Mr. X was appointed as a Liquidator in the liquidation process of ABC Limited. In the process, he is required to prepare a preliminary Report as per Regulation 9 of the Insolvency and Bankruptcy Board of India (Voluntary

Regulation 9 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 deals with provisions of Preliminary Report. Timeline for submission of Preliminary Report:- The liquidator shall submit a Preliminary Report to the corporate person within forty-five days from the liquidation commencement date. Preliminary Report shall provide for the following contents in detail- The liquidator shall submit a Preliminary Report detailing-[Regulation 9(1)] (a) the capital structure of the corporate person; (b) the estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate person: Provided that if the liquidator has reasons to believe, to be recorded in writing, that the books of the corporate person are not reliable, he shall also provide such estimates based on reliable records and data otherwise available to him; (c) Whether he intends to make any further inquiry in to any matter relating to the promotion, formation or failure of the corporate person or the conduct of the business thereof; and (d) the proposed plan of action for carrying out the liquidation, including the timeline within which he proposes to carry it out and the estimated liquidation costs.