Quick Summary
Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 The Insolvency and Bankruptcy Board of India (IBBI/Board) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 (CIRP Regulations) on 14thJune, 2022. The amendment provides the operational creditors to furnish extracts of Form GSTR-1, For
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FAQ :
Operational creditors must now furnish extracts of Form GSTR-1, Form GSTR-3B, and e-way bills, where applicable, along with their application under section 9 of the Insolvency and Bankruptcy Code, 2016.
Corporate debtors, their promoters, or associated management personnel are now obligated to provide information in the format and timeframe requested by the resolution professional.
Creditors are required to share information regarding the corporate debtor's assets and liabilities, financial statements, and other relevant financial data, along with transaction or forensic audit reports.
The amended regulations stipulate that resolution plans must detail how avoidance applications filed after the CIRP closure will be pursued and how any proceeds will be distributed.
A definition for significant difference in valuations during CIRP has been included, and the committee of creditors can now request the appointment of a third valuer.
The amended regulations are effective from 14th June 2022.
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