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IBBI (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2021


 Notice Date : 15 March 2021

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION

New Delhi, 15th March, 2021

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021.

No. IBBI/2020-21/GN/REG070. - In exercise of the powers conferred by clause (t) of sub­section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely: –

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the principal regulations), after regulation 12, the following regulation shall be inserted, namely: –

“12A. Updation of claim.

A creditor shall update its claim as and when the claim is satisfied, partly or fully, from any

source in any manner, after the insolvency commencement date.”

3. In the principal regulations, in regulation 40B, after sub-regulation (1), the following sub-regulation shall be inserted, namely: –

“(1A) Where any activity stated in column (2) of table below is not complete by the date specified therein, the interim resolution professional or resolution professional, as the case may be, shall file Form CIRP 7 within three days of the said date, and continue to file Form CIRP 7, every 30 days, until the said activity remains incomplete-:

Sl. Activity requiring filing of Form CIRP 7, if not completed by the specified date Timeline for
filing Form
CIRP 7 for 
the         first
time
Timeline        for subsequent filing of Form CIRP 7
(1) (2) (3) (4)
1 Public announcement is not made by T+3rd day Date specified in X+30th           day,

X+60th           day,

2 Appointment of RP is not made by T+30th day
3 Information memorandum is not issued within 51 days from column (2) + X+90th day, and
  the date of public announcement 3 days so    on,   till    the
4 RFRP is not issued within 51 days from the date of issue of information memorandum   activity              is

completed.

5 CIRP is not completed by T+180th day    

T = Insolvency commencement date, and

X = Date of filing of Form CIRP 7 for the first time under column (3).

Provided that subsequent filing of Form CIRP 7 shall not be made until thirty days have lapsed from the filing of an earlier Form CIRP 7.

Clarification: Only one Form CIRP 7 shall be filed at any time whether one or more activity is not complete by the specified date.

Illustration

(a) If public announcement is not made by T+3rd day, Form CIRP 7 shall be filed by T+6th Thereafter, if public announcement is made on T+16th day, no further Form CIRP 7 will be filed. However, if public announcement is not made till T+33rd day, Form CIRP 7 shall be filed on T+36th day.

(b) If public announcement is not made by T+3rd day, Form CIRP 7 shall be filed by T+6th Thereafter, if public announcement is made on T+16th day, no further Form CIRP 7 will be filed. However, if RP is not appointed by T+30th day, though Form CIRP 7 becomes due by T+33rd day, it shall be filed on 30th day from the filing of first Form CIRP 7, that is, on T+36th day.

(c) If public announcement is not made by T+3rd day, Form CIRP 7 shall be filed by T+6th Thereafter, if either public announcement is not made till T+33rd day or RP is not appointed by T+30th day, Form CIRP 7 shall be filed on T+36th day.”

4. In the Schedule to the principal regulations, Form C shall be substituted with the following:

“FORM C
SUBMISSION OF CLAIM BY FINANCIAL CREDITORS
(Under Regulation 8 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016)

[Date]

From

[Name and address of the financial creditor, including address of its registered office and principal office]

To
The Interim Resolution Professional / Resolution Professional
[Name of the Insolvency Resolution Professional / Resolution Professional]
[Address as set out in public announcement]

SubjectSubmission of claim and proof of claim.

Madam/Sir,

[Name of the financial creditor], hereby submits this claim in respect of the corporate insolvency resolution process of [name of corporate debtor]. The details for the same are set out below:

Relevant Particulars
(1) (2) (3)
1. Name of the financial creditor  
2. Identification number of the financial creditor

(If an incorporated body, provide identification number and proof of incorporation. If a partnership or individual provide identification records* of all the partners or the individual)

 
3. Address and email address of the financial creditor for correspondence  
4. Details of claim, if it is made against corporate debtor as principal borrower:

(i)  Amount of claim

(ii) Amount of claim covered by security interest, if any (Please provide details of security interest, the value of the security, and the date it was given)

(iii) Amount of claim covered by guarantee, if any (Please provide details of guarantee held, the value of the guarantee, and the date it was given)

(iv) Name and address of the guarantor(s)

 
5. Details of claim, if it is made against corporate debtor as guarantor:

(i)  Amount of claim

(ii) Amount of claim covered by security interest, if any (Please provide details of security interest, the value of the security, and the date it was given)

(iii) Amount of claim covered by guarantee, if any (Please provide details of guarantee held, the value of the guarantee, and the date it was given)

(iv) Name and address of the principal borrower

 
6. Details of claim, if it is made in respect of financial debt covered under clauses (h) and (i) of sub-section (8) of section 5 of the Code, extended by the creditor:

(i)  Amount of claim

(ii) Name and address of the beneficiary

 
7. Details of how and when debt incurred  
8. Details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the creditor which may be set-off against the claim  
9. Details of the bank account to which the amount of the claim or any part thereof can be transferred pursuant to a resolution plan  
(Signature of financial creditor or person authorised to act on its behalf)

[Please enclose the authority if this is being submitted on behalf of the financial creditor]

Name in BLOCK LETTERS
Position with or in relation to creditor
Address of person signing

DECLARATION

I, [Name of claimant], currently residing at [insert address], do hereby declare and state as

follows: –

1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement date, being the….day of….20…, actually indebted to me for a sum of Rs. [insert amount of claim].

2. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified below: [Please list the documents relied on as evidence of claim].

3. The said documents are true, valid and genuine to the best of my knowledge, information and belief and no material facts have been concealed therefrom.

4. In respect of the said sum or any part thereof, neither I, nor any person, by my order, to my knowledge or belief, for my use, had or received any manner of satisfaction or security whatsoever, save and except the following:

5. [Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the creditor which may be set-off against the claim].

6. I undertake to update my claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.

7. I am / I am not a related party of the corporate debtor, as defined under section 5 (24) of the Code.

8. I am eligible to join committee of creditors by virtue of proviso to section 21 (2) of the Code even though I am a related party of the corporate debtor.

Date:
Place:

(Signature of the claimant)

VERIFICATION

I, [Name] the claimant hereinabove, do hereby verify that the contents of this proof of claim are true and correct to my knowledge and belief and no material fact has been concealed therefrom.

Verified at … on this day of…….. , 20….

(Signature of claimant)

[Note: In the case of company or limited liability partnership, the declaration and verification shall be made by the director/manager/secretary/designated partner and in the case of other entities, an officer authorised for the purpose by the entity.]”

Dr. M. S. SAHOO, Chairperson

[Advt.-III/4/Ext./533/2020-21]

Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG004, dated 30th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020 published vide notification No. IBBI/2020-21/GN/REG066, dated the 13th November, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 489 on 13th November, 2020.

 

Guest
on 16 March 2021
Notification No : IBBI/2020-21/GN/REG070
Published in Corporate Law
Source : , https://ibbi.gov.in/uploads/legalframwork/32795d31dcbe1c6f81318044a753bd71.pdf










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