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TMI BlogInsolvency and Bankruptcy (prepackaged insolvency resolution process) Rules, 2021.X X X X Extracts X X X X X X X X Extracts X X X X ..... ed insolvency resolution process) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Application. - These rules shall apply to the matters relating to the pre-packaged insolvency resolution process. 3. Definitions. - (1) In these rules, unless the context otherwise requires, - (a) "Code" means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (b) "pre-packaged insolvency resolution process" means the insolvency resolution process for corporate persons under Chapter III-A of Part II of the Code; (c) "Form" means a Form appended to these rules; and (d) "identification number" means the limited liability partnership identification number or the corporate identity number, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e about such filing. Form-1 [See sub-rule (1) of rule 4] APPLICATION BY CORPORATE APPLICANT TO INITIATE PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS UNDER CHAPTER III-A OF THE CODE [Under section 54C of the Insolvency and Bankruptcy Code, 2016 read with rule 4 of the Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process) Rules, 2021] [Date] To, The National Company Law Tribunal [Address] From, [Name and address for correspondence of the corporate applicant] In the matter of [name of the corporate debtor] Subject: Application to initiate pre-packaged insolvency resolution process in respect of [name of the corporate debtor] under the Insolvency and Bankruptcy Code, 2016. Madam/Sir, We, hereby submit this applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (ATTACH PROOF THEREOF) 9. DOCUMENTATION TO SHOW THAT THE CORPORATE APPLICANT IS AUTHORISED TO INITIATE THE PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS Part-II PARTICULARS OF PROPOSED RESOLUTION PROFESSIONAL 1. NAME, ADDRESS, EMAIL ADDRESS AND THE REGISTRATION NUMBER OF THE PROPOSED RESOLUTION PROFESSIONAL 2. NAMES OF THE CREDITORS, WHO HAVE APPROVED THE PROPOSAL FOR APPOINTMENT OF THE INSOLVENCY PROFESSIONAL AS THE RESOLUTION PROFESSIONAL UNDER SECTION 54A(2)(e) OF THE CODE AND VALUE OF THEIR DEBT IN PER CENT. OF DEBT OWED TO CREDITORS REQUIRED TO APPROVE SUCH PROPOSAL UNDER THAT SECTION Part-III PARTICULARS OF FINANCIAL/OPERATIONAL DEBT [CREDITOR WISE, AS APPLICABLE] 1. NA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t/speed post/by hand/electronic means to the Board. Yours sincerely Signature of person authorised to act on behalf of the corporate applicant Name in block letters Position with or in relation to the corporate applicant Address of person signing AFFIDAVIT I, [insert full name, address and occupation of deponent] do solemnly affirm and state as follows:-- 1. [Name of the corporate debtor] is eligible for a pre-packaged insolvency resolution process in accordance with section 54A of the Insolvency and Bankruptcy Code, 2016(Code) and the associated rules and regulations. 2.[Name of proposed resolution professional], is fully qualified and permitted to act as a resolution professional for the pre-packaged insolvency resolution proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal debt, (i) copy of invoice / demand notice served by an operational creditor on the corporate debtor and (ii) record of default obtained through the information utility or all documents listed in serial number 8 of part-III of this application. Annex III Approval of creditors under section 54A(2)(e) of the Code for appointment of the proposed resolution professional, as set out in Form P3 of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021. Annex IV Written consent by the proposed resolution professional as set out in Form P1 of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021. Annex V Declaration of the majority o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elevant books of accounts of the corporate debtor evidencing the default to creditors. Annex XII Copies of audited financial statements of the corporate debtor for the last two financial years and the provisional financial statements for the current financial year made up to a date not earlier than fourteen days from the date of the application. Annex XIII A statement of affairs made up to a date not earlier than fourteen days from the date of application including the following document, namely:- (a) a list of the corporate debtor's assets and liabilities, divided into such categories as are appropriate for easy identification, with estimated values assigned to each category; (b) in the case of any property on which a claim aga ..... X X X X Extracts X X X X X X X X Extracts X X X X
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