Public Announcement of the Initiation of CIRP [ Section 15 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Public Announcement of the Initiation of CIRP As per section Section 13(1)(b) ; cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15 ; Public announcement of the Initiation of CIRP Section 15 Following Particulars shall be include in the Public Announcement made by the Adjudicating Authority [ Section 15(1) ] T h e public announcement of the CIRP under the order referred to in section 13 shall contain the following information, namely: Name Address of Corporate Debtor under the Corporate Insolvency Resolution Process. Name and address of the corporate debtor under the corporate insolvency resolution process; Name of the authority with which the corporate debtor is incorporated or registered; The last date for submission of claims , as may be specified; Details of the interim resolution professional who shall be vested with the management of the corporate debtor and be responsible for receiving claims; Penalties for false or misleading claims; and The date on which the CIRP shall close , which shall be the 180 days from the date of the admission of the application under sections 7, 9 or section 10, as the case may be. Public Announcement [ Section 15(2) ] T h e public announcement under this section shall be made as prescribed under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, as mentioned above. . Public announcement. - Regulation 6 - IBBI (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional. [ Regulation 6(1) ] Explanation : 'Immediately' means not later than three days from the date of his appointment. Protocol issuance of public Announcement [ Regulation 6(2) ] The public announcement referred to in regulation 6(1) shall: (a) be in Form A of the Schedule-I; (b) be published- (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 interim resolution professional, the corporate debtor conducts material business operations; (ii) on the website, if any, of the corporate debtor; and (iii) on the website, if any, designated by the Board for the purpose, (ba) state where claim forms can be downloaded or obtained from, as the case may be; (bb) offer choice of three insolvency professionals identified under regulation 4A to act as the authorised representative of creditors in each class; and (c) provide the last date for submission of proofs of claim, which shall be fourteen days from the date of appointment of the interim resolution professional. (3) Who shall be bear the expenses of public announcement [ Regulation 6(3) ] The applicant shall bear the expenses of the public announcement which may be reimbursed by the committee to the extent it ratifies them.