the principal regulations, in regulation 33:
   (i) in sub-regulation (1), the following proviso shall be inserted, namely:-

"Provided that the liquidator shall not sell the assets without prior permission of the Adjudicating

Authority under this sub-regulation to: (a) a related party of the corporate debtor subject to proviso to clause (f) of sub-section (1) of Section 35; (b) his related party; or

(c) any professional appointed by him."

Page 20 of 50

(ii) for sub-regulation (2), the following sub-regulation shall be inserted, namely:-

"(2) The liquidator may sell the assets of the corporate debtor by means of private sale only after

prior approval of the committee with voting share of sixty six per cent., in the manner specified in Schedule I when - (a) the asset is perishable; (b) the asset is likely to deteriorate in value significantly if not sold immediately; or (c) the permission of the Adjudicating Authority has been obtained for such sale: Provided that the liquidator shall not sell the assets, by way of private sale to- (c) a related party of the corporate debtor; (d) his related party; or (e) any professional appointed by him."

1. In the principal regulations, in regulation 34: -
   (i) in sub-regulation (1A), for the word "seventy-five" the word "forty-five" shall be substituted. (ii) in sub-regulation (2),

2. in clause (a), after the words "value of the asset", the words "under regulation 32" shall be
   inserted.

3. clause (b) shall be omitted.
   (iv) in sub-regulation (4), for the word "preliminary", the word "progress" shall be substituted. (v) in sub-regulation (5), the words "members of the consultation" and "having voting rights" shall be omitted.

4. In the principal regulations, in regulation 35: -
   (i) for sub-regulation (2), the following sub-regulation shall be substituted, namely:-

"(2) In cases not covered under sub-regulation (1) or where the committee, is of the opinion that

fresh valuation is required under the circumstances, the liquidator shall within seven days of the

Page 21 of 50

liquidation commencement date, appoint two registered valuers to determine the realisable value of the assets under regulation 32 of the corporate debtor: Provided that the following persons shall not be appointed as registered valuers, namely: - (a) a relative of the liquidator; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or (d) a partner or director of the insolvency professional entity of which the liquidator is a partner or director. (ii) in sub-regulation (3), the words "or businesses, as the case may be" shall be omitted. (iii) in sub-regulation (4), the words "or businesses" shall be omitted. (iv) in sub-regulation (5), the word "consultation" shall be omitted. (v) in sub-regulation (6), the words "members of the consultation" shall be omitted. (vi) in sub-regulation (7), the word "consultation" shall be omitted.

1. In the principal regulations, in regulation 37, in sub-regulation (2):-
   (i) for the words "twenty-one" the word "seven" shall be substituted. (ii) for the words "thirty" the words "fourteen" shall be substituted.

2. In the principal regulations, in regulation 37A, in sub-regulation (1): -
   (i) for the words "in consultation with" the words "after approval of" shall be substituted. (ii) the words "stakeholders consultation" and "in accordance with regulation 31A" shall be

omitted. (iii) in the explanation to sub-regulation (1), after the words "section 66 of the Code" the words

and mark ",whether crystallised or not" shall be inserted.

1. In the principal regulations, in regulation 38, in sub-regulation (1), after the words "The liquidator
   may,", the words "after approval of the committee and" shall be inserted.

2. In the principal regulations, in regulation 40, in the explanation, the word ",business" shall be omitted.

Page 22 of 50

1. In the principal regulations, in regulation 41, in sub-regulation (3), for the words "Adjudicating
   Authority", the word "committee" shall be substituted.

2. In the principal regulations, in regulation 42: -
   (i) in sub-regulation (1), the words "and the asset memorandum" shall be omitted. (ii) in sub-regulation (2), for the word "ninety days", the word "fifteen days" shall be substituted.

3. In the principal regulations, in regulation 44: -
   (i) in sub-regulation (1), for the word "one year", the words "one hundred and eighty days" shall be substituted. (ii) in sub-regulation (2), for the words "one year", the words "one hundred and eighty days" shall be substituted. (iii) in sub-regulation (2), after the words "he shall" the words ", on receiving an instruction from

the committee under this regulation" shall be inserted.

(iv) after sub-regulation (2), the following clarification shall be inserted:-

"Clarification: It is clarified that the liquidator shall continue to discharge his

responsibilities under the liquidation process, till the application for extension is decided

by the Adjudicating Authority."

(v) in the explanation to sub-regulation (2), for the term "Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019" the term ""Insolvency and

Bankruptcy Board of India (Liquidation Process) (……Amendment) Regulations, 2026" shall be

1. In the principal regulations, in regulation 44A,
   (i) for the words "on the advice", the words "with the approval" shall be substituted. (ii) the word "consultation" shall be omitted.

2. In the principal regulations, in regulation 45, for sub-regulation (2) and (3), the following regulation
   shall be substituted, namely:-

"(2) The liquidator shall submit an application along with the final report and the compliance

certificate in such format as notified by the Board to the Adjudicating Authority for the dissolution of the corporate debtor or closure of the liquidation process."

Page 23 of 50

1. In the principal regulations, in regulation 45A: - (i) in clause (e) of sub-regulation (2), the word "consultation" shall be omitted. (ii) in clause (i), the words "going concern sale in liquidation process or" shall be omitted. (iii) in clause (n) of sub-regulation (2), the words "preliminary report, asset memorandum," and

"asset sale report, annual status report" shall be omitted.

(iv) sub-regulation (5) shall be omitted.

1. In the principal regulations, in regulation 46A, (a) the existing clause shall be numbered as sub-regulation (1). (b) after the sub-regulation (1) so numbered, the following sub-regulation shall be inserted, namely:-

"(2) For the purpose of sub-clause (i) of clause (a) of sub-section (4) of section 36, it is

hereby clarified that the amount of unremitted statutory dues deducted or collected from third parties by the corporate debtor prior to the liquidation commencement date, are third

party assets held in trust."

1. In the principal regulations, for regulation 47, the following regulation shall be substituted, namely:- "47. Model time-line for liquidation process.

The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013) : Model Timeline for Liquidation Process

Page 24 of 50 Sl. SectioLatest Description of Task Norm Section Public announcement Within 5 days of appointment of T + 5 NoTimeline n / Section Commencement of liquidation and LCD 33 (1) liquidator. 0 = T

Regulaappointment of liquidator . (Days) 33 and (b) (ii) / Reg. 35 Appointment of registered valuers Within 7 days of LCD Reg. 8 First meeting of Committee of Within 7 days of LCD T + 7 T+ 7 tion Reg. 12 (2) creditors Submission of claims; Within 14 days of LCD (1) (2) T + 14 (5) (3) (4)

[AA: Adjudicating Authority, LCD: Liquidation Commencement Date]

1. In the principal regulations, in Schedule I, in clause 1:- (i) sub-clause (1A) shall be omitted. (ii) in sub-clause (1B), the word "consultation" shall be omitted. (iii) in sub-clause (1B), for the word "advises" the word "decides" shall be substituted. (iv) in sub-clause (4), after the words "be further reduced", the word and mark ", with the approval

of the committee,", shall be inserted.

(v) the proviso to sub-clause (4) shall be omitted. (v) in sub-clause (11A), after the words "Where the liquidator" the words ", with the approval of the committee with voting share of sixty-six per cent.," shall be inserted. Intimation of decision on [Reg. (vi) in sub-clause (12B), the words "consultation" and "under regulation 31A", shall be omitted. 12 / relinquishment of security interest

Page 25 of 50 Sec. 52 Reg. 15 Submission of progress reports to [Reg. Sch-1 Time period to H1 bidder to Within 90 days of the date of and Proviso Progress report in case of Within 15 days of cessation as Reg. 42 Distribution of the proceeds to the Within 15 days from the receipt of Deposit the amount of unclaimed Before submission of application Date of Date of

AA Second progress report Q2 + 15 Realisation + reg. Reg. 30 Verification of claims received Within 7 days from the last date for Reg. 30 Intimation about decision of Within 7 days of admission or Reg. 31 Filing the list of stakeholders Within 30 days from the last date of to Reg. cessation of liquidator (2) stakeholders amount dividends and undistributed under sub-regulation (3) of Sl. No provide balance sale consideration invitation to provide the balance cessation + T + 21 T + 28 T + 44 21A] under regulation 12 receipt of claims acceptance/ rejection of claim rejection of claim (2) [] receipt of claims First progress report Reg. 44 Liquidation of corporate debtor. Within 180 days proceeds regulation 45 amount.] Q1 + 15 T + 180*

(vii) in sub-clause (12C), for the words "consultation with the consultation committee", the words

"the approval of the committee with voting share of sixty-six per cent." shall be substituted.

(viii) in sub-clause (12E), for the words "the liquidator may, in consultation with the consultation

committee", the words "the liquidator may, with the approval of the committee with voting share

of sixty-six per cent." shall be substituted. (ix) in sub-clause (13), after the words "to transfer such assets", the words "with the approval of the committee with voting share of sixty-six per cent" shall be inserted.

1. In the principal regulations, in Schedule I, in clause 2, in sub-clause (3A), for the words "after
   consultation with the consultation committee under regulation 33" the words "in compliance with regulation 33" shall be substituted.

2. In the principal regulations, Schedule II shall be omitted.
   RAVI MITAL, Chairperson [ADVT. - ] Note: The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 were published vide notification No. IBBI/2016- 17/GN/REG005, dated 15 December, 2016 in the Gazette of th India, Extraordinary, Part III, Section 4, vide No. 460 on 15 December, 2016 and were last amended by th the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2026 published vide notification No. IBBI/2025-26/GN/REG134, dated the 2 January, 2026 in the Gazette of nd India, Extraordinary, Part III, Section 4, No.03 on 2 January, 2026. nd *****

Page 26 of 50

Annexure 2 - Template of Forms proposed to be modified (to be notified through circular) [FORM A PROFORMA FOR REPORTING CONSULTATIONS WITH STAKEHOLDERSTO COMMITTEE

(Under Regulation 8 and Regulation 31A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

] Manner in which proceedings in respect of (g) preferential transactions, undervalued transaction, extortionate credit transaction or fraudulent or wrongful trading, if any, shall be pursued after Page 27 of 50 closuredissolution of liquidation proceedingsthe Details of agenda items Remarks Para of the minutes of the - Running the businessEarly dissolution of the (j) Sale under regulation 32, including manner of corporate debtor or closure of liquidation process (b) meeting where the same Extension of time period for payment of balance (i) Details of agenda of last meeting which were not Remuneration of professionals appointed under sale, pre-bid qualifications, reserve price, Valuation under sub-regulation (2) of regulation Status of Litigations and cost benefit analysis of corporate debtor in the event the same is (a) (d) (f) I and the manner in which the proceeds, if any, from Name and Registration no. of Liquidator Name of corporate debtor Date of the meeting Date of last meeting Number of days since last meeting marketing strategy and auction process Fees of the liquidator pursuing these litigations PreliminaryProgress report economically unviable Early dissolution of the corporate debtor Any other agenda item Basic details of CD and meeting approved by the SCCCoC regulation 7, including process advisors, IPE, etc. these proceedings shall be distributed Liquidation cost was discussed Sl. No. sale consideration beyond ninety days (lk) (a) (b) (d) (k) (f) I I I (h)

FORM AA WRITTEN CONSENT TO ACT AS LIQUIDATOR (Under regulation 31A8B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,

2016)

[Date] From [Name of the insolvency professional] [Registration number of the insolvency professional] [Address of the insolvency professional registered with the Board] To The Stakeholders' Consultation Committee [name of corporate debtor] Subject: Written Consent to act as liquidator. I, [name], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board, note that the consultation committee proposes to appoint me as liquidator under regulation 31A ofthe Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 for conducting liquidation process of [name of the corporate debtor].

1. In accordance with aforementioned regulation, I hereby give consent to the proposed appointment.

2. I declare and affirm as under: -
   a.I am registered with the Board as an insolvency professional. b.I am not subject to any disciplinary proceedings initiated by the Board or the Insolvency Professional Agency. c.I do not suffer from any disability to act as a liquidator and have not acted as resolution professional of the

[name of the corporate debtor].

d.I am eligible to be appointed as liquidator of the corporate debtor under regulation 3 and other applicable

provisions of the Code and regulations.

e.I shall make the disclosures in accordance with the code of conduct for insolvency professionals as set out in

the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;

f.I am having the following processes in hand:

Date: (Signature of the insolvency professional)

Place: Registration No. .......]

Page 28 of 50 Resolution Professional of Liquidator of

1. Corporate Debtors a. Liquidation Processes Sl. No. No. of Processes on the date of Consent Role as Interim Resolution Professional b. Individuals b.Voluntary Liquidation Processes Bankruptcy Trustee Authorised Representative Any other (Please state)

FORM B PUBLIC ANNOUNCEMENT

(Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

FOR THE ATTENTION OF THE STAKEHOLDERS OF [Name of Corporate Debtor]

Notice is hereby given that the National Company Law Tribunal (Name of Bench) has ordered the commencement of liquidation of the [Name of the corporate debtor] on [date of passing of order of liquidation under section 33 of

the Code].

The stakeholders of [-----Name of the corporate debtor] are hereby called upon to submit their claims with proof on or before ------- [insert the date falling thirtyfourteen days from the liquidation commencement date], to the liquidator at the address mentioned against item No.10. The financial creditors shall submit their claims with proof by electronic means only. All other creditors may submit the claims with the proof in person, by post or by electronic means. Submission of false or misleading proof of claims shall attract penalties. [In case a stakeholder does not submit its claims during the liquidation process, the claims submitted by such a

stakeholder during the corporate insolvency resolution process under the Insolvency and Bankruptcy Board of India Page 29 of 50 Corporate Identity No. / Limited Liability Identification No. of Authority under which corporate debtor is incorporated / Address of the registered office and principal office (if any) of 4. Name and registration number of the insolvency professional 3. 5. 8. Address and e-mail of the liquidator, as registered with the Address and e-mail to be used for correspondence with the 10. 9. Date of closure of Insolvency Resolution Process registered Date of incorporation of corporate debtor corporate debtor corporate debtor Liquidation commencement date of corporate debtor acting as liquidator 6. Name of corporate debtor 1. 2. 7. 11. Last date for submission of claims Board Sl. No. PARTICULARS DETAILS

(Insolvency Resolution Process for Corporate Persons) Regulations, 2016, shall be deemed to be submitted under

section 38liquidation process.]

Name and signature of liquidator : Date and place : : FORM C PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT WORKMEN AND EMPLOYEES (Under Regulation 17 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016) [Date] To

From [Name and address of the operational creditor]

[Name of the operational creditor] hereby submits this proof of claim in respect of the liquidation of [name of

1. NAME OF OPERATIONAL CREDITOR (IF AN INCORPORATED BODY PROVIDE IDENTIFICATION Page 30 of 50 3. NUMBER AND PROOF OF INCORPORATION, IF A PARTNERSHIP TOTAL AMOUNT OF CLAIM, INCLUDING ANY INTEREST, AS AT 2. OR INDIVIDUAL PROVIDE IDENTIFICATION RECORDS* OF ALL ADDRESS OF OPERATIONAL CREDITOR FOR LIQUIDATION INSOLVENCY COMMENCEMENT DATE AND CORRESPONDENCE DETAILS OF NATURE OF CLAIM THE PARTNERS OR THE INDIVIDUAL) : PRINCIPAL : INTEREST :

AFFIDAVIT 7. DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR OTHER MUTUAL DEALINGS BETWEEN THE CORPORATE 10. 8. DETAILS OF ANY RETENTION OF TITLE IN RESPECT OF GOODS Page 31 of 50 5. DETAILS OF ANY DISPUTE AS WELL AS THE RECORD OF DEBTOR AND THE OPERATIONAL CREDITOR WHICH MAY BE 4. DETAILS OF DOCUMENTS BY REFERENCE TO WHICH THE Signature of operational creditor or person authorised to act on his behalf 9. 11. (i) DETAILS OF ANY ASSIGNMENT OR TRANSFER OF DEBT IN HIS OPERATIONAL CREDITOR'S SHARE OF THE PROCEEDS OF LIST OUT AND ATTACH THE DOCUMENTS RELIED ON IN SET-OFF AGAINST THE CLAIM OR PROPERTIES TO WHICH THE DEBT REFERS OR ANY OTHER PENDENCY OF SUIT OR ARBITRATION PROCEEDINGS DEBT CAN BE SUBSTANTIATED (Please enclose the authority if this is being submitted on behalf of the operational creditor) 6. (ii) DETAILS OF HOW AND WHEN DEBT INCURRED SUPPORT OF THE CLAIM. SECURITY FAVOUR LIQUIDATION CAN BE TRANSFERRED (iii) Yes/ No] [8A. WHETHER SECURITY INTEREST RELINQUISHED

I, [name of deponent], currently residing at [address of deponent], do solemnly affirm and state as follows:

1. The above named corporate debtor was, at liquidation insolvency commencement date, that is, the __________ day of __________ 20______ and still is, justly and truly indebted to me [or to me and[insert

name of co-partners], my co-partners in trade, or, as the case may be] in the sum of Rs. __________ for

_____ [please state consideration].

1. In respect of my claim of the said sum or any part thereof, I have relied on and the documents specified below: [Please list the documents relied on as evidence of debt.]

debtor and the operational creditor which may be set-off against the claim.]

20_____ Notary / Oath Commissioner

Verified at ________ on this ________ day of ________ 201_____ FORM D PROOF OF CLAIM BY FINANCIAL CREDITORS (Under Regulation 18 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016) [Date] To

Page 32 of 50

From [Name and address of the registered office and principal office of the financial creditor]

[Name of the financial creditor] hereby submits this proof of claim in respect of the liquidation of [name of

1. NAME OF FINANCIAL CREDITOR

2. TOTAL AMOUNT OF CLAIM, INCLUDING ANY INTEREST, (IF AN INCORPORATED BODY PROVIDE IDENTIFICATION

3. DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR NUMBER AND PROOF OF INCORPORATION, IF A AS AT THE LIQUIDATION INSOLVENCY Page 33 of 50 5. DETAILS OF ANY ORDER OF A COURT OF TRIBUNAL THAT 8. 2. DETAILS OF ANY SECURITY HELD, THE VALUE OF THE ADDRESS AND EMAIL OF FINANCIAL CREDITOR FOR 4. DETAILS OF DOCUMENTS BY REFERENCE TO WHICH THE OTHER MUTUAL DEALINGS BETWEEN THE CORPORATE PARTNERSHIP OR INDIVIDUAL PROVIDE IDENTIFICATION COMMENCEMENT DATE AND DETAILS OF NATURE OF HAS ADJUDICATED ON THE NON-PAYMENT OF DEBT INTEREST : Yes/ No] SECURITY, AND THE DATE IT WAS GIVEN RECORDS* OF ALL THE PARTNERS OR THE INDIVIDUAL) CORRESPONDENCE. CLAIM (WHETHER TERM LOAN, SECURED, UNSECURED) WHETHER SECURITY INTEREST [8A. 6. DETAILS OF HOW AND WHEN DEBT INCURRED DEBTOR AND THE FINANCIAL CREDITOR WHICH MAY BE DEBT CAN BE SUBSTANTIATED PRINCIPAL : : SET-OFF AGAINST THE CLAIM RELINQUISHED

AFFIDAVIT I, [name of deponent], currently residing at [address of deponent], do solemnly affirm and state as follows:

1. The above named corporate debtor was, at the liquidation insolvency commencement date, that is, the __________ day of __________ 20____ and still is, justly and truly indebted to me [or to me and [insert

name of co-partners], my co-partners in trade, or, as the case may be] in the sum of Rs. __________ for ……..[please state consideration].

[Please list the documents relied on as evidence of debt and of non-payment.]

debtor and the financial creditor which may be set-off against the claim.]

1. Page 34 of 50
2. (i) DETAILS OF ANY ASSIGNMENT OR TRANSFER OF DEBT IN FINANCIAL CREDITOR'S SHARE OF THE PROCEEDS OF LIST OUT AND ATTACH THE DOCUMENTS RELIED ON IN Signature of financial creditor or person authorised to act on his behalf 11. (ii) SUPPORT OF THE CLAIM. (please enclose the authority if this is being submitted on behalf a financial creditor) HIS FAVOUR LIQUIDATION CAN BE TRANSFERRED (iii)

20_____

Verified at ________ on this ________ day of ________ 201___. Page 35 of 50

FORM E PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE (Under Regulation 19 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016) [Date] To

[Address as set out in public announcement] From [Name and address of the workman / employee] Subject: Submission of proof of claim in respect of liquidation of (Name of corporate debtor) under the Insolvency and Bankruptcy Code, 2016.

[Name of the workman / employee], hereby submits this proof of claim in respect of the liquidation of [name of

Page 36 of 50

1. TOTAL AMOUNT OF CLAIM 1. 2. 3. PAN, PASSPORT, THE IDENTITY CARD ISSUED BY NAME OF WORKMAN / EMPLOYEE ADDRESS AND EMAIL ADDRESS (IF ANY) OF

THE ELECTION COMMISSION OF INDIA OR WORKMAN / EMPLOYEE FOR CORRESPONDENCE AADHAAR CARD OF WORKMAN / EMPLOYEE

AFFIDAVIT I, [name of deponent], currently residing at [insert address], do solemnly affirm and state as follows: 8. DETAILS OF ANY MUTUAL CREDIT, MUTUAL DEBTS, OR OTHER MUTUAL DEALINGS BETWEEN THE

1. (i) 6. 9. DETAILS OF ANY DISPUTE AS WELL AS THE RECORD CORPORATE DEBTOR AND THE WORKMAN / LIST OUT AND ATTACH THE DOCUMENTS RELIED Page 37 of 50 7. 5. DETAILS OF HOW AND WHEN CLAIM AROSE DETAILS OF DOCUMENTS BY REFERENCE TO WHICH (INCLUDING ANY INTEREST AS AT THE (ii) Signature of workman / employee or person authorised to act on his behalf EMPLOYEE WHICH MAY BE SET-OFF AGAINST THE WORKMAN / EMPLOYEE'S SHARE OF THE PROCEEDS ON IN SUPPORT OF THE CLAIM. OF PENDENCY OR ORDER OF SUIT OR ARBITRATION THE DEBT CAN BE SUBSTANTIATED. LIQUIDATION INSOLVENCY COMMENCEMENT Please enclose the authority if this is being submitted on behalf of an operational creditor PROCEEDINGS CLAIM OF LIQUIDATION CAN BE TRANSFERRED DATE)

2. [Name of corporate debtor], the corporate debtor was, at the liquidation insolvency commencement date,
   that is, the __________ day of __________ 20__, justly and truly indebted to me in the sum of Rs. [insert

amount of claim].

1. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified below:
   [Please list the documents relied on as evidence of claim]

2. The said documents are true, valid and genuine to the best of my knowledge, information and belief.

3. In respect of the said sum or any part thereof, I have not nor has any person, by my order, to my knowledge
   or belief, for my use, had or received any manner of satisfaction or security whatsoever, save and except the following:

debtor and the workman / employee which may be set-off against the claim.]

Solemnly, affirmed at [insert place] on _________________ day, the _______day of_______ 20_____ Notary/ Oath Commissioner

I, the Deponent hereinabove, do hereby verify and affirm that the contents of paragraph ___ to of this affidavit are true and correct to my knowledge and belief and no material facts have been concealed therefrom. Verified at ____ on this _____ day of ____ 201__ Page 38 of 50

FORM F PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF WORKMEN OR EMPLOYEES (Under Regulation 19 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016) [Date] To

From [Name and address of the authorised representative of workmen/ employees]

I, [name of duly authorised representative of the workmen/ employees] currently residing at [address of duly

authorised representative of the workmen/ employees], on behalf of the workmen and employees employed by the

above named corporate debtor, solemnly affirm and say:

1. That the abovenamed corporate debtor was, on the liquidation nsolvency commencement date, that is, the
   ________ day of ______ 20 ___ and still is, justly truly indebted to the several persons whose names, addresses, and descriptions appear in the Annexure below in amounts severally set against their names in such Annexure for wages, remuneration and other amounts due to them respectively as workmen or/ and employees in the employ of the corporate debtor in respect of services rendered by them respectively to the corporate debtor during such periods as are set out against their respective names in the said Annexure.

2. That for which said sums or any part thereof, they have not, nor has any of them, had or received any
   manner of satisfaction or security whatsoever, save and except the following: [Please state details of any mutual credits, mutual debts, or other mutual dealings between the corporate

debtor and the workmen / employees which may be set-off against the claim.]

Signature : ANNEXURE

1. Details of Employees/ Workmen S NO. NAME OF IDENTIFICATION TOTAL AMOUNT DUE PERIOD OVER DETAILS OF EMPLOYEE/ NUMBER AND DETAILS ON WHICH AMOUNT EVIDENCE OF DEBT WORKMEN NATURE OF CLAIM Page 39 of 50 DUE INCLUDING (PAN/, PASSPORT EMPLOYMENT

NUMBER/, CONTRACTS AND AADHAAR NO. / ID OTHER PROOFS

1. Particulars of how dues were incurred by the corporate debtor, including particulars of any dispute as well
   as the record of pendency of suit or arbitration proceedings.

2. Particulars of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and
   the workmen / employee which may be set-off against the claim.

3. Please list out and attach the documents relied on to prove the claim.

AFFIDAVIT I, [insert full name, address and occupation of deponent] do solemnly affirm and state as follows:

1. The above named corporate debtor was, at the liquidation insolvency commencement date that is, the __________ day of __________ 20__ and still is, justly and truly indebted to the workmen and employees in the sum of Rs. __________ for _____ [please state the nature and duration of employment]. [Please list the documents relied on as evidence of proof] CARD ISSUED BY

THE ELECTION Page 40 of 50 COMMISSION AND 2. 3. 4. 1. EMPLOYEE ID NO., IF 5. ANY

1. In respect of the said sum or any part thereof, the workmen / employees have not, nor has any person, by my order, to my knowledge or belief, for my use, had or has received any manner of satisfaction or security whatsoever, save and except the following:

debtor and the workmen / employees which may be set-off against the claim.]

20_____

Verified at _______ on this _______ day of _______ 201___ FORM G PROOF OF CLAIM BY ANY OTHER STAKEHOLDER (Under Regulation 20 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016) [Date] To

From [Name and address of the other stakeholder]

[Name of the other stakeholder] hereby submits this proof of claim in respect of the liquidation in the case of [name

of corporate debtor]. The details for the same are set out below:

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1. NAME OF OTHER STAKEHOLDER

2. DETAILS OF ANY MUTUAL CREDIT, MUTUAL 3. TOTAL AMOUNT OF CLAIM, INCLUDING ANY (IF AN INCORPORATED BODY PROVIDE DEBTS, OR OTHER MUTUAL DEALINGS BETWEEN INTEREST AS AT LIQUIDATION INSOLVENCY 7. 9. DETAILS OF ANY RETENTION OF TITLE IN RESPECT Page 42 of 50 IDENTIFICATION NUMBER AND PROOF OF THE CORPORATE DEBTOR AND THE OTHER 4. 5. DETAILS OF DOCUMENTS BY REFERENCE TO DETAILS OF HOW AND WHEN CLAIM AROSE COMMENCEMENT AND DETAILS OF NATURE OF 10. (i) 8. INCORPORATION. IF A PARTNERSHIP OR LIST OUT AND ATTACH THE DOCUMENTS RELIED STAKEHOLDER WHICH MAY BE SET-OFF AGAINST DETAILS OF ANY ASSIGNMENT OR TRANSFER OF OTHER STAKEHOLDER'S SHARE OF THE PROCEEDS 2. ADDRESS AND EMAIL OF THE OTHER OF GOODS OR PROPERTIES TO WHICH THE CLAIM WHICH THE CLAIM CAN BE SUBSTANTIATED CLAIM INTEREST : PRINCIPAL : (ii) INDIVIDUAL PROVIDE IDENTIFICATION RECORDS* ON IN SUPPORT OF THE CLAIM. THE CLAIM REFERS DEBT IN HIS FAVOUR OF LIQUIDATION CAN BE TRANSFERRED STAKEHOLDER FOR CORRESPONDENCE. : (iii) OF ALL THE PARTNERS OR THE INDIVIDUAL) CLAIM
   AFFIDAVIT I, [insert full name, address and occupation of deponent to be given] do solemnly affirm and state as follows:

3. The above named corporate debtor was, at the liquidation insolvency commencement date, that is, the
   __________ day of __________ 20__ and still is, justly and truly indebted to me [or to me and [insert name

of co-partner], my co-partners in trade, or, as the case may be,] in the sum of Rs. __________ for _____

[please state consideration]. [Please list the documents relied on as evidence of proof.]

debtor and the other stakeholder which may be set-off against the claim.]

20_____

Page 43 of 50 Signature of other stakeholder or person authorised to act on his behalf (Please enclose the authority if this is being submitted on behalf of the other stakeholder)

Verified at ______ on this ______ day of ______ 201__ FORM H COMPLIANCE CERTIFICATE

[Under Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]

I, [Name of the Liquidator], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board with registration number [registration number], am the Liquidator for the Liquidation Process of [name of the corporate debtor (CD)].

1. The details of the Liquidation Process are as under: Page 44 of 50 Sl. Description Date of Intimation to Registry and Information Utility, if any, about Date of submission of compliance, if any, directed by AA in the No. Case No. & NCLT Bench Date of appointment of liquidator Name of Liquidator and his registration No. as IP Date of handover of charge by RP liquidation order and its particulars Date of notice for uncalled capital/unpaid capital contribution (1) (3) (2) Name of the corporate debtor Date of initiation of liquidation Date of commencement of CIRP Name of RP during CIRP and his registration No. as IP Date of Publication of Public Announcement under Form B commencement of Liquidation Date of appointment of registered valuers, if any

4334 Date of intimation to statutory authority as applicable.

Amount deposited into Corporate Liquidation Account: 4536 a) PF (a) Amount of unclaimed dividends b) ESI Page 45 of 50 c) Income Tax Dept (b) Amount of undistributed proceeds d) Inspector of Factory (c) Income referred to in sub-regulation (2) and (3) of regulation 46 Date of deposit of unclaimed dividends or undistributed proceeds and

Date of filing of preliminaryprogress report & assets memorandum to e) GST/VAT (d) Interest referred to in sub-regulation (4) of regulation 46 [4435 Date of submission of Quarterly Progress Report-I (FY-2)audited Date of public [notice] for auction (please add additional rows, if Date of permission of the liquidator to realise the un-relinquished security income and interest thereon, if any, under sub-regulations (2), (3) or (4) of Date of submission to the Board and the Authority under sub-regulation

Date of constitution of Consultation Committee No. of meetings of consultation committee held Date of first realisationSummary of dates of realizations and distributions Date of first distribution Date of submission of Asset Sales Report to AA Date of submission of Quarterly Progress Report-IV & Audit ReportII Date of submission of Quarterly Progress Report-III f) Others Date of second realisation Date of second distribution Date of submission of Quarterly Progress Report-II Date of submission of Quarterly Progress Report-III Date of submission of Quarterly Progress Report-II Date of submission of Quarterly Progress Report-IV & Audit Report Total (5) of regulation 46] Date of realisation of uncalled capital/unpaid capital contribution Date of submission of list of stakeholders to AA AA Liquidation value required) Modified list of stakeholders and date of submission to AA Date of submission of Quarterly Progress Report-I (FY-1) regulation 46 Date of opening of liquidation account with Bank A/c details Fair value Date of order of AA to dispense with the public [notice] for Auction Date of permission of AA for physical Auction Date of permission of AA for private sale Date of permission of AA for distribution of unsold assets to stakeholders interest by the secured creditor receipts and payment Date of Final Report to AA (prior to dissolution application) [***]

1. The details of the assets as per Asset Memorandum and Final Sale Report are as under:

2. (a) Liquidation value of the liquidation estate:
   [(b) Amount realized during the liquidation process:

] (c) The amounts distributed to stakeholders as per section 52 or 53 of Code are as under: (Amount in Rs. lakh)

*If there are sub-categories in a category, please add rows for each sub-category.

[4A. Details of realisation of security interest by secured creditor under section 52:

Page 46 of 50 Amount Distributed to Remarks Amount Amount Amount Sl. Stakeholders* under Sl. No. Details 1. Claimed Admitted the Amount Claimed Distributed Sl. No. Mode of Sale Date of Transfer to Realisation Assets Estimated Number of secured creditors who did not relinquish security No. section 53 (1) Private sales of assets 3. Others (specify) 6. Sl. No. Realisations (B) Total (A+B) Realisations Amount (Rs.) Opening balance as on liquidation commencement date (A) Auctions of assets 1. 2. interest Liquidation value of such security interest (Rs.) 4. 2. Assignment of not readily 46ealizablerealizable assets Distribution of unsold asset Amount of admitted claim of secured creditors (Rs.) 5. 3. (%) Liquidation Value Liquidation Account Amount (Rs.) (a): CIRP Costs (b)(ii) (h) (a): Liquidation Costs (b)(i) (c) (d) (e)(i) (e) (ii) (f) (g) Total (1) (1) (3) (7) (4) (5) (2) (3) (5) (4) (6) (6) (2)

4B. Details of assignment of not readily realisable assets:

1. The Liquidation Process has been conducted as per the timeline indicated in regulation 47 as under:

2. The following are deviations /non-compliances with the provisions of the Insolvency and Bankruptcy Code, 2016,
   regulations made, or circulars issued there under (If any deviation/ non-compliances were observed, please state the details and reasons for the same):

3. The dissolution application has been filed [before expiry of the period of one yearhundred and eighty days] / [after
   expiry of one yearhundred and eighty days]. Please state details of any extension sought with the reason and granted:

4. The details of application(s) filed / pending in respect of avoidance of transactions.
   Page 47 of 50 Actual Timeline Description of Task Section of the Timeline as per Sl. No. Details Sl. Type of Transaction Date of Filing Date of Order of Brief of the 5. regulation 47 Section 33 T T i. Contribution made by secured creditors toward workmen's dues ii. Contribution made by secured creditors toward unpaid CIRP and Sharing of proceeds between bidder and creditors/ corporate Code / Regulation No. with the Adjudicating Order Realised value received by secured creditor (Rs.) Date of realisation by secured creditor 6. 7. Commencement of LCD and Sl. No. Reasons Whether rectified or not Section of the Code / Regulation Deviation/Non-Liquidation Cost (Rs.) iii. the excess of the realised value of the asset (Rs.) Details of the assets Liquidation value of the assets (Rs.) 1. 2. Total realisation from such security interest (Rs.) Total Contribution made as per regulation 21A(2) (Rs.) (i+ii+iii) (Rs.) Amount realised (Rs.) Name of the bidder debtor, if any Schedule of realisation by bidder 4. 3. 4. 6. (1) (4) (2) (5) (3) No. Appointment of Liquidator (1) (3) (4) (2) Authority compliance observed No. / Circular No.

5. All undischarged or matters pending before any Court or Tribunal relating to corporate debtor, if any, have been
   reported to AA.

6. I (Name of Liquidator), hereby certify that the contents of this certificate are true and correct to the best of my
   knowledge and belief, and nothing material has been concealed there from.

(Signature)

Name of the Liquidator: IP Registration No: Address as registered with the Board: Email id as registered with the Board: Date: Place:] *****

Page 48 of 50 Adjudicating Authority Fraudulent transactions under section 66 Preferential transactions under section 43 Undervalued transactions under section 45 Extortionate credit transactions under section 50 (1) (5) (3) (4) (2)

Process for submission of Public Comments

The comments may be submitted electronically by 28 April, 2026. For providing comments, please th follow the process as under:

1. Visit IBBI website at www.ibbi.gov.in;
2. Select 'Public Comments', then select 'Discussion paper - Amendments to Liquidation Regulations 2016'

3. Provide your Name and Emai-ID;

4. Select the stakeholder category, namely, -

5. Corporate Debtor;

6. Personal Guarantor to a Corporate Debtor;

7. Proprietorship firms;

8. Partnership firms;

9. Creditor to a Corporate Debtor;

10. Insolvency Professional;

11. Insolvency Professional Agency;

12. Insolvency Professional Entity;

13. Academics;

14. Investor; or

15. Others.

16. Select the kind of comments you wish to make, namely,

17. General Comments; or

18. Specific Comments.

19. If you have selected 'General Comments', please select one of the following options:

20. Inconsistency, if any, between the provisions within the regulations (intra regulations);

21. Inconsistency, if any, between the provisions in different regulations (inter regulations);

22. Inconsistency, if any, between the provisions in the regulations with those in the rules;

23. Inconsistency, if any, between the provisions in the regulations with those in the Code;

24. Inconsistency, if any, between the provisions in the regulations with those in any other law;

25. Any difficulty in implementation of any of the provisions in the regulations;

26. Any provision that should have been provided in the regulations, but has not been provided; or

27. Any provision that has been provided in the regulations but should not have been provided.

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And then write comments under the selected option.

1. If you have selected 'Specific Comments', please select Regulation No. / Form No. on which
   you want to give the comment, and write comments under the selected Regulation No. / Form No.

2. You can make comments on more than one Regulation No. / Form No., by clicking on more comments and repeating the process outlined above from point (v) onwards.

3. Click 'Submit' if you have no more comments to make.

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