Deadline For Filing E-Forms Detailing Liquidation Extended Till March By IBBI

The Insolvency and Bankruptcy Bureau of India (IBBI) has extended the deadline for insolvency professionals to submit e-forms (electronic forms) with details of liquidation till March 31.

The regulator said that the deadline has been extended since liquidators and insolvency professional agencies have been facing technical challenges in submitting these forms for cases under the insolvency law.

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

Currently, Insolvency Professionals (IPs) need to submit details to IBBI through e-mails.

The regulator has extended the deadline for the second time and the previous deadline was September 30, 2024 which eventually got extended to December 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," IBBI said in its notification.

Additionally, the regulator has also flagged that some IPs have been submitting incorrect information in these forms, for instance, entering zero values in all fields.

IPs have also been directed to make sure that the information provided is consistent and backed by appropriate documents.

IBBI aims to streamline compliance while addressing the operational challenges for stakeholders in the insolvency resolution process, through this notification.

For the time-bound resolution of stressed assets, the Insolvency and Bankruptcy Code (IBC) provides solutions and in case of no bidders, the assets are liquidated.