Regulation 40B - Filing of Forms - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

1 [40B Filing of Forms. (1) The insolvency professional, interim resolution professional or resolution professional, as the case may be, shall file the Forms, along with the enclosures thereto, on an electronic platform of the Board, as per the timelines stipulated against each Form, in the table below:- Table Form No. Period covered and scope To be filed by Timeline (1) (2) (3) (4) IP 1 Pre-Assignment: This includes consent to accept assignment as IRP / RP, the details of IP and the Applicant, the details of the person which will undergo the process, terms of consent, terms of engagement, etc. IP Within three days of signing of Form-2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 or Form-AA of the Regulations, as the case may be. CIRP 1 From Commencement of CIRP till Issue of Public Announcement: This includes details of IRP, CD, and the Applicant; admission of application by AA; public announcement; details of suggested Authorised Representatives; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. IRP Within seven days of making the Public Announcement under section 13. CIRP 2 From Public Announcement till confirmation / replacement of IRP: This includes details of Authorised Representative selected by IRPs for a class of creditors; taking over management of the CD; receipt and verification of claims; constitution of CoC, first meeting of CoC; confirmation / replacement of IRP; applications seeking co-operation of management (if any); expenses incurred on or by IRP; relationship of IRP with the CD, Financial Creditors and Professionals; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. IRP Within seven days of confirmation/ replacement of IRP under section 22. CIRP 3 From Appointment of RP till issue of IM to Members of CoC: This includes details of RP; details of registered valuers; handing over of records of CD by IRP to RP; taking over management of the CD; applications seeking co-operation of management (if any); details in IM; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. RP Within seven days of issue of IM to members of CoC under regulation 36. CIRP 4 From Issue of IM till issue of RFRP: This includes expression of interest; RFRP and modification thereof; evaluation matrix and modification thereof; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. RP Within seven days of the issue of RFRP under regulation 36B. CIRP 5 From Issue of RFRP till completion of CIRP: This includes updated list of claimants; updated CoC; details of the resolution applicants; details of resolution plans received; details of approval or rejection of resolution plans by CoC; application filed with AA for approval of resolution plan; details of resolution plan approved by the AA; initiation of liquidation, if applicable; expenses incurred on or by RP; appointment of professionals and the terms of appointment; relationship of the RP with the CD, Financial Creditors, and Professionals; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. RP Within seven days of the approval or rejection of the resolution plan under section 31 or issue of liquidation order under section 33, as the case may be, by the AA. CIRP 6 Event Specific: This includes: a. Filing of application in respect of preferential transaction, undervalued transaction, fraudulent transaction, and extortionate transaction; b. Raising interim finance; c. Commencement of insolvency resolution process of guarantors of the CD; d. Extension of period of CIRP and exclusion of time; e. Premature closure of CIRP (appeal, settlement, withdrawal, etc.); f. Request for liquidation before completion of CIRP; and g. Non implementation of resolution plan, as approved by the AA. IRP or RP, as the case may be. Within seven days of the occurrence of the relevant event. 5 [ (1A) Where any activity stated in column (2) of table below is not complete by the date specified therein, the interim resolution professional or resolution professional, as the case may be, shall file Form CIRP 7 within three days of the said date, and continue to file Form CIRP 7, every 30 days, until the said activity remains incomplete-: Sl. Activity requiring filing of Form CIRP 7, if not completed by the specified date Timeline for filing Form CIRP 7 for the first time Timeline for subsequent filing of Form CIRP 7 (1) (2) (3) (4) 1 Public announcement is not made by T+3rd day Date specified in column (2) + 3 days X+30th day, X+60th day, X+90th day and so on, till the activity is completed. ] 2 Appointment of RP is not made by T+30th day 7 [ 3 Information memorandum is not issued within 92 days from the date of public announcement 4 RFRP is not issued within 10 days from the date of issue of information memorandum to the committee 5 CIRP is not completed by T+180th day T = Insolvency commencement date, and X = Date of filing of Form CIRP 7 for the first time under column (3). Provided that subsequent filing of Form CIRP 7 shall not be made until thirty days have lapsed from the filing of an earlier Form CIRP 7. Clarification: Only one Form CIRP 7 shall be filed at any time whether one or more activity is not complete by the specified date. Illustration (a) If public announcement is not made by T+3rd day, Form CIRP 7 shall be filed by T+6th day. Thereafter, if public announcement is made on T+16th day, no further Form CIRP 7 will be filed. However, if public announcement is not made till T+33rd day, Form CIRP 7 shall be filed on T+36th day. (b) If public announcement is not made by T+3rd day, Form CIRP 7 shall be filed by T+6th day. Thereafter, if public announcement is made on T+16th day, no further Form CIRP 7 will be filed. However, if RP is not appointed by T+30th day, though Form CIRP 7 becomes due by T+33rd day, it shall be filed on 30th day from the filing of first Form CIRP 7, that is, on T+36th day. (c) If public announcement is not made by T+3rd day, Form CIRP 7 shall be filed by T+6th day. Thereafter, if either public announcement is not made till T+33rd day or RP is not appointed by T+30th day, Form CIRP 7 shall be filed on T+36th day. ] 6 [ (1B) The resolution professional shall file Form CIRP 8 intimating details of his opinion and determination under regulation 35A, on or before the one hundred and fortieth day of the insolvency commencement date: Provided that the filing of Form CIRP 8 shall not become due unless a period of thirty days has elapsed from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021. ] (2) The Board shall make available the Forms on the electronic platform and may modify them from time to time. (3) The insolvency professional or interim resolution professional or resolution professional, as the case may be, shall ensure that the Forms and its enclosures filed under this regulation are accurate and complete. 4 [ (4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st October, 2020. Example: A Form is required to be filed by 30th October, 2020. It shall be filed along with a fee as under: If filed on Fee (in Rupees) 29th October, 2020 0 30th October, 2020 0 31st October, 2020 500 Any day in November, 2020 1000 Any day in December, 2020 1500 ] (5) The insolvency professional or interim resolution professional or resolution professional, as the case may be, shall be liable to any action which the Board may take as deemed fit under the Code or any regulation made thereunder, including refusal to issue or renew Authorisation for Assignment, for- (i) failure to file a form along with requisite information and records; (ii) inaccurate or incomplete information or records filed in or along with a form; (iii) delay in filing the form. ] ************* NOTES:- 1. Inserted vide Notification No. IBBI/2019-20/GN/REG052 dated 27-11-2019 2. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG055 dated 12-02-2020 before it was read as (4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st January, 2020. Example: A Form is required to be filed by 30th January, 2020. It shall be filed along with a fee as under: If filed on Fee (in Rupees) 29th January, 2020 0 30th January, 2020 0 31st January, 2020 500 Any day in February, 2020 1000 Any day in March, 2020 1500 3. Substituted vide CORRIGENDUM No. IBBI/2019-20/GN/REG055(1) dated 14-02-2020 before it was read as Example: A Form is required to be filed by 30th April, 2020. It shall be filed along with a fee as under: If filed on Fee (in Rupees) 29th April, 2020 0 30th April, 2020 0 1st May, 2020 500 Any day in May, 2020 1000 Any day in June, 2020 1500 4. substituted vide Notification No. IBBI/2020-21/GN/REG056 dated 20-04-2020 w.e.f. 25-03-2020 before it was read as 2 [ (4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st April, 2020. 3 [ Example: A Form is required to be filed by 29th April, 2020. It shall be filed along with fee as under: If filed on Fee (in Rupees) 28th April, 2020 0 29th April, 2020 0 30th April, 2020 500 Any day in May, 2020 1000 Any day in June, 2020 1500 ]] 5. Inserted vide Notification No. IBBI/2020-21/GN/REG070 dated 15-03-2021 6. Inserted vide Notification No. IBBI/2021-22/GN/REG075 dated 14-07-2021 7. Substituted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, 3 Information memorandum is not issued within 51 days from the date of public announcement Date specified in column (2) + 3 days X+30th day, X+60 th day, X+90th day, and so on, till the activity is completed. 4 RFRP is not issued within 51 days from the date of issue of information memorandum