IBBI Launches Revised Electronic Forms for the Liquidation Process

The Insolvency and Bankruptcy Board of India (IBBI) had previously introduced a forms framework for the liquidation process vide circular dated June 28, 2024. Following the amendment to the IBBI (Liquidation Process) Regulations, 2016 by notification dated January 2, 2026, which mandates electronic filing of forms on the IBBI’s platform, the existing forms have been comprehensively revised.

Four revised forms have been introduced, each covering a distinct stage of the liquidation process:

1. LIQ 1 covers the period from the commencement of liquidation until the public announcement, capturing details of the Corporate Debtor and the public announcement. It must be filed by the 10th of the subsequent month after the public announcement is made.

2. LIQ 2 is a quarterly progress report on the liquidation process, covering the status of the process, details of valuation, asset realisation, Preferential, Undervalued, Fraudulent and Extortionate (PUFE) applications, Stakeholders’ Consultation Committee meetings, and receipts and payments. It must be filed by the 10th of the subsequent month after the progress report is submitted to the Adjudicating Authority (AA).

3. LIQ 3 covers the period from the last progress report to the filing of the application for dissolution or closure of the liquidation process, capturing details of unclaimed proceeds, total realisations, distribution to stakeholders under Section 53, and receipts and payments for the entire liquidation period. It must be filed by the 10th of the subsequent month after the dissolution or closure application is submitted to the AA. Notably, details carried forward from the last progress report are auto-populated and need not be re-entered.

4. LIQ 4 covers the period from the filing of the dissolution or closure application to the AA’s final order, capturing details of the order, any revisions to distribution or receipts and payments reported in LIQ 3, and the status of pending PUFE applications including arrangements for pursuing them post-dissolution. It must be filed within 7 days of the AA’s order.

Each form must be digitally signed or e-signed by the IP and filed along with relevant supporting documents.

All revised forms except LIQ 2 are available on the IBBI website from January 1, 2026. LIQ 2, which is first due on or after February 1, 2026, will be made available accordingly. The existing forms stand discontinued from January 1, 2026. All subsequent filings must be made only through the revised forms by the IP who is in office as Liquidator as on the last date of the month preceding the month in which the form falls due.

Responding to requests from IPs, the IBBI has introduced a form-modification utility on its electronic platform, allowing IPs to correct errors or omissions in already-filed forms through an OTP-authenticated process. Importantly, modifications made before the due date of a form will not attract any fee, as the computation of fees under Regulation 47B commences only after the last due date of the form.

To allow IPs to familiarise themselves with the revised forms, no penalty will be levied for delayed filing during the initial quarter of January to March 2026. Beyond this grace period, non-compliance, including failure to file or filing inaccurate or incomplete information, may attract action under the Code and the regulations made thereunder.

The revised forms represent a significant upgrade to the liquidation reporting framework, with a strong emphasis on reducing repetitive data entry through auto-population and streamlining compliance for IPs. Liquidators handling active assignments should ensure timely registration on the IBBI’s electronic platform and familiarise themselves with the revised forms before the grace period expires at the end of March 2026.