Filing of list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Last updated: 30 November 2020

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The Insolvency and Bankruptcy Board of India (IBBI) has introduced a new requirement for filing the list of creditors in corporate insolvency resolution processes. This list must now be submitted via an electronic platform on the IBBI website. This measure aims to enhance transparency and allow stakeholders to easily access details of their claims.

Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110001
CIRCULAR

No. IBBI/CIRP/36/2020

27^th November, 2020

All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities
All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on website of the IBBI)

Dear Madam / Sir,

Subject: Filing of list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

The Insolvency and Bankruptcy Code read with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) require that the interim resolution professional or the resolution professional, as the case may be, shall verify every claim as on the insolvency commencement date and thereupon maintain a list of creditors, with specified details and update it. The list of creditors shall, inter alia, be filed with the Adjudicating Authority and shall also be displayed on the website, if any, of the corporate debtor.

2. Clause (ca) of sub-regulation (2) of regulation 13 of the CIRP Regulations, 2016 requires the interim resolution professional or the resolution professional to file the list of creditors on the electronic platform of the Board for dissemination on its website. The purpose of this requirement is to improve transparency and enable stakeholders to ascertain the details of their claims at a central platform.

3. The above requirement is applicable to every corporate insolvency resolution process (a) ongoing as on the date 13^th November, 2020, that is, the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020; and, (b) commencing on or after the said date.

4. In pursuance of the above, the Board has made available an electronic platform at ibbi.gov.in for filing of list of creditors as well as updating it thereof. The platform permits multiple filings by the interim resolution professional or the resolution professional, as the case may be, as and when the list of creditors is updated by him. The format of list of creditors for the purpose of filing has been finalised in consultation with the insolvency professional agencies and is placed as Annexure.

5. This Circular is issued in exercise of the powers under clause (aa) of sub-section (1) of section 196 of the Insolvency and Bankruptcy Code, 2016.

Yours sincerely,
-Sd-
(Dr. Kokila Jayaram)
Deputy General Manager
Tel: 011-2436 2832
Email: kokila.jayaram@nic.in

FAQ :

The purpose is to improve transparency and enable stakeholders to ascertain the details of their claims at a central platform.

The interim resolution professional or the resolution professional, as the case may be, is required to file the list of creditors.

The list of creditors should be filed on the electronic platform of the IBBI, available at ibbi.gov.in.

This requirement applies to processes that were ongoing as of 13th November 2020, and those commencing on or after that date.

Yes, the electronic platform permits multiple filings by the interim resolution professional or resolution professional whenever the list of creditors is updated.

The format for the list of creditors has been finalised and is placed as an Annexure to the circular.