Regulations 45. Final report prior to dissolution.—

(1) When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated.

(2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same.

(3) ³⁹[The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for –

• (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or
• (b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]

²⁵ Substituted by Notification No. IBBI/2019-20/GN/REG047 dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to substitution it stood as under:
“The final report shall form part of the application for the dissolution of the corporate debtor to the Adjudicating Authority to be made under section 54.”