Section 37 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.
Section 37 gives the liquidator a power to reach information systems in order to prove claims and find the assets of the liquidation estate, and gives creditors a right to ask the liquidator for financial information, which must be supplied within seven days or refused with reasons. This article reads it as per the IBBI consolidated text of the Code amended up to 12 August 2021. The Insolvency and Bankruptcy Code (Amendment) Act, 2026 does not amend section 37.
"Notwithstanding anything contained in any other law", the liquidator may access any information systems for the purpose of admission and proof of claims and identification of liquidation estate assets, from seven sources: an information utility, credit information systems, government agencies, liability systems, security systems, a database maintained by the Board and any other source the Board specifies. Creditors may require financial information, and the liquidator must provide it within seven days of the request or give reasons for not providing it.
Sub-section (1): the power and the seven sources
Section 37(1) begins "Notwithstanding anything contained in any other law for the time being in force". It says the liquidator "shall have the power to access any information systems for the purpose of admission and proof of claims and identification of the liquidation estate assets relating to the corporate debtor" from the following sources.
| Clause | Source |
|---|---|
| (a) | an information utility |
| (b) | credit information systems regulated under any law for the time being in force |
| (c) | any agency of the Central, State or Local Government including any registration authorities |
| (d) | information systems for financial and non-financial liabilities regulated under any law for the time being in force |
| (e) | information systems for securities and assets posted as security interest regulated under any law for the time being in force |
| (f) | any database maintained by the Board |
| (g) | any other source as may be specified by the Board |
The wording "notwithstanding anything contained in any other law" gives the power priority over other laws that might restrict access. The text leaves unsaid whether any of the other laws that regulate these systems impose conditions on the liquidator; the section names no such law, and this article names none.
An "information utility" is defined in section 3(21) as a person registered with the Board under section 210; see the first article on section 3 and, for the liquidator's other powers, the section 35 article. The interim resolution professional has a comparable authority in section 17(2)(c) in the corporate insolvency resolution process; see the section 17 article.
Example. Venkat Engineering Private Limited is in liquidation. The liquidator queries an information utility for recorded debts, a credit information system for a lender's records, a registry for property ownership and a database of security interests to find assets over which a charge was posted. Each is a source listed in sub-section (1).
A liquidator, or a creditor whose records may be queried, who wants to check the scope of this power can ask for a legal consultation.
Sub-sections (2) and (3): creditors' access to financial information
Section 37(2): "The creditors may require the liquidator to provide them any financial information relating to the corporate debtor in such manner as may be specified." Section 37(3): "The liquidator shall provide information referred to in sub-section (2) to such creditors who have requested for such information within a period of seven days from the date of such request or provide reasons for not providing such information."
Three points stand out.
- The right belongs to "creditors"; the section does not limit it to a class.
- The time is seven days from the request, the same figure as in section 21(10), where the resolution professional must supply financial information to the committee of creditors within seven days of a requisition.
- The liquidator has a choice: supply the information or give reasons for not supplying it. The section does not list acceptable reasons, and this article lists none.
How section 37 fits the liquidation sequence
- The liquidator is appointed under section 34 (see the section 34 article).
- He takes custody of assets and evaluates them under section 35.
- He may use section 37 to find assets and to check claims.
- Claims are dealt with in sections 38 to 42 in the consolidated text; the 2026 Act omits them from a date to be notified (see the article on sections 38 to 42).
Section 37(1) speaks of "admission and proof of claims". The 2026 Act does not change those words, although it omits sections 38 to 42 and substitutes section 35(1)(a); the Act does not say how they are to be read together, so read the sections with the Act itself.
Who is affected
- Liquidators can query the listed systems without being stopped by another law.
- Creditors can ask for financial information and expect a reply in seven days.
- Information utilities, credit information systems and government agencies are the holders of data the liquidator may reach.
- The corporate debtor and promoters should expect the liquidator to cross-check what they have declared.
The 2026 Act and later texts
The Amendment Act, 2026 (No. 6 of 2026) does not amend section 37. It amends neighbouring sections, including 34, 35 and 36, and omits sections 38 to 42. The Amendment Act, 2026 comes into force on the date or dates the Central Government notifies; the notification is not in the texts consulted, so check whether those changes have been notified. The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 carry the specified detail; the copy consulted is amended up to 22-09-2026 as printed under its title. Amendments and notifications made after 12 August 2021, other than the Amendment Act, 2026, are not in the texts consulted and should be checked.
Need help with liquidation information requests?
Whether you are a liquidator planning your searches or a creditor framing a request, a clear paper trail helps. A legal consultation can help you draft the request, track the seven-day period and respond to the liquidator's reasons if information is refused.
Key takeaways
- The liquidator may access seven kinds of information source to prove claims and identify liquidation estate assets, notwithstanding any other law.
- Creditors may require financial information relating to the corporate debtor in the manner specified.
- The liquidator must provide it within seven days of the request or give reasons for not providing it.
- Section 37 is not amended by the 2026 Act.
Read next
- Section 35: powers and duties of the liquidator
- Sections 38 to 42: claims in liquidation
- Section 34: appointment of the liquidator
- Liquidation under the IBC: when CIRP fails
Disclaimer: Based on the IBBI consolidated text of the Insolvency and Bankruptcy Code, 2016 amended up to 12 August 2021 and on the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026), which comes into force on the date or dates notified by the Central Government, as consulted on 2 October 2026. It explains the words of the statute only; commencement notifications, other amendments made after 12 August 2021, notified thresholds, the rules and IBBI regulations, and the way tribunals and courts apply these sections should be checked. This article is general information, not legal advice; check the official text before acting.