The Insolvency and Bankruptcy Code, 2016
IBBI (Voluntary Liquidation Process) Regulations, 2017
Chapter – IV Powers and Functions of the Liquidator
Regulation 9: Preliminary Report.
9. (1) The liquidator shall submit a Preliminary Report to the corporate person within forty five days from the liquidation commencement date, detailing-
(a) the capital structure of the corporate person;
(b) the estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate person:
Provided that if the liquidator has reasons to believe, to be recorded in writing, that the books of the corporate person are not reliable, he shall also provide such estimates based on reliable records and data otherwise available to him;
(c) Whether he intends to make any further inquiry in to any matter relating to the promotion, formation or failure of the corporate person or the conduct of the business thereof; and
(d) the proposed plan of action for carrying out the liquidation, including the timeline within which he proposes to carry it out and the estimated liquidation costs.
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