Model time-line for liquidation process

Regulation 47ofInsolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

135[Model time-line for liquidation process 133 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as “sub-regulation (7)”. 134 Inserted by Notification No. IBBI/2023-24/GN/REG112,dated 12th February,2024 (w.e.f. 12.02.2024). 135 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:- “47. [Model time-line for liquidation process. The following Table presents a model timeline of liquidation process of a corporate debtor from the liquidation commencement date, assuming that the process does not include compromise or arrangement under section 230 of the Companies Act, 2013 (18 of 2013) or sale under regulation 32A: Model Timeline for Liquidation Process

Sl. No.

Section / Regulation

Description of Task Norm Latest Timeline

(Days) (1) (2) (3) (4) (5) 1 Section 33 and Commencement of liquidation and LCD 0 = T 34

appointment of liquidator 2 Section 33 (1) Public announcement in Form B Within 5 days of appointment of

T + 5 (b) (ii) /

liquidator. Reg. 12 (1, 2, 3) 3 Reg. 35 (2) Appointment of registered valuers Within 7 days of LCD T + 7 135[3A. Reg. 31A (6) First meeting of SCC Within 7 days of LCD T+7] 4 135[Section 38 Submission of claims; Within 30 days of LCD T + 30 (1), Reg. 17, 18, Intimation of decision on relinquishment of 19, 20 and 21A] security interest 5 Section 38 (5) Withdrawal/ modification of claim Within 14 days of submission of

T + 44 claim 6 Reg. 30 Verification of claims received under Within 30 days from the last date

T + 60 regulation 12(2)(b)

for receipt of claims 7 Reg. 31A Constitution of SCC Within 60 days of LCD T + 60 8 Section 40 (2) Intimation about decision of acceptance/ Within 7 days of admission or

T + 67 rejection of claim

rejection of claim 9 Reg. 31 (2) Filing the list of stakeholders 135[***] Within 45 days from the last date of

T + 75 receipt of claims 10 Section 42 Appeal by a creditor against the decision of Within 14 days of receipt of such

T + 81 the liquidator

decision 11 Reg. 13 Preliminary report to the AA Within 75 days of LCD T + 75 12 Reg. 34 Asset memorandum Within 135[30/75] days of LCD T + 135[30/75] 13 Reg. 15 (1), (2), Submission of progress reports to AA;

First progress report Q1 + 15 (3), (4) and (5), Asset Sale report to be enclosed with every Q-2 Q2 + 15 and 36

Progress Report, if sales are made Q-3 Q3 + 15 Q-4 Q4 + 15 FY: 1 Audited accounts of 15th April liquidator's receipt & payments for the financial year 14 Proviso to Reg. Progress report in case of cessation of Within 15 days of cessation as

Date of

15 (1) + 15 15 Reg. 37 (2, 3) Information to secured creditors Within 21 days of receipt of

liquidator Date of intimation from secured creditor

liquidatorintimation + 21 16 Reg. 42 (2) Distribution of the proceeds to the Within 3 months from the receipt of

cessation Date of

stakeholders

amount

Realisation

+ 90 17 Reg.10 (1) Application to AA for Disclaimer of onerous Within 6 months from the LCD T + 6 property

months 18 Reg.10 (3) Notice to persons interested in the onerous At least 7 days before making an property or contract

application to AA for 135[disclaimer]. 19 Reg. 44 Liquidation of corporate debtor. Within one year T + 365 20 135[Reg. 46 Deposit the amount of unclaimed dividends Before submission of application and undistributed proceeds

under sub-regulation (3) of regulation 45 21 Sch-1 Sl. No 12 Time period to H1 bidder to provide balance Within 90 days of the date of sale consideration

invitation to provide the balance amount.] [AA: Adjudicating Authority, LCD: Liquidation Commencement Date, SCC: Stakeholders’ Consultation Committee]

No.

n / Regul

Timeline (Days)

ation (1) (2) (3) (4) (5) 1 Sectio Commencement of liquidation LCD 0 = T n 33 and appointment of liquidator and 34 2 Sectio Public announcement Within 5 days of appointment

T + 5 n 33

of liquidator. (1) (b) (ii) / Reg. 12 3 Reg.

Appointment of registered Within 7 days of LCD T + 7 35 (2)

valuers 4 Reg. 8 First meeting of committee of Within 7 days of LCD T+ 7 creditors 5 Reg.

Submission of claims; Within 14 days of LCD T + 14 16 / Intimation of decision on Sec.

relinquishment of security 52 and interest reg. 21A

6 Reg.

Verification of claims Within 7 days of receipt of

T + 21

received under regulation 16

claims

7 Reg.

Intimation about decision of Within 7 days of admission or

T + 28

acceptance/ rejection of claim rejection of claim 8 Reg.

Filing the list of stakeholders Within 30 days from the last T + 44 31 (2)

date of receipt of claims 9 Reg.

Submission of progress First progress report Q1 + 15

15 o to cessation of liquidator

reports to AAliquidator

Second progress report Q2 + 15 cessation

11 Reg.

Distribution of the proceeds to Within 15 days from the receipt

Date of

42 (2)

the stakeholders

of amount

Realisation

+ 15 12 Reg.

Liquidation of corporate Within 180 days T + 180 44

debtor. ”.

13 [Reg.

Deposit the amount of Before submission of 46

unclaimed dividends and application under sub- undistributed proceeds

regulation (2) of regulation 45 14 Sch-1

Time period to H1 bidder to Within 90 days of the date of Sl. No provide balance sale invitation to provide the balance

consideration

amount.]

[AA: Adjudicating Authority, LCD: Liquidation Commencement Date] ]

Sl. No.

Section / Regulation

Description of Task Norm Latest Timeline

(Days) (1) (2) (3) (4) (5) 1 Section 33 and Commencement of liquidation and LCD 0 = T 34

appointment of liquidator 2 Section 33 (1) Public announcement in Form B Within 5 days of appointment of

T + 5 (b) (ii) /

T + 44 claim 6 Reg. 30 Verification of claims received under Within 30 days from the last date

T + 60 regulation 12(2)(b)

for receipt of claims 7 Reg. 31A Constitution of SCC Within 60 days of LCD T + 60 8 Section 40 (2) Intimation about decision of acceptance/ Within 7 days of admission or

T + 67 rejection of claim

rejection of claim 9 Reg. 31 (2) Filing the list of stakeholders 135[***] Within 45 days from the last date of

T + 75 receipt of claims 10 Section 42 Appeal by a creditor against the decision of Within 14 days of receipt of such

T + 81 the liquidator

First progress report Q1 + 15 (3), (4) and (5), Asset Sale report to be enclosed with every Q-2 Q2 + 15 and 36

Date of

15 (1) + 15 15 Reg. 37 (2, 3) Information to secured creditors Within 21 days of receipt of

liquidator Date of intimation from secured creditor

liquidatorintimation + 21 16 Reg. 42 (2) Distribution of the proceeds to the Within 3 months from the receipt of

cessation Date of

stakeholders

amount

Realisation

+ 90 17 Reg.10 (1) Application to AA for Disclaimer of onerous Within 6 months from the LCD T + 6 property

months 18 Reg.10 (3) Notice to persons interested in the onerous At least 7 days before making an property or contract

under sub-regulation (3) of regulation 45 21 Sch-1 Sl. No 12 Time period to H1 bidder to provide balance Within 90 days of the date of sale consideration

invitation to provide the balance amount.] [AA: Adjudicating Authority, LCD: Liquidation Commencement Date, SCC: Stakeholders’ Consultation Committee]

No.

n / Regul

Timeline (Days)

ation (1) (2) (3) (4) (5) 1 Sectio Commencement of liquidation LCD 0 = T n 33 and appointment of liquidator and 34 2 Sectio Public announcement Within 5 days of appointment

T + 5 n 33

of liquidator. (1) (b) (ii) / Reg. 12 3 Reg.

Appointment of registered Within 7 days of LCD T + 7 35 (2)

valuers 4 Reg. 8 First meeting of committee of Within 7 days of LCD T+ 7 creditors 5 Reg.

Submission of claims; Within 14 days of LCD T + 14 16 / Intimation of decision on Sec.

relinquishment of security 52 and interest reg. 21A

6 Reg.

Verification of claims Within 7 days of receipt of

T + 21

received under regulation 16

claims

7 Reg.

Intimation about decision of Within 7 days of admission or

T + 28

acceptance/ rejection of claim rejection of claim 8 Reg.

Filing the list of stakeholders Within 30 days from the last T + 44 31 (2)

date of receipt of claims 9 Reg.

Submission of progress First progress report Q1 + 15

15 o to cessation of liquidator

reports to AAliquidator

Second progress report Q2 + 15 cessation

11 Reg.

Distribution of the proceeds to Within 15 days from the receipt

Date of

42 (2)

the stakeholders

of amount

Realisation

+ 15 12 Reg.

Liquidation of corporate Within 180 days T + 180 44

debtor. ”.

13 [Reg.

Deposit the amount of Before submission of 46

unclaimed dividends and application under sub- undistributed proceeds

regulation (2) of regulation 45 14 Sch-1

Time period to H1 bidder to Within 90 days of the date of Sl. No provide balance sale invitation to provide the balance

consideration

amount.]

[AA: Adjudicating Authority, LCD: Liquidation Commencement Date] ]

Model time-line for liquidation process

Source PDF - IBBI (Liquidation Process) Regulations, 2016 (amended up to 22 September 2026)