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TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... n the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the principal regulations ), after regulation 4B , the following shall be inserted, namely: - 4C. Process e-mail. (1) The interim resolution professional shall open an email account and use it for all correspondences with stakeholders and in the event of his replacement by a resolution professional, shall handover the credentials of the email to him. (2) The resolution professional shall, in case of his replacement with another resolution professional or a liquidator, hand over the credentials of the email to the other resolution professional or the liquidator, as the case may be. 3. In the principal regulations , after regulation 6 , the following shall be inserted, namely:- 6A. Communication to creditors. The interim resolution professional shall send a communication along with a copy of public announcement made under regulation 6, to all the creditors as per the last available books of accounts of the corporate debtor through post or electronic means wherever the informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed (c) in Explanation to clause (a), the words geographical coordinates of fixed assets shall be inserted before the words and any other relevant details (d) the following clauses shall be inserted after clause (i), namely:- (j) company overview including snapshot of business performance, key contracts, key investment highlights and other factors which bring out the value as a going concern over and above the assets of the corporate debtor such as brought forward losses in the income tax returns, input credit of GST, key employees, key customers, supply chain linkages, utility connections and other pre-existing facilities (k) Details of business evolution, industry overview and key growth drivers in case of a corporate debtor having book value of total assets exceeding one hundred crores rupees as per the last available financial statements 8. In the principal regulations , in regulation 36A , in sub-regulation (1), for the words not later than seventy fifth day , the words not later than sixtieth day shall be substituted. 9. In the principal regulations , in regulation 36B , after sub-regulation (6) the following sub-regulation shall be inserted, na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Norm Latest Timeline Section 16(1) Commencement of CIRP and appointment of IRP . T Regulation 6(1) Public announcement inviting claims Within 3 Days 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 Regulation 12(2) Submission of claims Up to 90 th day of commencement T+90 Regulation 13(1) Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21 Verification of claims received under regulation 12(2) T+97 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 Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... At least 15 days from issue of EoI (Assume 15 days) T+75 Provisional List of RAs by RP Within 10 days from the last day of receipt of EoI T+85 Submission of objections to provisional list For 5 days from the date of provisional list T+90 Final List of RAs by RP Within 10 days of the receipt of objections T+100 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 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 14. In the principal regulations , after regulation 40C , the follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. Date of issue of provisional list of prospective resolution applicants 12. Last date for submission of objections to provisional list 13. Process email id to submit EOI Signature of the Resolution Professional Registration Number of the Resolution Professional Registered Address of the Resolution Professional For (Name of the Corporate Debtor) (Date and Place) RAVI MITAL, Chairperson [ADVT.-III/4/Exty./275/2022-23] Note : The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG004, dated 30th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022 published vide notification No. IBBI/2022-23/GN/REG091, dated the 13th September, 2022 in the Gazette ..... X X X X Extracts X X X X X X X X Extracts X X X X
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