The Insolvency and Bankruptcy Board of India (IBBI) has issued circulars on 28 June on the launch of online portals for insolvency professionals (IPs) to submit details of and .
The IBBI said this process was earlier done through email, which was cumbersome and time-consuming. To standardise the format, increase efficiency, and ensure the accuracy and reliability of information, IPs must now submit all required forms through the online portal.
The circulars provide details on the applicable paperwork, which are forms VL 1-4 for voluntary liquidation and forms LIQ 1-4 for involuntary liquidation. The portal is hosted on the IBBI’s , which the IP can access with a username and password. IPs are required to submit the applicable forms, relevant information and records after affixing their DSC or e-signature. The IBBI further notes that to ensure that this process is done timely, it shall be the sole responsibility of the IP.
Online filing for applies only for liquidation and voluntary liquidation cases that began or have been ordered after publication of the circulars.
For an ongoing voluntary liquidation, where the corporate person (CP) has not filed the application for dissolution, the IP must submit forms VL1 and VL2 by 30 September 2024. Where the CP has applied for dissolution or withdrawal/suspension of voluntary liquidation, the IP shall file forms VL1-3 by 30 September 2024. Where the CP’s dissolution or withdrawal/suspension of voluntary liquidation has been ordered, the IP must file forms VL1, VL3 and VL4 by 30 September 2024.
For an ongoing liquidation, where no application for dissolution of the corporate debtor or closure of liquidation has been filed, the IPs must file forms LIQ1 and LIQ2 for the last quarter of the process by 30 September 2024. Where a closure order of liquidation or dissolution of the corporate debtor has been ordered, the IPs must file LIQ1 and LIQ2 for the last quarter of the process and LIQ3 and LIQ4 by 30 September 2024.
The circulars also said failure to comply with these requirements would make the IP liable.
