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