Del. HC: Entities Restrained from Infringing Personality Rights of Actor Jackie Shroff  ||  Bom HC: Authorisation to Export Necessary Even if Exporter has License to Sell Drugs for Med. Purpose  ||  Constitution Bench Judgment Not Considered, Supreme Court Recalls Judgement Passed in 2022  ||  SC: Full Ownership of Property Under S.14 (1) Can be Claimed by Hindu Woman Only if She Possesses it  ||  Supreme Court: Can’t Apply CrPC Retrospectively to Jammu & Kashmir Before 31.10.2019  ||  Mad. HC: Ritual of Devotee Rolling Over Leaves on Which Food Was Eaten by Others, Allowed  ||  Karnataka HC: Can’t Provide Free Bus Service to Enable Voters to Reach Polling Booth  ||  Gau. HC Declares Levy of Court Fee at the rate of 7% for Grant of Probate as Unconstitutional  ||  Cal. HC: Can’t Say Retracted Statement to be Involuntary Without Being Examined by Court  ||  Supreme Court: Union Directed to Deport 17 Foreigners in Assam’s Transit Camps    

Circulation of progress reports to stakeholders- (Insolvency and Bankruptcy Board of India) (22 Feb 2024)



1. Regulation 15 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations) provides that the liquidator shall submit Progress Reports, to the Adjudicating Authority (AA) and the Insolvency and Bankruptcy Board of India (IBBI / Board) within fifteen days after the end of every quarter. Though the regulation provides the submission of progress reports to the AA and the Board, it does not get shared with the key stakeholders of the ecosystem, i.e., creditors, thus leaving them unaware of the progress in the process thereby creating information asymmetry.

2. Accordingly, it is hereby directed that the liquidator shall also share the progress reports with the members of the Stakeholders' Consultation Committee (SCC) after receiving a confidential undertaking. Further, the liquidator shall submit the progress reports under Regulation 15 till the filing of the final report under Regulation 45.

Preparation of preliminary report

3. Regulation 13 of the Liquidation Regulations mandates the liquidator to submit a Preliminary Report to the AA detailing various aspects of the corporate debtor and the intended plan of action for carrying out the liquidation process. However, the present regulation lacks SCC consultation in preparation of the preliminary report thereby risking oversight of crucial stakeholder insights.

4. Accordingly, it is hereby directed that the liquidator shall seek suggestions / observations of the members of the SCC while preparing the Preliminary Report under regulation 13 and finalise the Preliminary Report after considering such suggestions / observations, and thereafter, submit it to the AA, Board and members of SCC.

Sharing of final report, Form H, and process closure/dissolution order with IBBI

5. It is hereby directed that the liquidator shall submit a copy of Form H along with final report filed before the Adjudicating Authority as per Regulation 45, and the order for process closure/dissolution to the Board to the email ID:

6. This is issued in the exercise of the powers conferred under section 196 of the Insolvency and Bankruptcy Code, 2016.


Share :        

Disclaimer | Copyright 2024 - All Rights Reserved