Please find the following update under IBBI
| Form No | Period Covered and Scope | Timeline |
| VL 1 | This includes details of the Corporate Debtor (CD) and the details of the Voluntary Liquidation Process | On or before the 10th day of the second month after the public announcement |
| VL 2 | Details of the meetings of contributories with the reasons for delay in the process and details of replacement of liquidator, if any. | On or before the 10th day of the subsequent month, after the meeting of contributories or replacement of liquidator |
| VL 3 | Details of dissolution application, details of Unclaimed Proceeds, Details of realisation and distribution made to stakeholders, Details of Pending Litigations, Detection of Fraud or Insolvency, if any | On or before the 10th day of the subsequent month, after submission of the dissolution application of the CP or withdrawal/suspension application for the voluntary liquidation process, to the Adjudicating Authority. |
| VL 4 | Details of order for Dissolution: This includes details of, the distribution of proceeds, Receipts and Payments, etc. (The details required in these forms are carried forward from the VL-3 form and hence need not be filled again) | On or before the 14 days of passing of the order for dissolution of the CP. or withdrawal / suspension of the voluntary liquidation process |
For the ongoing cases: in which no application for dissolution of the corporate person has been filed, the IP shall file the following forms latest by 30th September 2024:
• Form VL 1 for all cases
• Form VL 2 for cases where the process is delayed or the liquidator is replaced, as the case may be.
For cases where an application for dissolution or withdrawal / suspension of the voluntary liquidation process of the CP has been filed with AA, shall file forms VL1, VL2 and VL3 latest by 30th September 2024.
For cases where dissolution of the CP or withdrawal / suspension of voluntary liquidation process has been ordered by AA, shall file forms VL 1, VL 3, and VL 4 latest by 30th September 2024. It is clarified that an IPs who do not comply with applicable provisions of the Code and the Regulations made thereunder, shall be liable as per applicable provisions of the Code and the Regulations made thereunder for:
(i) failure to file the requisite Forms along with relevant information and records,
(ii) inaccurate and incomplete information and/or records filed in or along with a Form
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