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- Circular No. IBBI/CIRP/36/2020 dated 27.11.2020

Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi - 110001CIRCULARNo. IBBI/CIRP/36/2020 27th November, 2020 ToAll Registered Insolvency ProfessionalsAll Recognised Insolvency Professional EntitiesAll Registered Insolvency Professional Agencies(By mail to registered email addresses and on website of…

Mistakes committed by insolvency professionals in conduct of corporate insolvency resolution process- IBBI Facilitation / 005 / 2020 dated 13.11.2020

Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 Facilitation / 005 / 2020                                             …

Serving of copy of the application to the Board, as mandated under Rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016- Circular No. IBBI/LAD/35/2020 dated 29.10.2020

The Board has made available a facility on its website at https://www.ibbi.gov.in/intimation-applications/iaaa for serving a copy of the application online to the Board. The format for submission is at Annexure A. A step-by-step guide for submission of the application is at Annexure B. On submission of the application online, the applicant shall get an acknowledgement. The applicants are encouraged to avail of this facility. Download the Format in Excel for PDF Filing.

Initiation of individual insolvency process against personal guarantors to corporate debtors before the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 – F. No. 24/02/2020- BOA-IT dt. 26.08.2020 DFS

F. No. 24/02/2020- BOA-IT Government of India Ministry of Finance Department of Financial Services 3rd floor, Jeevan Deep BuildingParliament Street, New Delhi - 110 001 Dated: 26th August 2020 To: ChairmanState Bank of India Managing Director and CEO Nationalised banks…

IBBI (CIRP) (Fourth Amendment) Regulations, 2020 – No. IBBI/2020-21/GN/REG064 dated 07.08.2020

The Insolvency and Bankruptcy Code, 2016 (Code) envisages appointment of an authorised representative (AR) by the Adjudicating Authority to represent financial creditors in a class, like allottees under a real estate project, in the committee of creditors. For this purpose, the Regulations require the interim resolution professional to offer a choice of three Insolvency Professionals (IP) in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative. The amendment made to the Regulations today provides that the three IPs offered by the interim resolution professional must be from the State or Union Territory, which has the highest number of creditors in the class as per records of the corporate debtor. This will facilitate ease of coordination and communication between the AR and the creditors in the class he represents.

IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 vide N. No. IBBI/2020-21/GN/REG.063 dated August 5, 2020

The Insolvency and Bankruptcy Code, 2016 enables a corporate person to initiate voluntary liquidation process if it has no debt or it will be able to pay its debts fully from the proceeds of the assets. The corporate person appoints an insolvency professional to conduct the voluntary liquidation process by a resolution of members or partners, or contributories, as the case may be. However, there can be situations which may require appointment of another resolution professional as the liquidator. The amendment made to the Regulations today provides that the corporate person may replace the liquidator by appointing another insolvency professional as liquidator by a resolution of members or partners, or contributories, as the case may be.

IBBI (Liquidation Process) (Third Amendment) Regulations, 2020 vide No. IBBI/2020-21/GN/REG062 dated 05.08.2020

The Regulations require the committee of creditors to fix the fee payable to the liquidator. Where the fee has not been fixed by the committee of creditors, the Regulations provide for a fee as a percentage of the amount realised and of the amount distributed by the liquidator. There have been instances where a liquidator realises the amount while another liquidator distributes the same to stakeholders. The amendment made to the Regulations today clarifies that where a liquidator realises any amount, but does not distribute the same, he shall be entitled to a fee corresponding to the amount realised by him. Likewise, where a liquidator distributes any amount, which is not realised by him, he shall be entitled to a fee corresponding to the amount distributed by him.