Comprehensive Timeline of Liquidation Process Activities
Explore the detailed timeline of activities involved in the liquidation process, from appointment of liquidator to the liquidation of the corporate debtor. Includes steps such as disclosure, claim submission, stakeholders committee formation, reports submission, and more.
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Presentation Transcript
ASC Group ASC Group - A twenty-five year old firm
Timeline of Liquidation Contact Us S.No Description of Activity Timeline 1 Commencement of Liquidation and appointment of Liquidator 2 Disclosure to IPA Within 3 days of appointment of Liquidator 3 Public announcement inviting claims Within 5 days of appointment of liquidator 4 Disclosure to IPA Within 3 days of making Public Announcement 5 Intimation to IBBI through mail As soon as possible 6 Appointment of Registered Valuers Within 7 days of Liquidation Commencement Date 7 Disclosure to IPA Within 3 days of appointment of Valuers 8 Submission of claim Within 30 days of Liquidation Commencement Date 9 Intimation of decision on relinquishment of security interest Within 30 days of Liquidation Commencement Date Comprehensive Solutions for Complex Matters
Timeline of Liquidation Contact Us S.No. Description of Activity Timeline 10 Withdrawal/ modification of claim Within 14 days of submission of claim 11 Verification of claims received Within 30 days from the last date for receipt of claims 12 Constitution of Stakeholders Constitution Committee Within 60 days of LCD 13 Intimation about decision of acceptance/ rejection of claim Within 7 days of admission or rejection of claim 14 Filing the list of stakeholders and announcement to public Within 45 days from the last date of receipt of claims 15 Appeal by a creditor against the decision of the liquidator Within 14 days of receipt of such decision 16 Preliminary report to the AA Within 75 days of Liquidation Commencement Date 17 Asset memorandum Within 75 days of Liquidation Commencement Date 18 Progress report in case of cessation of liquidator Within 15 days of cessation as liquidator Comprehensive Solutions for Complex Matters
Timeline of Liquidation Contact Us S.No Description of Activity Timeline 19 Submission of progress reports to AA; Asset Sale report to be enclosed with every Progress Report, if sales are made Within 15 days from the end of each quarter 15th April 20 Audited accounts of liquidator's receipt & payments for the financial year 21 Information to secured creditors Within 21 days of receipt of intimation from secured creditor 22 Application to AA for Disclaimer of onerous property Within 6 months from the Liquidation Commencement Date 23 Notice to persons interested in the onerous property or contract At least 7 days before making an application to AA for disclosure 24 Liquidation of corporate debtor Within one year Comprehensive Solutions for Complex Matters
Contact Us Contact Us www.insolvencyservices.in www.ascgroup.in Delhi Office: 73, National Park, Lajpat Nagar IV, New Delhi -110024(INDIA) Tel: +91-11-41729056/7 +91-11-41601289 Registered Office Bengaluru: 4020, Second Floor, 20th Main, 6th Block, Koramangala, Bengaluru- 560095 Noida: C -100, Sector 2, Noida-201301 Tel: +91-120-4729400 Chennai: Level2 78/132 Dr RK salai mylapore Chennai Tamil Nadu 600004 Mumbai: Sagartech Plaza, B-Wing, Office No. 605, Sakinaka, Andheri (East), Mumbai- 400072 Gurgaon: 605 Suncity Business Tower Golf Course Road, Sector 54, Gurgaon, Haryana - 122002 Tel: +91-1124-4245110/116 Branch Office Singapore: One Raffles Place, Tower 1, 27-03, Singapore- 048616 Canada: 885 Progress Ave Toronto Ontario M1H 3G3 Canada International Branch Comprehensive Solutions for Complex Matters
