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TIMELINE FOR CIRP PROCESS (As per Regulation 40 A OF INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016 |
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Note: Insert date of Initiation of CIRP in Formula wise column automatically you will get all date of compliances (Applicable to editable in excel sheet only) |
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Section/Regulation |
Description of Activity |
Norm |
Days to be add in T |
Timeline |
Timeline as per desire Case (Estimate date of CIRP HERE) |
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Section 16(1) |
Commencement of CIRP and appointment of IRP |
T |
09 March 2021 |
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Regulation 6(1) |
Public announcement inviting claims |
Within 3 Days of Appointment of IRP |
3 |
T+3 |
12 March 2021 |
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Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) |
Submission of claims |
For 14 Days from Appointment of IRP |
14 |
T+14 |
23 March 2021 |
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Regulation 12(2) |
Submission of claims |
Up to 90th day of commencement |
90 |
T+90 |
07 June 2021 |
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Regulation 13(1) |
Verification of claims received under regulation 12(1) |
Within 7 days from the receipt of the claim |
21 |
T+21 |
30 March 2021 |
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Regulation 13(2) |
Verification of claims received under regulation 12(2) |
97 |
T+97 |
14 June 2021 |
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Section 21(6A) (b) / Regulation 16A |
Application for appointment of AR |
Within 2 days from verification of claims received under regulation 12(1) |
23 |
T+23 |
01 April 2021 |
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Regulation 17(1) |
Report certifying constitution of CoC |
23 |
T+23 |
01 April 2021 |
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Section 22(1) / Regulation 19(1) |
1st meeting of the CoC |
Within 7 days of the constitution of the CoC, but with seven days’ notice |
30 |
T+30 |
08 April 2021 |
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Section 22(2) |
Resolution to appoint RP by the CoC |
In the first meeting of the CoC |
30 |
T+30 |
08 April 2021 |
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Section 16(5) |
Appointment of RP |
On approval by the AA |
……….. |
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Regulation 17(3) |
IRP performs the functions of RP till the RP is appointed. |
If RP is not appointed by 40th day of commencement |
40 |
T+40 |
18 April 2021 |
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Regulation 27 |
Appointment of valuer |
Within 7 days of appointment of RP, but not later than 40th day of commencement |
47 |
T+47 |
25 April 2021 |
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Section 12(A) / Regulation 30A |
Submission of application for withdrawal of application admitted |
Before issue of EoI |
W |
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CoC to dispose of the application |
Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later. |
7 |
W+7 |
16 March 2021 |
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Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA |
Within 3 days of approval by CoC |
10 |
W+10 |
19 March 2021 |
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Regulation 35A |
RP to form an opinion on preferential and other transactions |
Within 75 days of the commencement |
75 |
T+75 |
23 May 2021 |
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RP to make a determination on preferential and other transactions |
Within 115 days of commencement |
115 |
T+115 |
02 July 2021 |
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RP to file applications to AA for appropriate relief |
Within 135 days of commencement |
135 |
T+135 |
22 July 2021 |
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Regulation 36 (1) |
Submission of IM to CoC |
Within 2 weeks of appointment of RP, but not later than 54th day of commencement |
54 |
T+54 |
02 May 2021 |
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Regulation 36A |
Publish Form G |
Invitation of EoI |
75 |
T+75 |
23 May 2021 |
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Invitation of EoI |
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Submission of EoI |
At least 15 days from issue of EoI (Assume 15 days) |
90 |
T+90 |
07 June 2021 |
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Provisional List of RAs by RP |
Within 10 days from the last day of receipt of EoI |
100 |
T+100 |
17 June 2021 |
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Submission of objections to provisional list |
For 5 days from the date of provisional list |
105 |
T+105 |
22 June 2021 |
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Final List of RAs by RP |
Within 10 days of the receipt of objections |
115 |
T+115 |
02 July 2021 |
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Regulation 36B |
Issue of RFRP, including Evaluation Matrix and IM |
Within 5 days of the issue of the provisional list |
105 |
T+105 |
22 June 2021 |
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Receipt of Resolution Plans |
At least 30 days from issue of RFRP (Assume 30 days) |
135 |
T+135 |
22 July 2021 |
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Regulation 39(4) |
Submission of CoC approved Resolution Plan to AA |
As soon as approved by the CoC |
165 |
T+165 |
21 August 2021 |
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Section 31(1) |
Approval of resolution plan by AA |
180 |
T=180 |
05 September 2021 |
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- AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate Insolvency Resolution Process;
- CoC: Committee of Creditors; EoI: Expression of Interest;
- IM: Information Memorandum;
- IRP: Interim Resolution Professional; RA: Resolution Applicant;
- RP: Resolution Professional; RFRP: Request for Resolution Plan.]
Disclaimer: This article or blog or post (by whatever name) is based on the writer’s personal views. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon. This article has been published for knowledge sharing purposes only.
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