The Office Premises of NCLAT, New Delhi shall remain closed till 23.04.2021 and till 30.04.2021, only urgent matters would be taken up – File No. 10/19/2020- Estt./NCLAT dt. 19.04.2021

The Office Premises of NCLAT, New Delhi shall remain closed till 23.04.2021 and even Registry will remain closed. The next date of hearing will be notified later. Till 30th April, 2021, only urgent matters would be taken up. From the matters which are already on Board also only urgent matters will be taken up.

The period from 26.04.2021 to 20.05.2021 (both days inclusive) shall be observed as Summer Vacations for Principal Bench of NCLAT at New Delhi, however, the Registry shall remain functional – File No.10/106/2017-NCLAT dt. 19.04.2021

The earlier notified Summer Vacations from 07.06.2021 to 30.06.2021 stand cancelled and shall be working for the National Company Law Appellate Tribunal, Principal Bench, New Delhi. In lieu of the same, the period from 26.04.2021 to 20.05.2021 (both days inclusive) shall be observed as Summer Vacations for Principal Bench of NCLAT at New Delhi. The Registry shall however remain functional during this period. During this period, e-filing of cases shall be operational and urgent matters may be taken up for hearing as per the decision of the Competent Authority, upon email being sent to registrar-nclat@nic.in . It is further informed that request for change of the dates of the matter, if required, can be made by the parties/ Ld. Counsel, atleast three days in advance, by email being sent to registrar-nclat@nic.in, after obtaining consent /objection of the opposite party/parties in writing for seeking adjournment, which shall be considered by the Competent Authority.

Consideration of matters / issues by the committee of creditors on request by members of the committee – IBBI Clarification No. IBBI/CIRP/2021 dated 16.04.2021

A joint reading of the provisions of regulations 18, 19 and 21 of the CIRP Regulations that members of the CoC having 33% of the voting rights may request the RP to convene a meeting of the CoC. Such request shall include a note proposing the matters to be discussed or issues to be voted upon, along with relevant documents, if any. On receipt of the request, the RP shall convene a meeting of the CoC for consideration of the note.

Central Government specifies Rs. 10 lakh as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code – MCA S.O. 1543(E) dated 09.04.2021

In exercise of the powers conferred by the second proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (3 of 2021), the Central Government hereby specifies ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code.

IBBI notifies the Pre-packaged Insolvency Resolution Process Regulations, 2021

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on 4th April, 2021 provides for pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises. The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) today to enable operationalisation of PPIRP.

Notification Under Clause (u) of Sub-Section (1) of Section 2 of the SARFAESI Act, 2002

RESERVE BANK OF INDIANOTIFICATIONMumbai, the 10th March, 2021 NOTIFICATION UNDER CLAUSE (U) OF SUB-SECTION (1) OF SECTION 2 OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 Notification DoR. FIN. No. 08/26.03.001/2020-2021.—dated March 10,…

IBBI Handbook on Ethics for Insolvency Professionals: Ethical and Regulatory Framework

The Handbook prepared by the Insolvency and Bankruptcy Board of India in association with British High Commission is based on inputs on the best practices followed by the Insolvency Practitioners in the United Kingdom and aims to stimulate the highest standards of ethics and professionalism among the Insolvency Professionals. This Handbook serves as a ready reckoner and a tool to assist the insolvency professionals and other stakeholders in the insolvency ecosystem, for imbibing and practising an ethical code of conduct.

Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7

Regulation 40B of CIRP regulations require filing of Form CIRP 7 within three days of due date of completion of any activity stated in column (2) of the table below is delayed, and continue to file Form CIRP 7 every 30 days, until the said activity remains incomplete. Subsequent filing of Form CIRP 7 shall not be made until thirty days have lapsed from the filing of an earlier Form CIRP 7. Only one Form shall be filed at any time whether one or more activity is not completed by the specified date. The Form CIRP 7 shall be available for filing three days prior to the due date. The format for Form CIRP 7 is at Annexure A. This circular is applicable for all the processes ongoing as on the date of this circular

Filing of list of stakeholders under clause (d) of sub-regulation (5) of Regulation 31 of the IBBI (Liquidation Process) Regulations, 2016 – IBBI Circular No. IBBI/LIQ/40/2021 04th March, 2021 dt. 04.06.2021

Clause (d) of sub-regulation (5) of regulation 31 of the Liquidation Process Regulations inserted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021 requires that the liquidator shall file the list of stakeholders 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. This requirement is applicable to every liquidation process (a) ongoing as on the date of notification of Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021, and (b) commencing on or after the said date. In pursuance of the above, the Board has made available an electronic platform at http://www.ibbi.gov.in for filing of list of stakeholders as well as updating it thereof. The platform permits multiple filings by the liquidator as and when the list of stakeholders is updated by him. The format of list of stakeholders, as finalised in consultation with the insolvency professional agencies, is placed as Annexure. The insolvency professionals are directed to file the list of stakeholders of the respective corporate debtor under liquidation and modification thereof, in the aforesaid format, within three days of the preparation of the list or modification thereof, as the case may be. The filings due as on the date of circular shall be filed within 15 days of this circular.

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