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[Cites 0, Cited by 0] [Section 15] [Entire Act]

Union of India - Subsection

Section 15(5) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

(5)The Progress Report for the fourth quarter of the financial year shall enclose audited accounts of the liquidator's receipts and payments for the financial year:Provided that in case an insolvency professional ceases to act as liquidator, the audited accounts of his receipts and payments for that part of the financial year during which he has acted as liquidator, shall be enclosed with theProgress Report to be filed after cessation of his appointment.Illustration. - An insolvency professional becomes a liquidator on 13th February, 2017, and ceases to act as liquidator on 12th February, 2019. He shall submit Progress Reports as under:
Report No. Period covered in the Quarter Last Date of Submission of Report
1 13thFebruary - 31stMarch, 2017 15thApril, 2017
2 April - June, 2017 15thJuly, 2017
3 July - September, 2017 15thOctober, 2017
4 October - December, 2017 15thJanuary, 2018
5 January - March, 2018 15thApril, 2018
6 April - June, 2018 15thJuly, 2018
7 July - September, 2018 15thOctober, 2018
8 October - December, 2018 15thJanuary, 2019
9 January - 12thFebruary, 2019 27thFebruary, 2019
He shall submit the audited accounts of his receipts and payments as under:
Audited Account No. Period covered in the Year Last Date of Submission
1 13thFebruary - 31stMarch, 2017 15thApril, 2017
2 April - March, 2018 15thApril, 2018
3 April - 12thFebruary, 2019 27thFebruary, 2019