IBBI Discussion paper on amendments to CIRP Regulations, 2016 19th June, 2024 IBBI issues discussion paper on amendments to Insolvency […]
On IBBI’s behest, the IIPICAI constituted a Study Group on ‘Removing Duplicity and Redundancy in Compliances by IPs’, comprising of 10 members from all three IPAs. The Study Group was mandated to make recommendations to alleviate the compliance burden faced by IPs. The Study Group submitted its draft report to IBBI recently.
As per provisions of the Code, the admission process should ordinarily be completed in 14 days from the date of filing application. However, there are significant delays in admission of applications and one of the reasons is lack of availability of credible and reliable information about debt and default. Accordingly, strengthening the process of issuance of Record of Default (RoD) by IU can help in significant reduction of delays and fast track the admission process. In this regard the following are proposed:
Issue 1: Providing sufficient time to the debtor to respond after delivery of the information of default by the IU.
Issue 2: Delivery of information of default on debtor provided e-mail id for authentication in case of certain category of creditors.
Issue 3: Submission of documents by creditors showing proof for debt/security, default and latest acknowledgement of debt.
Issue 4: Proper due diligence by IU before issuance of RoD:
Issue 5: Issuance of RoD in case Debtor disputes the information of default.
Issue 6: Incorporating additional details in Form – D (Record of Default).
General Circular No.-03/2024 F.No. 17/30/2018CLV GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, ‘A’ Wing Shastri Bhawan, Dr. R.P.
Taking note of certain issues on the security aspect of the institution and to avoid any breach thereof, in the interest of administration, it is requested that the advocates, litigants, interns and advocate clerks/court clerks shall confined their office work between 10:30 A.M. to 05:00 P.M. which is the time specified as per NCLT Rule 10(2). Consequently, advocates, litigants, interns and advocate clerks/court clerks will not be entertained for administrative or registry work beyond 05:00 P.M.
File No. 25/02/2024-NCLTNATIONAL COMPANY LAW TRIBUNAL 6th Floor, Block-3,CGO Complex, Lodhi Road,New Delhi- 110003Dated 29th April 2024 CIRCULAR 1. In
File No. 10/03/2024-NCLTNATIONAL CO1VIPANY LAW TRIBUNAL 6th Floor, Block-3,CGO Complex, Lodhi Road,New Delhi- 110003Dated: 2nd May 2024 ORDER 1. The
Vacation/Holidays in Benches of NCLT – Order dated 02.05.2024 Read Post »
MINISTRY OF FINANCE(Department of Financial Services)NOTIFICATIONNew Delhi, the 25th April, 2024 S.O. 1796(E).— In exercise of the powers conferred by
The IPs who have not submitted any compliance in relation to circular dated 28th September, 2023, are hereby given an opportunity to comply with the remaining parts of the circular dated 28th September 2023 and inform the status of the same to the IBBI electronically on the website of IBBI on or before 31st May 2024.
(i) The liquidator shall also share the progress reports under Regulation 15 with the members of the Stakeholders’ Consultation Committee (SCC) after receiving a confidential undertaking.
(ii) The liquidator shall submit the progress reports under Regulation 15 till the filing of the final report under Regulation 45.
(iii) The Liquidator shall seek suggestions / observations of the members of the SCC while preparing the Preliminary Report under regulation 13 and finalise the Preliminary Report after considering such suggestions / observations, and thereafter, submit it to the AA, Board and members of SCC.
(iv) The liquidator shall submit a copy of Form H along with final report filed before the Adjudicating Authority as per Regulation 45, and the order for process closure/dissolution to the Board to the email ID: liq.cirp@ibbi.gov.in.
