Sr. No.

Compliance Requirement

Timeline / Frequency

Checklist / Action Point

Status

1

Submit first Progress Report

Within 15 days after the end of the quarter in which the liquidator is appointed

Prepare and submit the first Progress Report in the format stipulated by IBBI to the Adjudicating Authority and IBBI

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2

Submit subsequent Progress Reports

Within 15 days after the end of every quarter during which the liquidator acts

Prepare and submit a Progress Report for each relevant quarter

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3

Progress Report upon cessation of liquidator

Within 15 days of cessation

If the liquidator ceases to act during the liquidation, file a Progress Report covering the quarter up to the date of cessation

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4

Report appointment of professionals

In every relevant Progress Report

Disclose appointment, tenure and cessation of appointment of professionals engaged during liquidation

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5

Report settlement of list of stakeholders

Quarterly

Provide details/status of settlement of the list of stakeholders

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6

Report properties remaining to be sold/realised

Quarterly

Provide details of properties/assets remaining to be sold and realised

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7

Report distributions to stakeholders

Quarterly

Provide details of distributions made to stakeholders

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8

Report distribution of unsold property

Quarterly, where applicable

Provide details of distribution of unsold property to stakeholders

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9

Disclose liquidator's fee/remuneration

Quarterly

State fee/remuneration due to and received by the liquidator and describe activities performed

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10

Disclose professional fees

Quarterly

Provide details of remuneration/fees paid to professionals appointed by the liquidator along with activities performed

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11

Disclose other liquidation expenses

Quarterly

Report other expenses incurred by the liquidator, whether paid or unpaid

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12

Report material litigation

Quarterly / as developments occur

Provide details of developments in material litigation by or against the corporate debtor

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13

Report avoidance transaction applications

Quarterly / as applicable

Report filing of and developments in applications for avoidance of transactions under Part II of the Code

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14

Report changes in estimated liquidation costs

Quarterly / as applicable

Disclose any changes in estimated liquidation costs

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15

Enclose quarterly receipts & payments account

With every Progress Report

Enclose account showing liquidator's receipts and payments during the relevant quarter

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16

Enclose cumulative receipts & payments account

With every Progress Report

Enclose cumulative statement of receipts and payments from the liquidation commencement date

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17

Report material changes in expected realisation

With every Progress Report, where applicable

State any material change in expected realisation of property proposed to be sold and provide the basis for such change

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18

Enclose audited annual accounts

With Progress Report for 4th quarter of financial year

Enclose audited accounts of liquidator's receipts and payments for the financial year

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19

Audited accounts upon cessation

With Progress Report filed after cessation

If liquidator ceases to act, enclose audited accounts covering the part of the financial year during which he acted as liquidator

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