21st June, 2024 Invitation of Public comments: Format for progress report during Liquidation process (258.72 KB)
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Insolvency and Bankruptcy Board of India 21st June, 2024 Format for progress report during Liquidation process Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 mandates the submission of progress reports by the liquidator during the liquidation process. Sub-regulation (1) specifies that the liquidator must submit Progress Reports, in the format stipulated by the Board, to both the Adjudicating Authority and the Board. Additionally, a circular dated 22 February 2024 requires that the liquidator share the progress reports with the members of the Stakeholders’ Consultation Committee, provided they have given a confidential undertaking. 2. Regulation 15 outlines that the progress report must include various pieces of information. This includes details on the appointment, tenure, and cessation of appointment of professionals; the settlement of the list of stakeholders; the status of any property that remains to be sold and realized; distributions made to stakeholders; and the distribution of unsold property to stakeholders. Additionally, the report should cover the fee due to and received by the liquidator, the remuneration or fee paid to professionals appointed by the liquidator, developments in any material litigation involving the corporate debtor, and the filing and developments in applications for avoidance of transactions. 3.
professionals appointed by the liquidator, developments in any
material litigation involving the corporate debtor, and the filing and developments in
applications for avoidance of transactions.
3. To streamline the process and ensure uniformity in the structure of these reports filed by the
liquidators before the Adjudicating Authority, it would be beneficial for Insolvency
Professionals (IPs) and the Adjudicating Authority if there were a standardized format. A draft
of the format for the progress report is enclosed as an Annexure.
4. The Board accordingly solicits comments on the format. Comments may be submitted
electronically by 12th July 2024. For providing comments, please follow the process as under:
(i) Visit IBBI website, www.ibbi.gov.in;
(ii) Select ‘Public Comments’; and then select ‘Format for progress report during Liquidation
process';
(iii) Provide your Name, and Email ID;
(iv) Select the stakeholder category, namely, -
a) Corporate Debtor;
b) Personal Guarantor to a Corporate Debtor;
c) Proprietorship firm;
d) Partnership firm;
e) Creditor to a Corporate Debtor;
f) Insolvency Professional;
g) Insolvency Professional Agency;
tor; b) Personal Guarantor to a Corporate Debtor; c) Proprietorship firm; d) Partnership firm; e) Creditor to a Corporate Debtor; f) Insolvency Professional; g) Insolvency Professional Agency;
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h) Insolvency Professional Entity;
i) Academics;
j) Investor; or
k) Others.
(v) Select the kind of comments you wish to make, namely,
a) General Comments; or
b) Specific Comments.
(vi) If you have selected ‘General Comments’, please select one of the following options:
a) Inconsistency, if any, with the regulations;
b) Inconsistency, if any, with Code/rules;
c) Any difficulty in implementation;
d) Any provision that should have been provided, but has not been provided; or
e) Any provision that has been provided but should not have been provided.
And then write comments under the selected option.
(vii) If you have selected ‘Specific Comments’, please select para and write comments under
the selected para.
(viii) You can make comments on more than one para, by clicking on More Comments and
repeating the process outlined above from point 4(v) onwards.
(ix) Click ‘Submit’, if you have no more comments to make.
u can make comments on more than one para, by clicking on More Comments and repeating the process outlined above from point 4(v) onwards. (ix) Click ‘Submit’, if you have no more comments to make.
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Annexure Progress Report of the Corporate Debtor for the quarter ending MM/YY
A. Details of Corporate Debtor: S. No. Particulars Details 1. Date of initiation of liquidation process
Name of the Liquidator
Whether the Corporate Debtor is being maintained as a going concern as on date? (Yes/No) 4. Valuation during CIRP: Fair Value: Liquidation Value:
Valuation during Liquidation (If any)
Insolvency Commencement Date
Professionals (RP/Liquidators) with dates
B. Synopsis (Brief facts about the case, including the reason for commencement of Liquidation Process)
C. Present status of the process:
- Reason for pendency and proposed line of action to complete the liquidation process
- Any important order from any authority other than AA affecting the process
D. List of events/action taken during liquidation process in chronological order:
-
From LCD to previous progress report:
Date Particulars -
During the current quarter: Date Particulars
E. Summary of Receipts and Payments during the quarter
(Amount in Rupees)
1.
to previous progress report:
Date
Particulars
- During the current quarter: Date Particulars
E. Summary of Receipts and Payments during the quarter
(Amount in Rupees)
- Receipt and Payment Account
Receipts
Payments Opening Balance of Cash and Bank Balance at LCD / at the end of the previous quarter
Particulars
At the
beginning of
the quarter
Received
during
the
quarter
At the end
of the
quarter
Particulars
At the
beginning
of the
quarter
Paid
during
the
quarter
At the
end of
the
quarter
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Sale of assets
Unpaid CIRP expenses
Assignment
Liquidation process expenses (excluding going concern expenses and Liquidator fee)
Recovery from receivables
Liquidator fee
Recovery from Statutory authorities
Misc Expenses
Going concern revenue
Going concern expenses
Contribution from FIs
Refund of contribution
EMD
Return of EMD
Misc receipts
Distribution to claimants
Total
Total
Closing cash and bank balance at the end of the quarter
Note: Additional heads may be added based on the nature of the case
- Non-Fund Based exposure of banks during CIRP and Liquidation Process of the Corporate Debtor: (Amount in Rs.) Exposure at the beginning of the quarter Exposure at the end of the quarter Reason for change
F.
re of banks during CIRP and Liquidation Process of the Corporate Debtor: (Amount in Rs.) Exposure at the beginning of the quarter Exposure at the end of the quarter Reason for change
F. Liquidation Cost: (Amount in Rupees)
S. No.
Particulars
Estimated liquidation costs as on LCD
Actual liquidation cost as on the quarter end
Changes, if any, in estimated liquidation costs
Reason for actual cost exceeding the estimates or change in estimated costs, if any
G. Distribution made to stakeholders
(Amount in Rupees)
Stakeholders
Claims
admitted
during
the
quarter
Total
Claim
admitted
Amount
distributed at
the beginning
of the quarter
Amount
distributed
during the
quarter
Cumulative
Amount
distributed till
at the end of
the quarter
Insolvency resolution process
costs
ount
distributed at
the beginning
of the quarter
Amount
distributed
during the
quarter
Cumulative
Amount
distributed till
at the end of
the quarter
Insolvency resolution process
costs
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Liquidation cost excluding liquidator’s fees
Liquidator’s Fees
Total Secured creditors
Secured Financial creditors
Other Secured creditors
Unsecured Financial creditors
Workmen (for twenty-four months preceding LCD)
Workmen (for period beyond twenty-four months preceding LCD)
Employees (for twelve months preceding LCD)
Employees (for period beyond twelve months preceding LCD)
Statutory dues
Operational Creditors other than employees/ workmen / statutory authorities
Any other creditors
Preference shareholders
Equity shareholders or partners
Grand Total
Annexure:
A. Constitution of Stakeholders’ Consultation Committee
B. Stakeholders’ Consultation Committee meetings
C. Appointment/Cessation of Professionals
D. Details of security interest realized/to be realized by each secured creditor:
E. Details of assets put up for sale during current quarter (including assignment of not readily
realizable assets)
F. Details of asset(s) not being put up for sale / assignment during the quarter
G. Details of PUFE application
H.
ding assignment of not readily
realizable assets)
F. Details of asset(s) not being put up for sale / assignment during the quarter
G. Details of PUFE application
H. Details of cases pending before Courts/ Tribunals I. Receipts and Payments
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Annexure A. Constitution of Stakeholders’ Consultation Committee S. No. Name of the stakeholders/Representative Class of Stakeholders Amount Admitted Voting share (%) 1
Secured Financial Creditors
2
Unsecured Financial Creditors
3
Other operational creditors
4
Workmen/ Employees
5
Government
6
Shareholders
7
Others
Total
B. Stakeholders’ Consultation Committee meetings (Add for each meeting) Particular Details Date of meeting held during the quarter
Whether any decision taken different from the advice given by the SCC under Regulation 31A(9): (Yes / No)
In case of Yes, justification for such disagreement:
In case the gap between two consecutive meetings is more than 30 days, state the reasons:
C. Appointment/Cessation of Professionals
S.
No.
Date
of
appointment
Date
of
cessation
Name
of
Professional
Scope
of work
Fees
payable
(Amount in
Rupees)
Remark
(In
case
of
deviation
from
Regulation 7
and 31A of
liquidation
regulation)
D. Details
of
security
interest
realized/to
be
realized
by
each
secured
creditor:
(Amount in Rupees)
S.
No.
idation regulation)
D. Details
of
security
interest
realized/to
be
realized
by
each
secured
creditor:
(Amount in Rupees)
S.
No.
Name of
Secured
Creditor
Admitted
claim
Liquidation
value
of
security
interest
Amount
of
realization
by
secured creditor
Contribution
made as per
reg. 21A(2)
If
contribution
not made as
per
reg.
21A(2),
action taken
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by liquidator
E. Details of assets put up for sale during current quarter (including assignment of not readily realizable assets)
(Amount in Rupees) Sl. No.
Details
of
asset(s)
in brief
E-auction
/ Private
Sale
/
Assignme
nt
Number of
failed
auctions
Date of sale /
assignment
Estimated
Realizable
Value
in
accordance
with reg. 35
Reserve
Price
Success
ful bid
value
(if any)
Remar
k ( In
case of
deviati
on
from
Regula
tion 33
and its
schedul
e-I of
liquida
tion
regulat
ion)
1
Total
F. Details of asset(s) not being put up for sale / assignment during the quarter (Amount in Rupees) Sl. No.
Details of asset(s) in brief
Estimated
Realizable
Value
in
accordance with reg. 35
Reason(s)
1
Total
G. Details of PUFE application:
(Amount in Rupees)
Date of
filing of
application
Filed by RP /
Liquidator
Section(s) to which PUFE
transaction pertains to (43/45/50/66)
Underlying
Amount
Present status
Total
(Amount in Rupees)
Date of
filing of
application
Filed by RP /
Liquidator
Section(s) to which PUFE
transaction pertains to (43/45/50/66)
Underlying
Amount
Present status
Total
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H. Details of cases pending before Courts/ Tribunals
-
Case initiated by CD Court Case Number Parties (Applicants and Respondents) Issue in Brief
Amount involved Present Status -
Case initiated against CD Court Case Number Parties (Applicants and Respondents) Issue in Brief
Amount involved Present Status
I. Receipts and Payments
(Amount in Rupees)
Details of Receipts
At the
beginning of
the quarter
Received
during the
quarter
At the end of
the quarter
A. Balance at LCD
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
Auction sale
Private sale
Assignment of NRRA
D. Other realization
Receivables
Arbitration/ settlement proceeds
Avoidance applications
Refunds from Statutory authorities
Revenue from the business of CD as a going concern
Others
Total Receipts (A+B+C+D)
Details of Payments
At the
beginning of
the quarter
Paid during
the quarter
At the end of
the quarter
A.
usiness of CD as a going concern
Others
Total Receipts (A+B+C+D)
Details of Payments
At the
beginning of
the quarter
Paid during
the quarter
At the end of
the quarter
A. Unpaid CIRP Expenses paid during liquidation
Interim Finance, including interest
RP’s fee
Professional fee
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Cost of operating the business as a going concern during CIRP
Statutory dues
Others
B. Liquidation process cost
Liquidator fee
Support services fee
Marketing expenses
Litigation expenses (including fee paid to advocates)
Cost incurred for protecting and preserving the assets of the CD
Fee paid to other professional
Any other cost
C. Going concern cost paid
Cost incurred for running the business of the CD
Cost incurred for protecting and preserving the assets of the CD
D. Contributions repayment to CoC members
Payment to contributories, including interest, during liquidation
E. Distribution to claimants under Section 53(1)
Total Payments (A+B+C+D+E)
Balance at the end of the period (Total Receipts - Total payment)
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