IBBI Extends Deadline for Liquidation Form Submissions

The IBBI extended the guidelines for filing liquidation and voluntary liquidation forms to December 31, 2024, assigning responsibility to the relevant Insolvency Professionals (IPs).

The current email-based reporting process is inefficient, and liquidators face challenges due to the complexity of the liquidation process. The extension aims to simplify reporting, address inefficiencies, and enhance compliance with the prescribed format.

The circular, issued under Section 196(1) of the Insolvency and Bankruptcy Code, 2016, formalized the extension to improve reporting and complaints.