Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/RV/75/2024 12th August, 2024 […]
IBBI issues Guidelines for Committee of Creditors (CoC) covering following aspects:
1. Objectivity and Integrity
2. Independence and impartiality
3. Professional competence and participation
4. Co-operation, supervision and timeliness
5. Confidentiality
6. Costs
7. Meeting of the CoC
8. Feasibility and viability of corporate debtor.
Guidelines for Committee of Creditors (CoC) – IBBI dated 06.08.2024 Read Post »
MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 3rd October, 2023 S.O. 4321(E).—WHEREAS, the Convention on International Interests in Mobile Equipment and
This discussion paper solicits comments on following three issues, namely: –
(i) Appointment of RP in the insolvency resolution process of personal guarantors (PGs) to corporate debtors (CDs);
(ii) Sharing of report prepared by the resolution professional (RP) under section 99 of the Code with the PG and the creditors; and
(iii) Mandating summoning of meeting of the creditors under section 106 of the Code in case of insolvency resolution process of PGs to CDs.
(i) As 4th CIRP Amendment Regulations, 2022 allows Insolvency Professional Entities (IPEs) to get enrolled, registered and act as IPs for conducting the insolvency processes, however, the facility for submitting the CIRP Forms as per circulars dated 14.08.2019, 18.03.2021, 20.07.2021 was not made available to the IPEs acting as IPs.
(ii) The said facility for submitting the CIRP Forms has been now extended to IPEs acting as IPs also.
(iii) To facilitate submission of forms for all assignments handled by these IPEs through the facility being introduced now, CIRP forms filed till 30.09.2023 shall not attract any fee as provided under CIRP Regulation 40B. Thereafter, it shall attract fee as specified in CIRP Regulation 40B(4).
(iv) The contents of the aforesaid Circulars shall apply to all the assignments handled by the IPEs acting as IPs.
Effectiveness of Resolution Process: Firm outcomes in the post-IBC periodResearch Study conducted by IIM Ahmedabad 1. The Insolvency and
Report of the Expert Committee on Rehabilitation of Legacy Stalled Real Estate Projects 1. The Ministry of Housing and
IBBI inserts an explanation to the CIRP Regulation 31A clarifying that the regulatory fee shall not be payable in cases where the approved resolution plan in respect of insolvency resolution of a real estate project is from an association or group of allottees in such real estate project.
MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 14th June, 2023 S.O. 2660(E).—In exercise of the powers conferred by clause (a) of
This paper analyses resolution processes that have been completed and are ongoing, presents the understanding of issues that are adversely affecting the efficiency and effectiveness of the resolution process. The issues are of a wide spectrum and proposals have been made to resolve the same. – 1. Timeline for providing information for assignment of debt. 2. Seeking information from personnel of the corporate debtor. 3. Modification of Timelines for Submission and Consolidation of Claims. 4. Increase of duties of AR, Increase of fee of Authorised Representative, Replacement of authorised representative 5. Inclusion of Relevant Minutes in Form H. 6. Addressing the Aspect of Limitation in Applications for initiation of insolvency resolution proceedings. 7. Favourable voting on more than one resolution plan. 8. Changes in timelines. 9. Audit Requirement for Insolvency Resolution Process Cost (IRPC) in certain CIRPs
