Impact of recent amendments in CIRP and Information Utilities Regulations on filing of CIRP application under Section 7 or 9 of IBC and conducting CIRP – By Adv. Nipun Singhvi and Editorial Team

This Research Paper decodes the amendments with respect to the existing provisions in the Code and Regulations, impact on initiation/filing of new CIRP application after these amendments came into force, impact of amendments in Information Utility Regulations on filing of CIRP application and covers other relevant issues: Furnishing of Copy of Form GSTR-1, Form GSTR-3B and Copy of e-Way Bill is mandatory for filing CIRP under Section 9 of IBC; Submissions GSTRs and e-Way Bill with filing of claim; Cases where the generation of e-Way Bill is not a requirement; Submission of PAN and email address of Financial/Operational Creditor alongwith CIRP application; Fixing the responsibility of Promoters/Management to submit information within time and as per format sought by IRP/RP; Creditors’ Assistance: Assist in preparing the information memorandum, getting valuation determined and in conducting the CIRP and Assist in dealing with avoidance applications after closure of a CIRP; Difference in valuations during a CIRP and a threshold for appointment of a third valuer; Dealing with avoidance applications after closure of a CIRP; Amendments in Information Utilities Regulations regarding filing of CIRP; Brief about the process of Information of Default and Record of Default in an Information Utility

Impact of recent amendments in CIRP and Information Utilities Regulations on filing of CIRP application under Section 7 or 9 of IBC and conducting CIRP – By Adv. Nipun Singhvi and Editorial Team Read Post »