IBBI releases liquidation progress report format; seeks stakeholder inputs

The IBBI has issued a new format for the submission of progress reports during liquidation process, as mandated by (liquidation process) norms, and sought stakeholder inputs by July 12.

The initiative will ensure a standardised and streamlined approach to reporting, benefitting both insolvency professionals and adjudicating authorities. Also, it will ensure consistency and clarity across all submissions.

"To streamline the process and ensure uniformity in the structure of these reports filed by the liquidators before the Adjudicating Authority, it would be beneficial for insolvency professionals (IPs) and the adjudicating authority if there were a standardised format," the Insolvency and Bankruptcy Board of India (IBBI) said.

In February this year, IBBI in a circular, mandated that these reports be shared with members of the stakeholders' consultation committee, contingent on a confidentiality agreement.

Currently, as per the IBBI's norms, the regulator outlines that the progress .