Recognizing the need to alleviate the compliance burden for Insolvency Professionals (IPs), the IBBI has issued a circular dated June 28, 2024, concerning the filing of forms to monitor voluntary liquidation processes un

To alleviate the compliance burden for Insolvency Professionals (IPs), a set of forms on an electronic platform has been created by the IBBI to capture the details of the voluntary liquidation process. These forms are vital for the voluntary liquidation procedure under the Insolvency and Bankruptcy Code (IBC), as they enable systematic and transparent record keeping and seamless reporting. The primary advantages of these forms include: Boosting the efficiency and effectiveness of the voluntary liquidation process. Allowing liquidators to conveniently access and submit forms online, reducing delays and enhancing efficiency. Decreasing the chances of errors and omissions, ensuring more accurate and reliable information. Form No. Period Covered and Scope Timeline VL 1 This includes details of the Corporate Debtor (CD) and the details of the Voluntary Liquidation Process On or before the 10th day of the second month after the public announcement VL 2 Details of the meetings of contributories with the reasons for delay in the process and details of replacement of liquidator, if any. On or before the 10th day of the subsequent month, after the meeting of contributories or replacement of liquidator VL3 Details of dissolution application, details of unclaimed proceeds, details of realization and distribution made to stakeholders, details of pending litigations, detection of fraud or insolvency, if any On or before the 10th day of the subsequent month, after submission of the dissolution application of the CP or withdrawal / suspension application for the voluntary liquidation process, to the Adjudicating Authority VL 4 Details of order for Dissolution: This includes details of the distribution of proceeds, receipts and payments etc. (The details required in these forms are carried forward from the VL3 form and hence need not be filled again) On or before the 14th day of passing of the order for dissolution of the CP, or withdrawal / suspension of the voluntary liquidation process