IBBI Extends Deadline For Liquidation E-Forms Submission To March 31

Regulator Insolvency and Bankruptcy Board of India has extended the deadline till March 31 for insolvency professionals to submit electronic forms with details about liquidation and voluntary liquidation processes for cases under the insolvency law.

In a circular on Thursday, IBBI said the deadline has been extended following representations from liquidators and insolvency professional agencies, citing technical challenges in submitting the required forms.

The IBBI, in June 2024, introduced a set of forms on an electronic platform to capture the details of the liquidation processes, in order to enable systematic and transparent record keeping and seamless reporting.

Presently, Insolvency Professionals submit the requisite details to IBBI through e-mails.

This is the second time that the regulator has extended the deadline. Initially, the last date was Sept. 30, 2024, and the same was first extended till Dec. 31, 2024.

"Considering the representations and difficulties faced by the liquidators, it has been decided to extend the last date of submission of the liquidation and voluntary liquidation forms till March 31, 2025," the IBBI said in the circular.

Further, the watchdog flagged that some IPs have been submitting incorrect information in the forms, such as entering zero values in all fields.

In this regard, IPs have been directed to ensure that the information provided is truthful and consistent, and should be backed by appropriate supporting documents.

The directive aims to streamline compliance while addressing the operational challenges faced by stakeholders in the insolvency resolution process.

The Insolvency and Bankruptcy Code provides for a market-linked and time-bound resolution of stressed assets. In case, there are no bidders, then the assets concerned are liquidated.