02nd June, 2026 Circular - Formats under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (606.64 KB)

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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA 7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110 001

CIRCULAR No. IBBI/LIQ/96/2026

2nd June 2026 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on the website of the IBBI)

Subject: Formats under the Insolvency and Bankruptcy Board of India (Liquidation

Process) Regulations, 2016. The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations), as amended by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 specify various forms relating to the process to be notified by Board through circular . 2. Accordingly, in exercise of the powers conferred under section 196 of the Code read with the Liquidation Regulations, the following formats are hereby specified: Sl. No. Regulation Description Form 1.
Regulation 8B Written Consent to Act as Liquidator Form AA 2.
Regulation 12 Public Announcement Form B 3.
Regulation 15 Progress Report Form C 4.
Regulation 17 Proof of Claim by Operational Creditors except Workmen and Employees Correspondin g claim forms notified under the CIRP Regulations will be applicable* 5.
Regulation 18 Proof of Claim by Financial Creditors 6.
Regulation 19 Proof of Claim by a Workman or Employee 7.
Regulation 19 Proof of Claim by Authorised Representative of Workmen or Employees 8.
Regulation 20 Proof of Claim by any Other Stakeholder 9.
Regulation 21A Intimation of decision on security interest Form G 10.
Regulation 45 Compliance Certificate Form H 11.
Regulation 46(5) Deposit of unclaimed dividends and / or undistributed proceeds Form I

imation of decision on security interest Form G 10.
Regulation 45 Compliance Certificate Form H 11.
Regulation 46(5) Deposit of unclaimed dividends and / or undistributed proceeds Form I

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Regulation 46(7), (7D) Withdrawal from Corporate Liquidation Account Form J

• Stakeholders may use the corresponding claim forms notified under the CIRP Regulations for filing claims in liquidation. The references in the forms to IRP/RP may be understood as references to the liquidator.

3. The formats of the above Forms are enclosed at the Annexure to this Circular.
4. This Circular is issued in exercise of the powers conferred under section 196 read with section 240 of the Code.

Sd/-
(Jithesh John) Executive Director

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Annexure
FORM AA WRITTEN CONSENT TO ACT AS LIQUIDATOR
(Regulation 8B 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 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 committee proposes to appoint me as liquidator under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 for conducting liquidation process of [name of the corporate debtor].

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

3. 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 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:

e 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:

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Sl. No. Role as No. of Processes on the date of Consent (1) (2) (3) 1 Interim Resolution Professional

2 Resolution Professional of a. Corporate Debtors b. Individuals

3 Liquidator of
a. Liquidation Processes b. Voluntary Liquidation Processes

4 Bankruptcy Trustee

5 Authorised Representative

6 Any other (Please state)

Date: (Signature of the insolvency professional)
Place:

Registration No. .......]

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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]

Sl. No. PARTICULARS DETAILS (1) (2) (3) 1. Name of the corporate debtor

Date of incorporation of corporate debtor

Authority under which corporate debtor is incorporated / registered

Corporate Identity No. / Limited Liability Identification No. of corporate debtor

Address of the registered office and principal office (if any) of corporate debtor

Date of closure of Insolvency Resolution Process

Liquidation commencement date of corporate debtor

ress of the registered office and principal office (if any) of corporate debtor

Date of closure of Insolvency Resolution Process

Liquidation commencement date of corporate debtor

Name and registration number of the insolvency professional acting as liquidator

Address and e-mail of the liquidator, as registered with the Board

Address and e-mail to be used for correspondence with the liquidator

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].

Name and signature of liquidator : Date and place :

:

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FORM C FORMAT OF PROGRESS REPORT (QUARTERLY) [Under regulation 15 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)].

2. The details of the progress of the Liquidation Process for the quarter …. is as under:

A. Appointment Tenure and cessation of the professionals during the quarter (Regulation 15(2)(a)):
S. No. Name and Qualification of the Professional Date of engagement Date of cessation Description of work with duration
Fee 1 2 3

B.

ionals during the quarter (Regulation 15(2)(a)):
S. No. Name and Qualification of the Professional Date of engagement Date of cessation Description of work with duration
Fee 1 2 3

B. Liquidator’s fee during the quarter (Regulation 15(2)(c)(i) &(iii)):
Name of the Liquidator Fee due Fee received Other expenses incurred by the liquidator (mention paid or not)

C. Statement of progress in liquidation during the quarter (Regulation 15(2)(b)): S. No. Particular Remarks 1 Minutes of the meetings of the Committee [15(2)(b)(i)] enclose in annexure 2 Asset Memorandum [15(2)(b)(ii)] enclose in annexure 3 Sale Reports [15(2)(b)(iii)] enclose in annexure 4 Settlement of list of stakeholders [15(2)(b)(iv)] enclose in annexure 5 Property remained to be sold and realised [15(2)(b)(v)] enclose in annexure 6 Distribution made to stakeholders so far [15(2)(b)(vi)] enclose in annexure 7 Distribution of unsold properties [15(2)(b)(vii)] enclose in annexure

D. Development in the material litigations by or against the CD during the quarter (Regulation 15(2)(d)) S. No. Case No. Court/Authority Provision of law Last status of the case. Next date of hearing 1 2

E. Filing and development of Preferential, Undervalued, Fraudulent & Extortionate (PUFE) transaction cases during the quarter (Regulation 15(2)(e))

status of the case. Next date of hearing 1 2

E. Filing and development of Preferential, Undervalued, Fraudulent & Extortionate (PUFE) transaction cases during the quarter (Regulation 15(2)(e))

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S. No. Case No. Provisions (Sec.43, 45, 49, 50 & 66) Amount involved Last status of the case Next date of hearing 1 2

F. Changes if any in estimated liquidation cost during the quarter (Regulation 15(2)(f)) S. No. Particular of the process Old estimate Revised estimate 1 2

G. Liquidation account status. Data of respective quarter (Regulation 15(3)(a)) Particulars of receipts & payments during current quarter i.e. …. to …. Mention Opening Balance if any_______ I Particulars of Receipt Amount in INR 1 2 3

Total

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II Particulars of Payment Amount in INR 1 2 3

Total

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Mention Closing balance if any_______

Data of cumulative from LCD to date of this Progress Report (Regulation 15(3)(b)). Particulars of receipts & payments from LCD to date of the report Mention Opening Balance if any_______ I Particulars of Receipt Amount in INR 1 2 3 Total

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II Particulars of Payment Amount in INR 1 2 3 Total

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Mention Closing balance if any_______

H. Disclosure on material change in expected realisation of an asset proposed to be sold (Regulation 15(4)).

ulars of Payment Amount in INR 1 2 3 Total

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Mention Closing balance if any_______

H. Disclosure on material change in expected realisation of an asset proposed to be sold (Regulation 15(4)).

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S. No. Particulars of the asset Details of material change with reason 1 2 3

I. Audited Accounts (Regulation 15(5)). Whether it is 4th Quarter report of the FY Yes/No If yes enclose Audited Account of the receipts and payment of the FY in annexure as per Reg. 15(5). Whether the Liquidator is ceased to operate during the process Yes/No If yes, enclose Audited Account of the receipts and payment till the date of cessation in annexure Reg. 15(5).

J. Any other relevant information: _______________________

3. I (Name of Liquidator), hereby certify that the contents of this Progress Report 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:

al 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:

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FORM G INTIMATION OF DECISION ON SECURITY INTEREST [Under regulation 21A of the IBBI (Liquidation Process) Regulations, 2016]

To:
[Name & Address of Liquidator] Date: _____________

A. Details of Secured Creditor Name of Creditor PAN No. Authorised Signatory (Name & Designation)

B. Details of Security Interest Nature of Security Description of Secured Asset(s) Identification No., if any (CERSAI, ROC Charge ID, etc.) Admitted Claim (₹)

C. Decision (Strike out whichever is not applicable) I hereby elect to relinquish the security interest to the liquidation estate under section 52(1)(a) of the Code / realise the security interest under section 52(1)(b) of the Code.

Enclosures:
☐ Security creation document
☐ CERSAI / ROC Charge ID / any other identification document, if any ☐ Board resolution / authorisation
☐ Other (specify): ______________

Name & Designation: _______________________
For and on behalf of: _______________________

Signature: ___________________________ Date: _______________ Place: _______________

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_

Name & Designation: _______________________
For and on behalf of: _______________________

Signature: ___________________________ Date: _______________ Place: _______________

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FORM H COMPLIANCE CERTIFICATE [Under Regulation 45 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)].

2. The details of the Liquidation Process are as under: Sl. No. Particulars Description
   (1) (2) (3)

Name of the corporate debtor

Case No. & NCLT Bench

Date of initiation of liquidation

Date of appointment of liquidator

Date of commencement of CIRP

Name of RP during CIRP and his registration No. as IP

Name of Liquidator and his registration No. as IP

Date of Publication of Public Announcement under Form B

Date of Intimation to Registry and Information Utility, if any, about commencement of Liquidation

Date of handover of charge by RP

Date of submission of compliance, if any, directed by AA in the liquidation order and its particulars

Date of appointment of registered valuers, if any

Date of notice for uncalled capital/unpaid capital contribution

directed by AA in the liquidation order and its particulars

Date of appointment of registered valuers, if any

Date of notice for uncalled capital/unpaid capital contribution

Date of realisation of uncalled capital/unpaid capital contribution

Date of opening of liquidation account with Bank A/c details

Date of constitution of Committee

No. of meetings of Committee held

Date of submission of list of stakeholders to AA

Date of filing of progress report to AA

Fair value

Liquidation value

Date of public notices for auction (please add additional rows, if required)

Date of order of AA to dispense with the public [notice] for Auction

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3. The details of the assets as per Asset Memorandum and Final Sale Report are as under: Sl. No. Assets Mode of Sale Estimated Liquidation Value Realisation Amount (Rs.) Date of Transfer to Liquidation Account (1) (2) (3) (4) (5) (6)

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

Date of permission of the liquidator to realise the un-relinquished security interest by the secured creditor

Modified list of stakeholders and date of submission to AA

Summary of dates of realizations and distributions

Date of submission of Quarterly Progress Report-I (FY-1)

Modified list of stakeholders and date of submission to AA

Summary of dates of realizations and distributions

Date of submission of Quarterly Progress Report-I (FY-1)

Date of submission of Quarterly Progress Report-II

Date of submission of audited receipts and payment

Date of intimation to statutory authority as applicable.
a) PF b) ESI c) Income Tax Dept d) Inspector of Factory e) GST/VAT f) Others

Date of deposit of unclaimed dividends or undistributed proceeds and income and interest thereon, if any, under sub-regulations (2), (3) or (4) of regulation 46

Amount deposited into Corporate Liquidation Account: (a) Amount of unclaimed dividends (b) Amount of undistributed proceeds (c) Income referred to in sub-regulation (2) and (3) of regulation 46 (d) Interest referred to in sub-regulation (4) of regulation 46 Total

Date of submission to the Board and the Authority under sub- regulation (5) of regulation 46

Date of Final Report to AA (prior to dissolution application)

) of regulation 46 Total

Date of submission to the Board and the Authority under sub- regulation (5) of regulation 46

Date of Final Report to AA (prior to dissolution application)

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4. (a) Liquidation value of the liquidation estate:

(b) Amount realized during the liquidation process:

Sl. No. Realisations Amount (Rs.) 1. Opening balance as on liquidation commencement date (A)
Realisations (B) 2. Auctions of assets

Private sales of assets

Assignment of not readily realizable assets

Distribution of unsold asset

Others (specify)

Total (A+B)

(c) The amounts distributed to stakeholders as per section 52 or 53 of Code are as under: (Amount in Rs. lakh) Sl. No. Stakeholders* under section 53 (1) Amount Claimed Amount Admitted Amount Distributed Amount Distributed to the Amount Claimed (%) Remarks (1) (2) (3) (4) (5) (6) (7) 1 (a): CIRP Costs

2 (a): Liquidation Costs

3 (b)(i)

4 (b)(ii)

5 (c)

6 (d)

7 (e)(i)

8 (e) (ii)

9 (f)

10 (g)

11 (h)

Total

*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:

Total

*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:

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Sl. No. Particulars Details 1. Number of secured creditors who did not relinquish security interest

Liquidation value of such security interest (Rs.)

Amount of admitted claim of secured creditors (Rs.)

Total realisation from such security interest (Rs.)

Total Contribution made as per regulation 21A(2) (Rs.) (i+ii+iii)

i. Contribution made by secured creditors toward workmen's dues (Rs.)

ii. Contribution made by secured creditors toward unpaid CIRP and Liquidation Cost (Rs.)

iii. the excess of the realised value of the asset (Rs.)

Realised value received by secured creditor (Rs.)

Date of realisation by secured creditor

4B. Details of assignment of not readily realisable assets: Sl. No. Particulars Details 1. Details of the assets

Liquidation value of the assets (Rs.)

Amount realised (Rs.)

Name of the bidder

Sharing of proceeds between bidder and creditors/ corporate debtor, if any

Schedule of realisation by bidder

5. The Liquidation Process has been conducted as per the timeline indicated in regulation 47 as under: Section of the Code / Regulation No. Description of Task Timeline as per regulation 47 Actual Timeline (1) (2) (3) (4) Section 33 Commencement of LCD and Appointment of Liquidator T T

Section of the Code / Regulation No. Description of Task Timeline as per regulation 47 Actual Timeline (1) (2) (3) (4) Section 33 Commencement of LCD and Appointment of Liquidator T T

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6. 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): Sl. No. Deviation/Non- compliance observed Section of the Code / Regulation No. / Circular No. Reasons Whether rectified or not (1) (2) (3) (4) (5) 1

2

3

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

8. The details of application(s) filed / pending in respect of avoidance of transactions. Sl. No. Type of Transaction Date of Filing with Adjudicating Authority Date of Order of the Adjudicating Authority Brief of the Order (1) (2) (3) (4) (5) 1 Preferential transactions under section 43

2 Undervalued transactions under section 45

3 Extortionate credit transactions under section 50

4 Fraudulent transactions under section 66

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

4 Fraudulent transactions under section 66

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

10. 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:

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Place:

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FORM - I DEPOSIT OF UNCLAIMED DIVIDENDS AND / OR UNDISTRIBUTED PROCEEDS
[Regulation 46 (5) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016] A. Details of Liquidation Process Sl. No. Description
Particulars (1) (2) (3) 1 Name of the Corporate Debtor 2 Identification Number of CD (CIN/DIN) 3 CIRP Commencement Date 4 Liquidation Commencement Date 5 Date of Deposit into the Corporate Liquidation Account 6 Amount deposited into the Corporate Liquidation Account (Rs.) 7 Bank Account from which the amount is transferred to Corporate Liquidation Account
(a) Account No: (b) Name of Bank: (c) IFSC: (d) MICR: (e) Address of Branch of the Bank:

8 Details of the Amount (Rs.) deposited into Corporate Liquidation Account
(a) Unclaimed dividends (b) Undistributed proceeds (c) Income earned till the due date of deposit (d) Interest at the rate of twelve per cent on the amount retained beyond due date (Please show computation

dividends (b) Undistributed proceeds (c) Income earned till the due date of deposit (d) Interest at the rate of twelve per cent on the amount retained beyond due date (Please show computation of interest amount)
Total

B. Details of Stakeholders entitled to Unclaimed Dividends or Undistributed Proceeds Sl. No. Name of
stakeholde r
entitled to receive
unclaimed dividend o r
undistribu ted
proceeds Address, ph one
number an d
email addre ss
of the
stakeholder Identificat ion
Number of the stakeholde r
(PAN, CI N,
etc.)
(Please
Attach Identific ation pro of.) Amount d ue to the
stakeholde r (Rs.) Natur e of
Amou nt
due Applicab le section of
the Inco me Tax Act,
1961 or
any othe r
law unde r which t ax
is to be
deducted Amoun t
of tax
to be
deducte d
(Rs.) Reason f or unclaime d
dividend s
or
undistrib uted
proceeds Rem arks (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

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1 2

C. Details of Deposit made into the Corporate Liquidation Account I (Name of Liquidator) have deposited Rs…… (Rupees ….only) into the Corporate Liquidation Account on …. vide acknowledgment no.. … dated ……

I (Name of Liquidator) hereby certify that the details provided in this Form are true and correct to the best of my knowledge and belief, and nothing material has been concealed. (Signature)
Name of the Liquidator
IP Registration No:
Address as registered with the Board:
Email id as registered with the Board:
Date:
Place:

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ial has been concealed. (Signature)
Name of the Liquidator
IP Registration No:
Address as registered with the Board:
Email id as registered with the Board:
Date:
Place:

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FORM J WITHDRAWAL FROM CORPORATE LIQUIDATION ACCOUNT [Regulation 46(7) and (7D) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]

Sl. No. Description Particulars (1) (2) (3) 1 Name of the Corporate Debtor 2 Identification Number of CD (CIN/DIN) 3 CIRP Commencement Date 4 Liquidation Commencement Date 5 Date of Dissolution Order 6 Date of Deposit into the Corporate Liquidation Account 7 Name of the Stakeholder seeking withdrawal 8 Identification Number of the Stakeholder
(a) PAN (b) CIN
(c) Aadhaar No.

9 Address and Email Address of Stakeholder 10 Amount of Claim of the Stakeholder, admitted by the Liquidator 11 Amount of unclaimed dividends / undistributed proceeds deposited by the liquidator in the Corporate Liquidation Account against the stakeholder

12 Amount of unclaimed dividends / undistributed proceeds the Stakeholder seeks to withdraw from the Corporate Liquidation Account

13 Bank Account to which the amount is to be transferred from the Corporate Liquidation Account, if withdrawal is approved (a) Account No.: (b) Name of Bank: (c) IFSC: (d) MICR: (e) Address of Branch of the Bank:

14 Reasons for not taking dividend or proceeds during the Liquidation Process 15 Any legal disability in applying for withdrawal? (Yes / No), If yes, please provide details

nch of the Bank:

14 Reasons for not taking dividend or proceeds during the Liquidation Process 15 Any legal disability in applying for withdrawal? (Yes / No), If yes, please provide details

DECLARATION I, [Name of stakeholder], currently residing at [insert address], hereby declare and state as follows:

1. I am entitled to receive a sum of Rs…. (Rupees … only) from the Corporate Liquidation Account, as presented above.
2. In respect of the said sum or any part thereof, neither I nor any person, by my order, to my knowledge or belief, for my use, has received any manner of satisfaction or security whatsoever, save and except the following: ...............
3. I undertake to refund the entire amount with interest as decided by the Board, in case the Board finds that I am not entitled to this amount.
4. I authorise the Board to initiate appropriate legal action against me if my claim is found false at any time.

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Date: Place: (Signature of the Stakeholder)

VERIFICATION I, [Name] the stakeholder hereinabove, do hereby verify that the contents of this Form are true and correct to my knowledge and belief and no material fact has been concealed therefrom.

Verified at … on this …… day of ………., 20… (Signature of the Stakeholder)

[Note: In the case of a company or limited liability partnership, the declaration and verification shall be made by the director/manager/secretary and in the case of other entities, an officer authorised for the purpose by the entity].

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