Retention of records relating to Corporate Insolvency Resolution Process

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..... 2021 To All Registered Insolvency Professionals All Recognised 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 variou .....

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..... f sub-regulation (4) of regulation 3 of the IBBI (Inspection and Investigation) Regulations, 2017 (Inspection Regulations) provides that the Board may 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 regulation 4 and sub-regulation (2) of regulation 8 of the Inspection Regul .....

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..... he Board directs retention of records under regulation 39A of the CIRP Regulations as under: (i) An IP shall preserve - (a) an electronic copy of all records (physical and electronic) for a minimum period of eight years, and (b) a physical copy of physical records for minimum period of three years, from the date of completion of the CIRP or the conclusion of any proceeding relating .....

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..... g over / taking over by him; c. admission of CD into CIRP; d. public announcement; e. the constitution of CoC and CoC meetings; f. claims, verification of claims, and list of creditors; g. engagement of professionals, registered valuers, and insolvency professional entity, including work done, reports etc., submitted by them; h. information memorandum; i. all filings with the .....

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..... cular No. IBBI/CIRP/37/2021 dated 04th January, 2021 which carried minor inadvertent mistakes. 6. 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: [email protected] - .....

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