On 21 June 2024, the Insolvency and Bankruptcy Board of India (IBBI) from the public on a new format for the preparation and submission of progress reports during the liquidation process.
The proposed format intends to streamline the process for liquidators and ensure a uniform structure in the reports. The liquidation progress report must be submitted to the IBBI and adjudicating authority, and shared with the insolvency professional and stakeholders’ consultation committee (provided the committee has given a confidential undertaking).
The proposal has sections on the corporate debtor, the synopsis (including brief facts and the reasons for liquidation), status, chronological order of events, a summary of receipts and payments during the quarter, liquidation costs, distribution to stakeholders and other related details.
