Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ( CIRP regulations ) provides a model timeline for carrying out various activities envisaged in a corporate insolvency resolution process (CIRP). 2. Regulation 40B of the CIRP regulations require an interim resolution professional (IRP) / resolution professional (RP) to file a set of forms (CIRP 1 to CIRP 6) within seven days of completion of specific activities to enable monitoring progress of CIRP. This implies that a Form (CIRP 1 to CIRP 6) would not be filed until the related activity is not completed for whatever reason. This makes monitoring of progress difficult. Regulation 40B of CIRP regulations require filing of Form CIRP 7 within three days of due .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... y time whether one or more activity is not completed by the specified date. 4. The Form CIRP 7 shall be available for filing three days prior to the due date. The format for Form CIRP 7 is at Annexure A. 5. This circular is applicable for all the processes ongoing as on the date of this circular. 6. This is issued in exercise of the powers under clauses (aa), (g), (h), (k) of sub-section (1) of section 196 of the Insolvency and Bankruptcy Code, 2016 , and regulation 40B of the CIRP Regulations. Yours faithfully, Sd/- (Dr. Kokila Jayaram) Deputy General Manager Email: kokila.jayaram@nic.in Annexure-A Form CIRP 7 ( To be submitted to the Board by the IRP/RP online when there .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... pplicant Stay by any court/authority Any Other: _______ 1E. Reasons /Status CoC yet to approve for resolution/liquidation/withdrawal CoC approved for Withdrawal but approval from AA not received CoC approved for Resolution but approval from AA not received CoC approved for Liquidation but approval from AA not received Stay by any court/authority Any Other: _______ 2. Whether any form CIRP 7 for the same event was filed? (Y/N) E. Remarks to be provided by IRP/RP IRP/RP to provide brief details for reason for delay quoted under Section D above 100 words limit. F. Relevant order: Upload order of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X