The Insolvency and Bankruptcy Board of India had introduced a streamlined forms framework for liquidation monitoring vide circular dated June 28, 2024. Pursuant to the amendment to the IBBI (Liquidation Process) Regulations, 2016 notified on January 02, 2026, insolvency professionals are required to file liquidation forms electronically on the Board’s platform. In furtherance of the amended regulations, the existing liquidation forms have been comprehensively revised. The revised framework applies to all registered insolvency professionals acting as Liquidator.

The IBBI has notified revised electronic forms for the liquidation process, replacing the existing forms with effect from January 01, 2026.

Form LIQ-1 covers the period from liquidation commencement till public announcement and is required to be filed on or before the 10th day of the subsequent month after public announcement.

Form LIQ-2 covers the quarterly progress report on the liquidation process and is required to be filed on or before the 10th day of the subsequent month after submission of the progress report to the Adjudicating Authority.

Form LIQ-3 covers the period from the last progress report till submission of the application for dissolution or closure and is required to be filed on or before the 10th day of the subsequent month after submission of such application.

Form LIQ-4 covers the period from submission of the dissolution or closure application till the order of the Adjudicating Authority and is required to be filed within 7 days of disposal of the application.

All revised forms, except Form LIQ-2, are available from January 01, 2026, while Form LIQ-2 is available from February 01, 2026. The existing forms stand discontinued from January 01, 2026.

No penalty shall be levied for delayed filing during the quarter January to March 2026. A form-modification facility has been enabled on the IBBI electronic platform, and fees under Regulation 47B shall be computed only after the last due date of the form.