Regulation 40A - Model time-line for corporate insolvency resolution process - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

1 [40A. Model time-line for corporate insolvency resolution process. The following Table presents a model timeline of corporate insolvency resolution process on the assumption that the interim resolution professional is appointed on the date of commencement of the process and the time available is hundred and eighty days: 5 [ Section / Regulation Description of Activity Norm Latest Timeline Section 16(1) Commencement of CIRP and appointment of IRP . T Regulation 6(1) Public announcement inviting claims Within 3 Days of Appointment of IRP T+3 Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) Submission of claims For 14 Days from Appointment of IRP T+14 Regulation 12(2) Submission of claims Up to 90 th day of commencement T+90 Regulation 13(1) Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21 Verification of claims received under regulation 12(2) T+97 Section 21(6A) (b) / Regulation 16A Application for appointment of AR Within 2 days from verification of claims received under regulation 12(1) T+23 Regulation 17(1) Report certifying constitution of CoC T+23 Section 22(1) / Regulation 19(2) 1 st meeting of the CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days notice. T+30 Section 22(2) Resolution to appoint RP by the CoC In the first meeting of the CoC T+30 Section 16(5) Appointment of RP On approval by the AA Regulation 17(3) IRP performs the functions of RP till the RP is appointed. If RP is not appointed by 40 th day of commencement T+40 Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 47th day of commencement. T+47 Section 12(A) / Regulation 30A Submission of application for withdrawal of application admitted Before issue of EoI W CoC to dispose of the application Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later. W+7 Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA Within 3 days of approval by CoC W+10 Regulation 35A RP to form an opinion on preferential and other transactions Within 57 days of the commencement T+75 RP to make a determination on preferential and other transactions Within 115 days of commencement T+115 RP to file applications to AA for appropriate relief Within 130 days of commencement T+130 Regulation 36 (1) Submission of IM to CoC Within 95 days of commencement T+57 Regulation 36A Publish Form G Within 60 days of commencement T+60 Invitation of EoI Submission of EoI At least 15 days from issue of EoI (Assume 15 days) T+75 Provisional List of RAs by RP Within 10 days from the last day of receipt of EoI T+85 Submission of objections to provisional list For 5 days from the date of provisional list T+90 Final List of RAs by RP Within 10 days of the receipt of objections T+100 6 [ Regulation 36B ssue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the final list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135 ] Regulation 39(4) Submission of CoC approved Resolution Plan to AA As soon as approved by the CoC T+165 Section 31(1) Approval of resolution plan by AA T+180 ] AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate Insolvency Resolution Process; CoC: Committee of Creditors; EoI: Expression of Interest; IM: Information Memorandum; IRP: Interim Resolution Professional; RA: Resolution Applicant; RP: Resolution Professional; RFRP: Request for Resolution Plan. ] ******** Notes 1. Inserted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 2. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG048 dated 25-07-2019 before it was read as Regulation 13(1) Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21 Regulation 13(2) Verification of claims received under regulation 12(2) T+97 3. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG048 dated 25-07-2019 before it was read as Section 22(1) / Regulation 19(1) 1 st meeting of the CoC Within 7 days of the constitution of the CoC, but with seven days notice T+30 4. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG048 dated 25-07-2019 before it was read as Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 40 th day of commencement T+47 5. Substituted vide Notification No. IBBI/2022-23/GN/REG093 dated 16-09-2022 before it was read as, Section / Regulation Description of Activity Norm Latest Timeline Section 16(1) Commencement of CIRP and appointment of IRP . T Regulation 6(1) Public announcement inviting claims Within 3 Days of Appointment of IRP T+3 Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) Submission of claims For 14 Days from Appointment of IRP T+14 Regulation 12(2) Submission of claims Up to 90 th day of commencement T+90 2 [ Regulation 13(1) Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21 Verification of claims received under regulation 12(2) T+97 ] Section 21(6A) (b) / Regulation 16A Application for appointment of AR Within 2 days from verification of claims received under regulation 12(1) T+23 Regulation 17(1) Report certifying constitution of CoC T+23 3 [ Section 22 /Regulation 19(2) 1st meeting of the CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days notice. T+30 ] Section 22(2) Resolution to appoint RP by the CoC In the first meeting of the CoC T+30 Section 16(5) Appointment of RP On approval by the AA Regulation 17(3) IRP performs the functions of RP till the RP is appointed. If RP is not appointed by 40 th day of commencement T+40 4 [ Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 47th day of commencement. T+47 ] Section 12(A) / Regulation 30A Submission of application for withdrawal of application admitted Before issue of EoI W CoC to dispose of the application Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later. W+7 Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA Within 3 days of approval by CoC W+10 Regulation 35A RP to form an opinion on preferential and other transactions Within 75 days of the commencement T+75 RP to make a determination on preferential and other transactions Within 115 days of commencement T+115 RP to file applications to AA for appropriate relief Within 135 days of commencement T+135 Regulation 36 (1) Submission of IM to CoC Within 2 weeks of appointment of RP, but not later than 54 th day of commencement T+54 Regulation 36A Publish Form G Within 75 days of commencement T+75 Invitation of EoI Submission of EoI At least 15 days from issue of EoI (Assume 15 days) T+90 Provisional List of RAs by RP Within 10 days from the last day of receipt of EoI T+100 Submission of objections to provisional list For 5 days from the date of provisional list T+105 Final List of RAs by RP Within 10 days of the receipt of objections T+115 Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the provisional list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135 Regulation 39(4) Submission of CoC approved Resolution Plan to AA As soon as approved by the CoC T+165 Section 31(1) Approval of resolution plan by AA T=180 6. Substituted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the provisional list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135