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Retention of records relating to Corporate Insolvency Resolution Process - Insolvency and Bankruptcy - IBBI/CIRP/38/2021

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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..... rocess 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 in view the above provisions and in consultation with the IPAs, the Board direct .....

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

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..... i) An IP shall preserve copies of records relating to or forming the basis of: a. his appointment as IRP or RP, including the terms of appointment; b. handing over / taking over by him; c. admission of CD into CIRP; d. public announcement; e. the constitution of CoC and CoC meetings; f. claims, verification of claims, and list of creditors; g. engagement of professionals, registered valuers, and insolvency professional entity, including work done, reports etc., submitted by them; h. information .....

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

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