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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021 - IBBI/2020-21/GN/REG070 - Insolvency and Bankruptcy

Extract

..... r Corporate Persons) (Amendment) Regulations, 2021. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the principal regulations), after regulation 12, the following regulation shall be inserted, namely: - “12A. Updation of claim. A creditor shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.” 3. In the principal regulations, in regulation 40B, after sub-regulation (1), the following sub-regulation shall be inserted, namely: - “(1A) Where any a .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021 - IBBI/2020-21/GN/REG070 - Insolvency and Bankruptcy

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..... ther 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 d .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021 - IBBI/2020-21/GN/REG070 - Insolvency and Bankruptcy

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..... t of claim covered by guarantee, if any (Please provide details of guarantee held, the value of the guarantee, and the date it was given) Name and address of the guarantor(s) 5. Details of claim, if it is made against corporate debtor as guarantor: Amount of claim Amount of claim covered by security interest, if any (Please provide details of security interest, the value of the security, and the date it was given) Amount of claim covered by guarantee, if any (Please provide details of guarantee held, the value of the guarantee, and the date it was given) Name and address of the principal borrower 6. Details of claim, if it is made in respect of financial debt covered under clauses (h) and (i) of sub-section (8) of section 5 of the Code, ext .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021 - IBBI/2020-21/GN/REG070 - Insolvency and Bankruptcy

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..... sum or any part thereof, neither I, nor any person, by my order, to my knowledge or belief, for my use, had or received any manner of satisfaction or security whatsoever, save and except the following: [Please state 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]. 5. I undertake to update my claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date. 6. I am / I am not a related party of the corporate debtor, as defined under section 5 (24) of the Code. 7. I am eligible to join committee of creditors by virtue of proviso to section 21 (2) of the Code even though I a .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021 - IBBI/2020-21/GN/REG070 - Insolvency and Bankruptcy

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