TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 2C , the following regulation shall be inserted namely: - 2D. Details of debt, default and limitation in respect of applications under section 7 or section 9. While filing an application under section 7 or 9, the financial creditor or the operational creditor, as the case may be, shall also submit along with evidence, chronology of the debt and default including the date when the debt became due, date of default, dates of part payments, if any, date of last acknowledgment of debt and the limitation applicable. 3. In the principal regulations , after regulation 3 , the following shall be inserted namely: - 3A. Assistance and cooperation by the personnel of the corporate debtor. (1) The interim resolution professional or resolution professional, as the case may be, shall take custody and control as specified under this regulation from the personnel of the corporate debtor, its promoters or any other person associated with the management o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he management of the corporate debtor as the case maybe, the assets which are recorded in the balance sheet or in any other records referred in clause (f) of section 18 and whose custody has not been handed over. (7) An application made under sub-section (2) of section 19 in respect of failure to provide any asset or record as requisitioned under the Code and this regulation, shall show presence of such asset or record in the notice of requisition and absence of such asset or record in the list of assets and records taken in control and custody under sub-regulation (2) and (3). 4. In regulation 12 of the principal regulations , (i) For sub-regulation (1), the following shall be substituted, namely:- (1) A creditor shall submit claim with proof on or before the last date mentioned in the public announcement. Provided that a creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit his claim with proof to the interim resolution professional or the resolution professional, as the case may be, up to the date of issue of request for resolution plans under regulation 36B or ninety days from the insolvency commence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offer choice of at least three insolvency professionals to the financial creditors in the class including such insolvency professional(s) proposed under sub-regulation (3A) along with the existing authorised representative. (3C) The resolution professional shall apply to the Adjudicating Authority for appointment of the authorised representative who receives the highest percentage of voting share of financial creditors in that class. (ii) For sub-regulation (8), the following shall be substituted; namely: - (8) (a) The authorised representative of creditors in a class shall be entitled to receive fee for every meeting of the committee attended by him in the following manner, namely: - Number of creditors in the class Fee per meeting of the committee (Rs.) 10-100 30,000 101-1000 40,000 More than 1000 50,000 (b) The authorised representative shall be entitled to receive fee for every meeting of the class of creditors convened by him in the following manner, namely: - Number of creditors in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny Law Appellate Tribunal, and other regulatory authorities. (11) The provisions regarding minutes of meetings in this regulation shall apply mutatis mutandis for clause (i) of sub-regulation (10). (12) The creditors in a class may propose any additional responsibility upon the authorised representative in relation to the representation of their interest in the committee. 7. In the principal regulations , for sub-regulation (1), in regulation 28 , the following shall be substituted, namely: - (1) In the event a creditor assigns or transfers the debt due to such creditor to any other person during the insolvency resolution process period, both parties shall, within seven days of such assignment or transfer, provide the interim resolution professional or the resolution professional, as the case may be, the terms of such assignment or transfer and the identity of the assignee or transferee. 8. In the principal regulations , after regulation 30A , the following regulation shall be inserted, namely: - 30B. Audit of corporate debtor (1) Any member(s) of the committee may propose an audit of the corporate debtor along with the objectives, scope, estimate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e principal regulations , in Schedule-I, for Form G the following shall be substituted as under, namely: - FORM G INVITATION FOR EXPRESSION OF INTEREST FOR [NAME OF CORPORATE DEBTOR] OPERATING IN [INDUSTRY TYPE] AT [LOCATION(S)] (Under sub-regulation (1) of regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) SL. RELEVANT PARTICULARS 1. Name of the corporate debtor along with PAN CIN/ LLP No. 2. Address of the registered office 3. URL of website 4. Details of place where majority of fixed assets are located 5. Installed capacity of main products/ services 6. Quantity and value of main products/ services sold in last financial year 7. Number of employees/ workmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
