Regulation 35A - Preferential and other transactions. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

2 [35A. Preferential and other transactions. (1) On or before the seventy-fifth day of the insolvency commencement date, the resolution professional shall form an opinion whether the corporate debtor has been subjected to any transaction covered under sections 43, 45, 50 or 66. (2) Where the resolution profesional is of the opinion that the corporate debtor has been subjected to any transactions covered under sections 43, 45, 50 or 66, he shall make a determination on or before the one hundred and fifteenth day of the insolvency commencement date, 3 [ **** ] . 5 [ (3) Where the resolution professional makes a determination under sub-regulation (2), he shall apply to the Adjudicating Authority for appropriate relief on or before the one hundred and thirtieth day of the insolvency commencement date. ]] 6 [ (3A) The resolution professional shall forward a copy of the application to the prospective resolution applicant to enable him to consider the same while submitting the resolution plan within the time initially stipulated. ] 4 [ (4) The creditors shall provide to the resolution professional, relevant extract from the audits of the corporate debtor, conducted by the creditors such as stock audit, transaction audit, forensic audit, etc. ] ************** Notes:- 1. Inserted vide No. IBBI/2017-18/GN/REG030 - Dated 27-03-2018 2. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as 1 [Identification of Resolution Applicant.- 35A. The resolution professional shall identify the prospective resolution applicants on or before the 105th day from the insolvency commencement date .] 3.Omitted vide Notification No. IBBI/2021-22/GN/REG075 dated 14-07-2021 before it was read as under intimation to the Board 4. Inserted vide Notification No. IBBI/2022-23/GN/REG084 dated 14-06-2022 5. Substituted vide Notification No. IBBI/2022-23/GN/REG093 dated 16-09-2022 before it was read as, (3) Where the resolution profesional makes a determination under sub-regulation (2), he shall apply to the Adjudicating Authority for appropriate relief on or before the one hundred and thirty-fifth day of the insolvency commencement date. 6. Inserted vide Notification No. IBBI/2022-23/GN/REG093 dated 16-09-2022