The Insolvency and Bankruptcy Code, 2016
IBBI (Voluntary Liquidation Process) Regulations, 2017
Chapter VII-Proceeds of Liquidation and Distribution of Proceeds
Regulation 38: Final Report.
38. (1) On completion of the liquidation process, the liquidator shall prepare the Final Report consisting of –
(a) audited accounts of the liquidation, showing receipts payments pertaining to liquidation since the liquidation commencement date; and
(b) a statement demonstrating that-
(i) the assets of the corporate person has been disposed of;
(ii) the debt of the corporate person has been discharged to the satisfaction of the creditors;
(iii) no litigation is pending against the corporate person or sufficient provision has been made to meet the obligations arising from any pending litigation.
(c) a sale statement in respect of all assets containing –
(i) the realized value;
(ii) cost of realization, if any;
(iii) the manner and mode of sale;
(iv) an explanation for the shortfall, if the value realized is less than the value assigned by the registered valuer in the report of the valuation of assets under section 59(3)(b)(ii) or Regulation 3(1)(b)(ii), as the case may be;
(v) the person to whom the sale is made; and
(vi) any other relevant details of the sale.
(2) The liquidator shall send the Final Report forthwith, to the Registrar and the Board.
1[(3) The liquidator shall submit the Final Report and the compliance certificate in Form-H along with the application under sub-section (7) of section 59 to the Adjudicating Authority.]
References
1. Substituted by IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2022 vide N. No. F. No. IBBI/2022-23/GN/REG.081 dated 5th April, 2022, w.e.f. 05.04.2022, for the sub-regulation:
“(3) The liquidator shall submit the Final Report to the Adjudicating Authority along with the application under section 59(7).”.
Access complete Bare Act here. To research Section and sub-section wise judgments, visit here.
Follow for daily updates: