Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News
Highlights
D. Forum
What's New
Sub-Menu

Share:      

        Home        
 
Home Notifications 2018 Insolvency and Bankruptcy Insolvency and Bankruptcy - 2018 This
← Previous Next →
  • Login
  • Plus+

 

User Login
Username  
Password  
Stay sign in     

Forget password       New User/ Regiser


Register for Demo / Trial


Annual Subscription Offer

With popular demand, we introduce:-
Special offer on GST Package for Professionals
i.e. CA/CWA/CS/Advocate/Others @ 2500/- +GST



 

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

Extract

..... n sub-regulation (1), after clause (a), the following clause shall be inserted, namely: - “(aa) “class of creditors” means a class with at least ten financial creditors under clause (b) of sub-section (6A) of section 21 and the expression, “creditors in a class” shall be construed accordingly.”. 3. In the principal regulations, in regulation 3, - (a) in sub-regulation (1), in clause (c), in sub-clause (ii), for the words “ten per cent”, the words “five per cent” shall be substituted; (b) after sub-regulation (1), the following sub-regulation shall be inserted, namely:- “(1A) Where the committee decides to appoint the interim resolution professional as resolution professional or replace the interim resolution professional under section 22 or replace the resolution professional under section 27, it shall obtain the written consent of the proposed resolution professional in Form AA of the Schedule.”. 4. In the principal regulations, after regulation 4, the following sub-regulations shall be inserted, namely: - “4A. Choice of authorised representative (1) On an examination of books of account and other releva .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... of- (a) the records available with an information utility, if any; or (b) other relevant documents, including any- (i) agreement for sale; (ii) letter of allotment; (iii) receipt of payment made; or (iv) such other document, evidencing existence of debt. (3) A creditor in a class may indicate its choice of an insolvency professional, from amongst the three choices provided by the interim resolution professional in the public announcement, to act as its authorised representative.”. 9. In the principal regulations, in regulation 9, in sub-regulation (1) and (2), for the words, “proof of claim”, the words “claim with proof” shall respectively be substituted; 10. In the principal regulations, in regulation 9A, in sub-regulation (1), for the words, “proof of its claim”, the words “its claim with proof” shall be substituted. 11. In the principal regulations, in regulation 12, - (a) in sub-regulation (1), for the words, “proof of claim”, the words “claim with proof” shall be substituted; (b) for sub-regulation (2), the following sub-regulation shall be substituted, namely:- “(2) A creditor, who fails to s .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... has been agreed to between the parties. (8) The authorised representative of creditors in a class shall be entitled to receive fee for every meeting of the committee attended by him in the following manner, namely: - Number of creditors in the class Fee per meeting of the committee (Rs.) 10-100 15,000 101-1000 20,000 More than 1000 25,000 (9) The authorised representative shall circulate the agenda to creditors in a class and announce the voting window at least twenty-four hours before the window opens for voting instructions and keep the voting window open for at least twelve hours. 16B. Committee with only creditors in a class. Where the corporate debtor has only creditors in a class and no other financial creditor eligible to join the committee, the committee shall consist of only the authorised representative(s).”. 13. In the principal regulations, for regulation 17, the following regulation shall be substituted, namely: - “17. Constitution of committee. (1) The interim resolution professional shall file a report certifying constitution of the committee to the Adjudicating Authority within two days of the verification of claims received under sub-regulation (1) of r .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... th day from the insolvency commencement date” shall be substituted. 18. In the principal regulations, in regulation 29, in sub-regulation (2), for the words, “approval of the committee”, the words “approval of the committee by a vote of sixty-six per cent of voting share of the members” shall be substituted. 19. In the principal regulations, after regulation 30, the following regulation shall be inserted, namely: - “30A. Withdrawal of application. (1) An application for withdrawal under section 12A shall be submitted to the interim resolution professional or the resolution professional, as the case may be, in Form FA of the Schedule before issue of invitation for expression of interest under regulation 36A. (2) The application in sub-regulation (1) shall be accompanied by a bank guarantee towards estimated cost incurred for purposes of clauses (c) and (d) of regulation 31 till the date of application. (3) The committee shall consider the application made under sub-regulation (1) within seven days of its constitution or seven days of receipt of the application, whichever is later. (4) Where the application is approved by the committee with ninety .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... on of interest in Form G of the Schedule at the earliest, not later than seventy-fifth day from the insolvency commencement date, from interested and eligible prospective resolution applicants to submit resolution plans. (2) The resolution professional shall publish Form G- (i) in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the resolution professional, the corporate debtor conducts material business operations; (ii) on the website, if any, of the corporate debtor; (iii) on the website, if any, designated by the Board for the purpose; and (iv) in any other manner as may be decided by the committee. (3) The Form G in the Schedule shall - (a) state where the detailed invitation for expression of interest can be downloaded or obtained from, as the case may be; and (b) provide the last date for submission of expression of interest which shall not be less than fifteen days from the date of issue of detailed invitation. (4) The detailed invitation referred to in sub-regulation (3) shall- (a) specify the criteria for prospec .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... y that the prospective resolution applicant complies with- (a) the provisions of clause (h) of sub-section (2) of section 25; (b) the applicable provisions of section 29A, and (c) other requirements, as specified in the invitation for expression of interest. (9) The resolution professional may seek any clarification or additional information or document from the prospective resolution applicant for conducting due diligence under subregulation (8). (10) The resolution professional shall issue a provisional list of eligible prospective resolution applicants within ten days of the last date for submission of expression of interest to the committee and to all prospective resolution applicants who submitted the expression of interest. (11) Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list referred to in sub-regulation (10) may be made with supporting documents within five days from the date of issue of the provisional list. (12) On considering the objections received under sub-regulation (11), the resolution professional shall issue the final list of prospective resolution applicants within ten days of the last date for receipt of obje .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... t unpaid, will be paid” shall be substituted; (b) for sub-regulation (3), the following sub-regulation shall be substituted, namely: - “(3) A resolution plan shall demonstrate that - (a) it addresses the cause of default; (b) it is feasible and viable; (c) it has provisions for its effective implementation; (d) it has provisions for approvals required and the timeline for the same; and (e) the resolution applicant has the capability to implement the resolution plan.”. 27. In the principal regulations, in regulation 39, - (a) for sub-regulation (1), the following sub-regulations shall be substituted, namely: - “(1) A prospective resolution applicant in the final list may submit resolution plan or plans prepared in accordance with the Code and these regulations to the resolution professional electronically within the time given in the request for resolution plans under regulation 36B along with (a) an affidavit stating that it is eligible under section 29A to submit resolution plans; (b) an undertaking that it will provide for additional funds to the extent required for the purposes under sub-regulation (1) of regulation 38; and (c) an undertaking by the prosp .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... 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(1) 1st meeting of the CoC Within 7 days of the constitution of the CoC, but with seven 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 40th day of commencement T+40 Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 40th 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 .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... e-mail of the interim resolution professional, as registered with the Board 10. Address and e-mail to be used for correspondence with the interim resolution professional 11. Last date for submission of claims 12. Classes of creditors, if any, under clause (b) of sub-section (6A) of section 21, ascertained by the interim resolution professional Name the class(es) 13. Names of Insolvency Professionals identified to act as Authorised Representative of creditors in a class (Three names for each class) 1. 2. 3. 14. Relevant Forms and Details of authorized representatives are available at: Web link:….. Physical Address:……. Notice is hereby given that the National Company Law Tribunal has ordered the commencement of a corporate insolvency resolution process of the [name of the corporate debtor] on [insolvency commencement date]. The creditors of [name of the corporate debtor], are hereby called upon to submit their claims with proof on or before [insert the date falling fourteen days from the appointment of the interim resolution professional] to the interim resolution professional at the address mentioned against entry No. 10. The financial creditors shall submit the .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... onal 2 Resolution Professional of a. Corporate Debtors b. Individuals 3 Liquidator of a. Liquidation Processes b. Voluntary Liquidation Processes 4 Bankruptcy Trustee 5 Authorised Representative 6 Any other (Please state) (Signature of the insolvency professional) Registration No. ....... Date: Place: FORM AB WRITTEN CONSENT TO ACT AS AUTHORISED REPRESENTATIVE (Under Regulation 4A(3) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) [Date] From [Name of the insolvency professional] [Registration number of the insolvency professional] [Registered address of the insolvency professional] To The Interim Resolution Professional [name of corporate debtor] Subject: Written Consent to act as authorized representative. I, [name], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board, note that you have proposed to appoint me as the authorized representative of financial creditors in a class [specify class] in the corporate insolvency resolution process of [name of the corporate debtor]. 2. In accordance with regulation 4(A) of the IBBI (Insolvency Resolution Proce .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... en the corporate debtor and the creditor which may be set-off against the claim 8. Details of any security held, the value of the security, and the date it was given 9. Details of the bank account to which the amount of the claim or any part thereof can be transferred pursuant to a resolution plan 10. List of documents attached to this claim in order to prove the existence and non-payment of claim due to the financial creditor (Signature of financial creditor or person authorised to act on his behalf) [Please enclose the authority if this is being submitted on behalf of the financial creditor] Name in BLOCK LETTERS Position with or in relation to creditor Address of person signing *PAN number, passport, AADHAAR Card or the identity card issued by the Election Commission of India. DECLARATION I, [Name of claimant], currently residing at [insert address], do hereby declare and state as follows: - 1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement date, being the……………..day of…………..20……., actually indebted to me for a sum of Rs. [insert amount of claim]. 2. In respect of my .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... on number of the financial creditor (If an incorporated body, provide identification number and proof of incorporation. If a partnership or individual, provide identification records of all the partners or the individual) 3. Address and e-mail address of the financial creditor for correspondence. 4. Total amount of claim (in Rs.) 5. Details of documents by reference to which the debt can be substantiated 6. Details of how and when debt incurred 7. Details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the creditor which may be set-off against the claim 8. Details of any security held, the value of the security, and the date it was given 9. Details of the bank account to which the amount of the claim or any part thereof can be transferred pursuant to a resolution plan 10. List of documents attached to this claim in order to prove the existence and non-payment of claim due 11. Name of the insolvency professional who will act as the Authorised representative of creditors of the class Signature of financial creditor or person authorised to act on its behalf [Please enclose the authority if this is being submitted on behalf of the financial .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) [Date] To The Adjudicating Authority [Through the Interim Resolution Professional / Resolution Professional] [name of corporate debtor] Subject: Withdrawal of Application admitted for corporate insolvency resolution process of [name of corporate debtor] I, [name of applicant], had filed an application bearing [particulars of application, i.e, diary number/ case number] on [Date of filing] before the Adjudicating Authority under [Section 7 / Section 9/ Section 10] of the Insolvency and Bankruptcy Code, 2016. The said application was admitted by the Adjudicating Authority on [date] bearing [case number]. 2. I hereby withdraw the application bearing [particulars of application i.e, diary number/ case number] filed by me before the Adjudicating Authority under [Section 7 / Section 9/Section 10] of the Insolvency and Bankruptcy Code, 2016. 3. I request the Committee of Creditors to approve my application for withdrawal. 4. I authorize the resolution professional to file this application of withdrawal with the Adjudicating Authority on my behalf, if it is approved by .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... ication of Form G Signature of the Resolution Professional Registration Number of the Resolution Professional Registered Address of the Resolution Professional For (Name of the Corporate Debtor) (Date and Place) FORM H COMPLIANCE CERTIFICATE (Under Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 I, [Name of the resolution professional], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board with registration number [registration number], am the resolution professional for the corporate insolvency resolution process (CIRP) of [name of the corporate debtor (CD)]. 2. The details of the CIRP are as under: Sl. No. Particulars Description 1 Name of the CD 2 Date of Initiation of CIRP 3 Date of Appointment of IRP 4 Date of Publication of Public Announcement 5 Date of Constitution of CoC 6 Date of First Meeting of CoC 7 Date of Appointment of RP 8 Date of Appointment of Registered Valuers 9 Date of Issue of Invitation for EoI 10 Date of Final List of Eligible Prospective Resolution Applicants 11 Date of Invitation of Resolution Plan 12 Last Date .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... takeholders in compliance with the Code and regulations made thereunder. 7. The amounts provided for the stakeholders under the Resolution Plan is as under: (Amount in Rs. lakh) Sl. No. Category of Stakeholder* Amount Claimed Amount Admitted Amount Provided under the Plan# Amount Provided to the Amount Claimed (%) 1 Dissenting Secured Financial Creditors 2 Other Secured Financial Creditors 3 Dissenting Unsecured Financial Creditors 4 Other Unsecured Financial Creditors 5 Operational Creditors Government Workmen Employees ….. 6 Other Debts and Dues Total *If there are sub-categories in a category, please add rows for each sub-category. # Amount provided over time under the Resolution Plan and includes estimated value of non-cash components. It is not NPV. 8. The interests of existing shareholders have been altered by the Resolution plan as under: Sl. No Category of Share Holder No. of Shares held before CIRP No. of Shares held after the CIRP Voting Share (%) held before CIRP Voting Share (%) held after CIRP 1 Equity 2 Preference 3 9. The compliance of the Resolution Plan is as under: Section of the Code / Regulation No. Requirement with respect to Resolution Plan Clause of Re .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... lity to implement the resolution plan? 39(2) Whether the RP has filed applications in respect of transactions observed, found or determined by him? 10. The CIRP has been conducted as per the timeline indicated as under: Section of the Code / Regulation No. Description of Activity Latest Timeline under regulation 40A Actual Date Section 16(1) Commencement of CIRP and Appointment of IRP T T Regulation 6(1) Publication of Public Announcement T+3 Section 15(1)(c) /Regulation 12 (1) Submission of Claims T+14 Regulation 13(1) Verification of Claims T+21 Section 26(6A) / Regulation 15A Application for Appointment of Authorised Representative, if necessary T+23 Regulation 17(1) Filing of Report Certifying Constitution of CoC T+23 Section 22(1) and regulation 17(2) First Meeting of the CoC T+30 Regulation 35A Determination of fraudulent and other transactions T+115 Regulation 27 Appointment of two Registered Valuers T+47 Regulation 36 (1) Submission of Information Memorandum to CoC T+57 Regulation 36A Invitation of EoI T+75 Publication of Form G T+75 Provisional List of Resolution Applicants T+100 Final List of Resolution Applicants T+115 Regulation 36B Issue of Request for Resolution Plan, .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

..... p;…] Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published in the Gazette of India Extraordinary vide notification No. IBBI/2016-17/GN/REG004 on 30th November, 2016 and was subsequently amended by- 1) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 vide notification No. IBBI/2017-18/GN/REG013, dated the 16th August, 2017; 2) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017 vide notification No. IBBI/2017- 18/GN/REG018, dated the 5th October, 2017; 3) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017 vide notification No. IBBI/2017- 18/GN/REG019, dated the 7th November, 2017; 4) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017 vide notification No. IBBI/2017- 18/GN/REG022, dated the 31st December, 2017; 5) The Insolvency and Bankruptcy Board of India (Insolven .....

X X   X X   Extracts   X X   X X

Login / Subscribe to Access Full Page

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

X X   X X   Extracts   X X   X X

 

← Previous Next →

 

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||