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IBBI notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 and Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 enforced w.e.f. August 16, 2017;

This amends Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 ('principal regulations'),

Inserts Regulation 9A in both the principal regulations to provide for submission of proof claims by creditors other than those covered u/s. 7, 8 and 9 (i.e. financial and operational creditors) of the Insolvency and Bankruptcy Code, 2016 ('the Code') to the interim resolution professional or resolution professional in person, by post or electronic means;

Existence of claim can be proved on the basis of:-

(a) Record available with information utility or

(b) Other relevant documents sufficient to establish claim viz., (i) documentary evidence demanding satisfaction of the claim, (ii) bank statements of the creditor showing non-satisfaction of claim or (iii) an order of Court or Tribunal that has adjudicated upon non-satisfaction of claim, if any;

i. Mandates filing of proof of claim by financial creditor by electronic means only, whereas, allows other creditors to submit their claim either in person or by post or by electronic means;

ii. Introduces Form F for filing of proof of claim by such creditors.

Above amendment might be due to the claims of persons who had booked flats in Jaypee Infratech Limited as they were neither falling in the category of financial creditors nor operational creditors. However, this is a good step.


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Category Corporate Law, Other Articles by - CS Peer mehboob 



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