Preservation of records

120[Preservation of records (1) The liquidator shall preserve copies of all such records which give a complete account of the liquidation process. (2) Without prejudice to the generality of the provisions of sub-regulation (1), the liquidator shall preserve copies of records relating to or forming the basis of:- 114 Inserted by Notification No. IBBI/2022-23/GN/REG082, dated 28th April, 2022 (w.e.f. 28-04-2022). 115 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019”. 116 Inserted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). 117 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: “on the advice”. 118 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as, “consultation”. 119 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same. (3) [The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for – (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern [or a compromise or arrangement has been sanctioned under section 230 of the Companies Act, 2013]; or (b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]” 120 Inserted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022).

(a) his appointment as liquidator, including the terms of appointment; (b) handing over and taking over of the assignment; (c) admission of corporate debtor into liquidation; (d) public announcement; (e) the constitution of 121[***] committee and minutes of 122[***] committee meetings during liquidation process; (f) claims, verification of claims, and list of stakeholders; (g) details of relinquishment or otherwise by secured creditors in liquidation process; (h) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them; (i) Invitation, consideration and approval of plans / proposals / scheme received, in case of 123[***] compromise or arrangement under section 230 of the Companies Act, 2013; (j) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders; (k) statutory filings with Board and insolvency professional agencies; (l) correspondence during the liquidation process; (m) cost of liquidation process; (n) all reports, registers, documents such as 124[***] progress reports, 125[], final report prior to dissolution, various registers and books, etc. mentioned in regulations 5 and 6 of these Regulations. (o) preferential, undervalued, extortionate credit transactions or fraudulent or wrongful trading. (p) any other records, which is required to give a complete account of the process. (3) The liquidator shall preserve: (a) electronic copy of all records (physical and electronic) for a minimum period of eight years;and (b) a physical copy of records for a minimum period of three years; from the date of dissolution of the corporate debtor or closure of the liquidation process or the conclusion of any proceeding relating to the liquidation process, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later. (4) In case of replacement of liquidator, the outgoing liquidator shall handover the records under sub-regulation (1) and (2) to the new liquidator and be responsible for preserving the records not handed over, for any reason, to the new liquidator. 121 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. 122 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. 123 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “going concern sale in liquidation process or”. 124 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “preliminary report, asset memorandum,”. 125 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “asset sale report, annual status report”.

126[***] (6) The records of the corporate debtor shall be preserved by the liquidator as per the applicable laws. (7) The liquidator shall preserve the records at a secure place and shall be obliged to produce records as may be required under the Code and the Regulations made thereunder. Explanation - The records referred to in this regulation include records pertaining to the period of a liquidation process during which the liquidator acted as such, irrespective of the fact that he did not take up the assignment from its commencement or continued the assignment till its conclusion.]