Retention of records relating to Corporate Insolvency Resolution Process

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..... ed Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Sub: Retention of records relating to Corporate Insolvency Resolution Process The Insolvency and Bankruptcy Code, 2016 (Code) read with various Regulations require an insolvency professional (IP) to maintain seve .....

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..... tigation) Regulations, 2017 (Inspection Regulations) provides that the Board shall conduct inspection, inter alia, to ensure that the records are being maintained by an IP in the manner required under the relevant regulations. Sub-regulation (2) of regulations 4 and sub-regulation (2) of regulation 8 of the (Inspection Regulations) empower the Inspecting Authority / Investigating Authority to .....

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..... rated in electronic form for a minimum period of eight years, from the date of completion of the CIRP or the conclusion of any proceeding relating to CIRP, before the Adjudicating Authority (AA), Appellate Authority or Court, or any matter pending with the Board, whichever is later. (ii) For records other than (i) above, the IP shall maintain copies for minimum period of three years in physical .....

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..... ntinue the assignment till its conclusion. For example, an IP served for three months as RP before he was replaced by another IP, who served till conclusion of the CIRP. The former shall preserve records relating to the first three months, and the latter shall preserve records relating to the balance period of the CIRP. (v) An IP, in the matter of a CIRP, shall preserve the following copies of .....

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..... e transactions or fraudulent trading; and (o) any other records, which is required to give a complete account of the CIRP. 5. This is issued in exercise of the powers under clauses (aa) and (g) of sub-section (1) of section 196 of the Code read with regulation 39A of the CIRP Regulations . Yours faithfully, Sd/- (Dr. Kokila Jayaram) Deputy General Manager Email .....

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