Rules 76 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Rules 76 to 80 set out the Company Liquidator's own housekeeping: the quarterly progress report in Form WIN 37, the Official Liquidator's need for the Tribunal's sanction before taking on extra staff, the conflict-of-interest declaration of professionals the liquidator engages, the record book, and the list of registers and books of account. This article reflects the rules as amended up to the date of the MCA e-book text (consulted 3 October 2026): as notified on 24 January 2020, in force from 1 April 2020, with no amendment listed by MCA, per the MCA e-book. Check later amendments before relying on it.
The Company Liquidator files quarterly reports in Form WIN 37 under section 288(1). A professional engaged under section 291 with the Tribunal's sanction files a WIN 38 declaration forthwith. The liquidator keeps a record book for each company and, so far as applicable, twenty books and registers in Forms WIN 38 A to WIN 38 T. A trading account is verified by affidavit at least once every month, and serially numbered vouchers support every payment.
Rule 76: quarterly reports
The Company Liquidator makes quarterly reports to the Tribunal, as referred to in section 288(1), in Form WIN 37, on the progress of the winding up. The section is explained in sections 286 to 288.
Rule 77: additional or special staff for the Official Liquidator
Where the Official Liquidator thinks special or additional staff is necessary in a liquidation, he applies to the Tribunal for sanction. The Tribunal may sanction such staff as it thinks fit, on the salaries and allowances it considers appropriate. The rule is addressed to the Official Liquidator and gives the Tribunal the decision on pay as well as on numbers.
Rule 78: professional's declaration
The professional referred to in section 291, appointed by the Company Liquidator with the sanction of the Tribunal, files a declaration in Form WIN 38 disclosing any conflict of interest or lack of independence in respect of the appointment, with the Tribunal forthwith. The register forms in rule 80 carry the same stem, WIN 38 A and so on; they are separate forms.
Rule 79: the record book
The Company Liquidator keeps a record book for each company. It records:
- the minutes of all proceedings and resolutions passed at any meeting of creditors, contributories or the advisory committee;
- the substance of all orders passed by the Tribunal in the liquidation proceedings; and
- all other matters, apart from matters of account, necessary to give a correct view of the administration of the company's affairs.
If you are a Company Liquidator or a creditor reviewing a liquidator's record, our legal dispute resolution team can help you assess whether the books meet the rules.
Rule 80: registers and books of account
80(1): the list
The Company Liquidator maintains the following books, so far as applicable, in respect of the company under winding up, following the instructions in each form:
| Letter | Register or book | Form |
|---|---|---|
| (a) | Register of Liquidations | WIN 38 A |
| (b) | Central Cash Book | WIN 38 B |
| (c) | Company's Cash Book | WIN 38 C |
| (d) | General Ledger | WIN 38 D |
| (e) | Cashier's Cash Book | WIN 38 E |
| (f) | Bank Ledger | WIN 38 F |
| (g) | Register of Assets | WIN 38 G |
| (h) | Securities and Investment Register | WIN 38 H |
| (i) | Register of Book Debts and Outstandings | WIN 38 I |
| (j) | Tenants Ledger | WIN 38 J |
| (k) | Suits Register | WIN 38 K |
| (l) | Decree Register | WIN 38 L |
| (m) | Sales Register | WIN 38 M |
| (n) | Register of Claims and Dividends | WIN 38 N |
| (o) | Contributories Ledger | WIN 38 O |
| (p) | Dividends Paid Register | WIN 38 P |
| (q) | Suspense Register | WIN 38 Q |
| (r) | Documents Register | WIN 38 R |
| (s) | Books Register | WIN 38 S |
| (t) | Register of unclaimed dividends and undistributed assets deposited into the companies liquidation account in the bank | WIN 38 T |
80(2) to (5): other books and accounts
- Other books (80(2)). In addition, the liquidator keeps such other books as are necessary for the proper and efficient working of his office, such as a petty cash register, correspondence register, despatch register and a daily register of money orders and cheques received.
- Incomplete accounts (80(3)). Where the company's accounts are incomplete, the liquidator, with all convenient speed, as soon as the winding-up order is made, has them completed and brought up to date.
- Carrying on the business (80(4)). Where the liquidator is authorised to carry on the company's business, he keeps separate books for it, as far as possible in conformity with the company's own, and incorporates the total weekly receipts and payments of the trading account in the winding-up cash book and the company's cash book. The trading account is verified by affidavit from time to time, not less than once in every month, and the liquidator submits it to the advisory committee, or a member appointed by it for the purpose, who examines and certifies it.
- Vouchers (80(5)). The liquidator keeps proper vouchers for all payments and expenses, serially numbered.
The Act's provisions on the liquidator's books and their audit are in sections 293 and 294.
What each rule requires
| Rule | Who | Requirement | Period or form as printed |
|---|---|---|---|
| 76 | Company Liquidator | Quarterly progress reports | Form WIN 37 |
| 77 | Official Liquidator | Apply for sanction of special or additional staff | Tribunal fixes pay |
| 78 | Professional | Declaration of conflict of interest | Form WIN 38; forthwith |
| 79 | Company Liquidator | Record book | Per company |
| 80(1) | Company Liquidator | Twenty books and registers | Forms WIN 38 A to T, so far as applicable |
| 80(4) | Company Liquidator | Trading account verified by affidavit | Not less than once in every month |
| 80(5) | Company Liquidator | Vouchers | Serially numbered |
Example
The Company Liquidator of Sunrise Hotels Limited is authorised to run the hotel while it is sold as a going concern. He keeps separate trading books, brings the weekly totals into the winding-up cash book, verifies the trading account by affidavit every month and gives it to the advisory committee's nominated member to examine and certify. He engages a valuer with the Tribunal's sanction, and the valuer files WIN 38 forthwith. Every payment has a serially numbered voucher, and a Tenants Ledger records the rents due from the shops in the building.
Need help with a liquidator's records?
Records are where a liquidator's work is audited and where disputes about it begin. Our team can help liquidators set up the books and creditors or committees review them through legal dispute resolution.
Key takeaways
- Quarterly progress reports go to the Tribunal in Form WIN 37.
- Extra staff for the Official Liquidator need the Tribunal's sanction.
- A professional engaged with the Tribunal's sanction files a WIN 38 conflict declaration forthwith.
- The record book carries minutes, orders and all non-accounting matters needed to give a correct view of the administration.
- Twenty registers and books, WIN 38 A to T, apply so far as applicable, with monthly affidavit verification of any trading account.
Read next
- Rules 66–75: proxies at meetings
- Rules 81–90: bank accounts, dividend account and investment
- Sections 293 and 294: liquidator's books and audit
- Sections 286 to 288: advisory committee and reports
Disclaimer: Based on the Companies Act, 2013 rules named above as consolidated in the MCA e-book (consulted on 3 October 2026), with the later notifications the article names. Later amendments, fees, forms and the Companies Act, 2013 provisions referred to should be checked. This article is general information, not legal advice; check the official text before acting.