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TMI BlogModel time-line for corporate insolvency resolution processX X X X Extracts X X X X X X X X Extracts X X X X ..... ys of Appointment of IRP T+3 Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) Submission of claims For 14 Days from Appointment of IRP T+14 7 [* * * * ] Regulation 13(1) Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21 8 [****] 9 [****] Section 21(6A) (b) / 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(2) 1 st meeting of the CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days notice. T+30 Section 22(2) Resolution to appoint RP by the CoC In the first meeting of the CoC T+3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the final list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135 ] Regulation 39(4) Submission of CoC approved Resolution Plan to AA As soon as approved by the CoC T+165 Section 31(1) Approval of resolution plan by AA T+180 ] AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate Insolvency Resolution Process; CoC: Committee of Creditors; EoI: Expression of Interest; IM: Information Memorandum; IRP: Interim Resolution Professional; RA: Resolution Applicant; RP: Resolution Professional; RFRP: Request for Resolution Plan. ] ************ NOTES:- 1. Inserted vide Notification No. IBBI/2018-19/GN/REG031 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication 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 3 [ Section 22 /Regulation 19(2) 1st meeting of the CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five 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 40 th day of commencement T+40 4 [ Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 47th day of commencement. T+47 ] Section 12(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proved by the CoC T+165 Section 31(1) Approval of resolution plan by AA T=180 6. Substituted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the provisional list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135 7. Omitted vide Notification No. IBBI/2024-25/GN/REG116 dated 24-09-2024 before it was read as, Regulation 12(2) Submission of claims Up to 90 th day of commencement T+90 8. Omitted vide Notification No. IBBI/2024-25/GN/REG116 dated 24-09-2024 before it was read as, Verification of claims received under regulation 12(2) 9. Omitted vide Notification No. IBBI/202 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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