IBBI Extends Deadline for Liquidation Forms Amid Technical Hurdles

The Insolvency and Bankruptcy Board of India (IBBI) has extended the deadline to March 31, 2025, for insolvency professionals to submit electronic liquidation forms. The decision follows technical difficulties faced by liquidators. IBBI stresses correct data submission to improve reporting and compliance in the insolvency process.

The Insolvency and Bankruptcy Board of India (IBBI) has extended the deadline for insolvency professionals to submit electronic liquidation forms to March 31, 2025. This extension addresses technical challenges noted by liquidators and insolvency professional agencies.

Originally, the forms were due by September 30, 2024, but the date was first pushed to December 31, 2024. The recent extension considers ongoing hurdles as the regulator strives to enhance systematic and transparent record-keeping.

IBBI has also urged professionals to submit accurate information, highlighting issues with incorrect data, such as zero values in entries. This directive aims at ensuring compliance and overcoming operational challenges in the insolvency resolution process, guided by the Insolvency and Bankruptcy Code.

(With inputs from agencies.)