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Retention of records relating to Corporate Insolvency Resolution Process - Insolvency and Bankruptcy - IBBI/CIRP/37/2021

Extract

..... read with various Regulations require an insolvency professional (IP) to maintain several records in relation to the assignments conducted by him under the Code. Keeping in view the importance of such records, clause (g) of sub-regulation (2) of regulation 7 of the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations) provides that the registration granted to an IP shall be subject to the condition that he maintains records of all assignments undertaken by him under the Code for at .....

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Retention of records relating to Corporate Insolvency Resolution Process - Insolvency and Bankruptcy

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..... on Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) mandates the interim resolution professional (IRP) and the resolution professional (RP) to preserve a physical as well as an electronic copy of the records relating to the corporate insolvency resolution process (CIRP) of the corporate debtor (CD), as per the record retention schedule as communicated by the Board in consultation with IPAs. 4. Keeping with the above, the Board, in consultation with the IPAs and IPs, directs as .....

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Retention of records relating to Corporate Insolvency Resolution Process - Insolvency and Bankruptcy

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..... rage, the IP shall be under obligation to produce records as may be required under the Code and the Regulations. (iv) An IP shall preserve records relating to that period of a CIRP which he has handled, irrespective of the fact that he did not continue the assignment till its conclusion. For example, an IP served for three months as RP before he was replaced by another IP, who served till conclusion of the CIRP. The former shall preserve records relating to the first three months, and the latter .....

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Retention of records relating to Corporate Insolvency Resolution Process - Insolvency and Bankruptcy

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