Quick Summary
The Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 enable stakeholders to file a grievance or a complaint against service providers under the IBC. This was stated by the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Lok Sabha today. Besides this, the Minister stated, Insolvency and Bankruptcy Board of India (IBBI, the Regulator) also receives complaints and grievances from Cent
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FAQ :
The IBBI, under its Grievance and Complaint Handling Procedure Regulations, 2017, enables stakeholders to file complaints against service providers under the IBC and also receives grievances from various government channels.
As of July 31, 2022, the IBBI had received 6,231 complaints and grievances, and has disposed of 6,172 of them after examination.
No, the Ministry of Corporate Affairs does not have a role in the corporate insolvency resolution process (CIRP) of a corporate debtor under the IBC.
Resolution plans are formulated by resolution applicants and assessed for feasibility and viability by the Committee of Creditors (CoC) based on their commercial wisdom, before being approved by the Adjudicating Authority (AA).
Yes, Section 29A of the IBC lists categories of undesirable persons, including related parties, who are ineligible to submit a resolution plan. Resolution Professionals have a duty to conduct due diligence to ensure compliance.
The Directorate of Enforcement has taken appropriate action on one complaint against an RP. The CBI received a complaint regarding process abuse, which was forwarded to the IBBI, but no actionable material was found upon examination.
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