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TMI BlogCOMPLIANCE CERTIFICATE-Regulation 39(4)-Insolvency Resolution Process for Corporate PersonsX X X X Extracts X X X X X X X X Extracts X X X X ..... olution Plan by CoC 14 Date of Filing of Resolution Plan with Adjudicating Authority 15 Date of Expiry of 180 days of CIRP 16 Date of Order extending the period of CIRP 17 Date of Expiry of Extended Period of CIRP 18 Fair Value 19 Liquidation value 20 Number of Meetings of CoC held 3. I have examined the Resolution Plan received from Resolution Applicant (………………………………..) and approved by Committee of Creditors (CoC) of [Name of the corporate debtor]. 4. I hereby certify that- (i) the said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code 2016 (Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and does not contravene any of the provisions of the law for the time being in force. (ii) the Resolution Applicant (………………………………..) has submitted an affidavit pursuant to section 30(1) of the Code confirming its eligibility under section 29A of the Code to submit resolution plan. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellip;… Total[(a) + (b)] 4 Other debts and dues Grand Total *If there are sub-categories in a category, please add rows for each sub-category. # Amount provided over time under the Resolution Plan and includes estimated value of non-cash components. It is not NPV.] 8. The interests of existing shareholders have been altered by the Resolution plan as under: Sl. No Category of Share Holder No. of Shares held before CIRP No. of Shares held after the CIRP Voting Share (%) held before CIRP Voting Share (%) held after CIRP 1 Equity 2 Preference 3 9. The compliance of the Resolution Plan is as under: Section of the Code / Regulation No. Requirement with respect to Resolution Plan Clause of Resolution Plan Compliance (Yes / No) 25(2)(h) Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the complexity and scale of operations of business of the CD? Section 29A Whether the Resolution Applicant is eligible to submit resolution plan as per final list of Resolution Professional or Order, if any, of the Adjudicating Authority? Section 30(1) Whether the Resolution Applicant has submitted an affidavit stating that it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under: Section of the Code / Regulation No. Description of Activity Latest Timeline under regulation 40A Actual Date Section 16(1) Commencement of CIRP and Appointment of IRP T T Regulation 6(1) Publication of Public Announcement T+3 Section 15(1)(c) /Regulation 12 (1) Submission of Claims T+14 Regulation 13(1) Verification of Claims T+21 Section 26(6A) / Regulation 15A Application for Appointment of Authorised Representative, if necessary T+23 Regulation 17(1) Filing of Report Certifying Constitution of CoC T+23 Section 22(1) and regulation 17(2) First Meeting of the CoC T+30 Regulation 35A Determination of fraudulent and other transactions T+115 Regulation 27 Appointment of two Registered Valuers T+47 12[Regulation 36(1) Submission of Information Memorandum to CoC T+95 Regulation 36A Invitation of EoI T+60 Publication of Form G T+60 Provisional List of Resolution Applicants T+85 Final List of Resolution Applicants T+100] Regulation 36B Issue of Request for Resolution Plan, which includes Evaluation Matrix and Information Memorandum to Resolution Applicants T+105 Section 30(6) / Regulation 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s………….. c. Contributions required to be made: Rs…………. d. Financial creditor wise contribution is as under: Sl. No. Name of financial creditor Amount to be contributed (Rs.) 1. 2. .. Total 15B. The committee has recommended under regulation 39C as under: a. Sale of corporate debtor as a going concern: Yes / No b. Sale of business of corporate debtor as a going concern: Yes / No The details of recommendation are available with the resolution professional. 15C. The committee has fixed, in consultation with the resolution professional, the fee payable to the liquidator during the liquidation period under regulation 39D.] 16. I (Name of Resolution Professional) hereby certify that the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom. (Signature) Name of the Resolution Professional: IP Registration No: Address as registered with the Board: Email id as registered with the Board: Date: Place:] ******* Notes 1. Inserted vide NOTIFICATION No. IBBI/2018-19/GN/REG031. Dated 03-07-2018 2. Substituted vide Notif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Resolution Plan: (a) provides for the payment of insolvency resolution process costs? (b) provides for the payment of the debts of operational creditors? (c) provides for the management of the affairs of the Corporate debtor? (d) provides for the implementation and supervision of the resolution plan? (e) contravenes any of the provisions of the law for the time being in force? " 9. Omitted vide Notification No. IBBI/2021-22/GN/REG075 dated 14-07-2021 before it was read as "Regulation 35A Where the resolution profesional made a determination if the corporate debtor has been subjected to any transaction of the nature covered under sections 43, 45, 50 or 66, before the one hundred and fifteenth day of the insolvency commencement date, under intimation to the Board? " 10. Inserted vide Notification No. IBBI/2021-22/GN/REG075 dated 14-07-2021 11. Inserted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 12. Substituted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, "5[Regulation 36 (1) Submission of Information Memorandum to CoC T+54 ] Regulation 36A Invitation of EoI T+75 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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