Standard Formats Notified by IBBI for Voluntary Liquidation Process
The Insolvency and Bankruptcy Board of India has issued a detailed circular prescribing uniform formats for all key forms required in the voluntary liquidation of corporate persons. This move brings much‑needed standardization to documentation under the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, as amended by the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2026.
Through Circular No. IBBI/VL/97/2026 dated 2 June 2026, the Board has laid down ten distinct forms that insolvency professionals and stakeholders must now follow during different stages of the voluntary liquidation cycle. The forms cover everything from public announcement to submission of claims and handling of unclaimed amounts and closure intimations.
Legal Foundation of the Circular
Statutory Powers Invoked
The circular has been issued pursuant to the authority granted to the Board under:
Section 196of the Insolvency and Bankruptcy Code, 2016Section 240of the Insolvency and Bankruptcy Code, 2016- Relevant provisions of the
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
Under Section 196, the Board is empowered, among other functions, to regulate insolvency professionals, insolvency professional agencies and the insolvency process. Section 240 authorizes the Board to frame regulations to carry out the provisions of the Insolvency and Bankruptcy Code, 2016.
In exercise of these powers and in line with the amended VL Regulations, the Board has chosen the circular route to formally prescribe the formats to be used by insolvency professionals during voluntary liquidation.
Applicability and Target Audience
The circular is addressed to:
- All registered insolvency professionals
- All recognized insolvency professional entities
- All registered insolvency professional agencies
It is communicated via registered email IDs and is also hosted on the official website of the Insolvency and Bankruptcy Board of India to ensure easy access.
The formats apply specifically in relation to the voluntary liquidation of corporate persons conducted in accordance with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, as amended till the Second Amendment Regulations, 2026.
Overview of the Prescribed Forms
The circular consolidates and clarifies the various forms referred to in the VL Regulations, assigning each a designated Form code and linking that code directly to the relevant regulation.
Tabular Snapshot of Forms and Corresponding Regulations
The circular specifies the following ten forms:
- Form A – Linked to
Regulation 14– Public Announcement - Form B – Linked to
Regulation 16– Proof of Claim by Operational Creditors except Employees - Form C – Linked to
Regulation 17– Proof of Claim by Financial Creditors - Form D – Linked to
Regulation 18(1)– Proof of Claim by a Workman or Employee - Form E – Linked to
Regulation 18(2)– Proof of Claim by Authorised Representative of Workmen or Employees - Form F – Linked to
Regulation 19– Proof of Claim by Any Other Stakeholder - Form G – Linked to
Regulation 39(5)– Deposit of Unclaimed Dividends and/or Undistributed Proceeds into Corporate Voluntary Liquidation Account - Form H – Linked to
Regulation 38(3)– Compliance Certificate - Form I – Linked to
Regulation 39(7)– Withdrawal from Corporate Voluntary Liquidation Account - Form J – Linked to
Regulation 42(2)– Intimation for Termination of Voluntary Liquidation Proceedings
The Annexure to the circular (not reproduced here) contains the detailed field‑wise formats of each form.
Detailed Role of Each Form in the Voluntary Liquidation Lifecycle
Form A – Public Announcement (Regulation 14)
Purpose:
Form A serves as the standardized public announcement that the liquidator must issue upon commencement of the voluntary liquidation process.
Key aspects generally covered include:
- Basic particulars of the corporate person under liquidation
- Date of commencement of voluntary liquidation
- Time limit and procedure for submission of claims
- Contact details of the liquidator for all communications