Section 38(1) in Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
(1)On completion of the liquidation process, the liquidator shall prepare the Final Report consisting of(a)audited accounts of the liquidation, showing receipts and payments pertaining to liquidation since the liquidation commencement date; and(b)a statement demonstrating that(i)the assets of the corporate person has been disposed of;(ii)the debt of the corporate person has been discharged to the satisfaction of the creditors;(iii)no litigation is pending against the corporate person or sufficient provision has been made to meet the obligations arising from any pending litigation.(c)a sale statement in respect of all assets containing(i)the realized value;(ii)cost of realization, if any;(iii)the manner and mode of sale;(iv)an explanation for the shortfall, if the value realized is less than the value assigned by the registered valuer in the report of the valuation of assets under section 59(3)(b)(ii) or Regulation 3(1)(b)(ii), as the case may be;(v)the person to whom the sale is made; and(vi)any other relevant details of the sale.
