The Insolvency and Bankruptcy Code, 2016
IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Chapter-X Resolution Plan
Regulation 40A: Model time-line for corporate insolvency resolution process.
1[40A. The following Table presents a model timeline of corporate insolvency resolution process on the assumption that the interim resolution professional is appointed on the date of commencement of the process and the time available is hundred and eighty days:
2[Table
| Section / Regulation | Description of Activity | Norm | Latest Timeline |
| Section 16(1) | Commencement of CIRP and appointment of IRP | …. | T |
| Regulation 6(1) | Public announcement inviting claims | Within 3 Days of Appointment of IRP | T+3 |
| Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) |
Submission of claims | For 14 Days from Appointment of IRP | T+14 |
| 3[***] | |||
Regulation 13(1) |
Verification of claims received under regulation 12(1) | Within 7 days from the receipt of the claim |
T+21 |
| 4[***] | 5[***] | ||
| Section 21(6A) (b) /Regulation 16A | Application for appointment of AR | Within 2 days from verification of claims received under regulation 12(1) | T+23 |
| Regulation 17(1) | Report certifying constitution of CoC | T+23 | |
| Section 22(1) / Regulation 19(2) |
1st meeting of the CoC | Within 7 days of filing of the report certifying constitution of the CoC, but with five days’ notice. | T+30 |
| Section 22(2) | Resolution to appoint RP by the CoC | In the first meeting of the CoC | T+30 |
| Section 16(5) | Appointment of RP | On approval by the AA | …….. |
| Regulation 17(3) | IRP performs the functions of RP till the RP is appointed. | If RP is not appointed by 40th day of commencement | T+40 |
| Regulation 27 | Appointment of valuer | Within 7 days of appointment of RP, but not later than 47th day of commencement. | T+47 |
Section 12(A) / Regulation 30A |
Submission of application for withdrawal of application admitted | Before issue of EoI | W |
| CoC to dispose of the application | Within 7 days of its receipt or 7days of constitution of CoC, whichever is later. | W+7 | |
| Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA |
Within 3 days of approval by CoC | W+10 | |
| Regulation 35A | RP to form an opinion on preferential and other transactions | Within 75 days of the commencement | T+75 |
| RP to make a determination on preferential and other transactions |
Within 115 days of commencement | T+115 | |
| RP to file applications to AA for appropriate relief |
Within 130 days of commencement | T+130 | |
| Regulation 36 (1) | Submission of IM to CoC | Within 95 days of commencement | T+95 |
Regulation 36A |
Publish Form G | Within 60 days of commencement |
T+60 |
| Invitation of EoI | |||
| Submission of EoI | At least 15 days from issue of EoI (Assume 15 days) | T+75 | |
| Provisional List of RAs by RP | Within 10 days from the last day of receipt of EoI | T+85 | |
| Submission of objections to provisional list | For 5 days from the date of provisional list | T+90 | |
| Final List of RAs by RP | Within 10 days of the receipt of objections | T+100 | |
| Regulation 36B | Issue of RFRP, including Evaluation Matrix and IM | 6[Within 5 days of the issue of the final list] | T+105 |
| Receipt of Resolution Plans | At least 30 days from issue of RFRP (Assume 30 days) | T+135 | |
| Regulation 39(4) | Submission of CoC approved Resolution Plan to AA | As soon as approved by the CoC | T+165 |
| Section 31(1) | Approval of resolution plan by AA | T+180] |
AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate Insolvency Resolution Process; CoC: Committee of Creditors; EoI: Expression of Interest; IM: Information Memorandum; IRP: Interim Resolution Professional; RA: Resolution Applicant; RP: Resolution Professional; RFRP: Request for Resolution Plan.]
References
1. Inserted by IBBI (CIRP) (Third Amendment) Regulations, 2018 vide Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018, w.e.f. 04.07.2018 and shall apply to CIRP commencing on or after the said date.
2. Substituted by IBBI (CIRP) (Fourth Amendment) Regulations, 2022 vide Notification No. IBBI/2022-23/GN/REG093 dated 16th September, 2022, w.e.f. 16.09.2022, for the Table:
| Section / Regulation | Description of Activity | Norm | Latest Timeline |
| Section 16(1) | Commencement of CIRP and appointment of IRP | …. | T |
| Regulation 6(1) | Public announcement inviting claims | Within 3 Days of Appointment of IRP | T+3 |
| Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) | Submission of claims | For 14 Days from Appointment of IRP | T+14 |
| Regulation 12(2) | Submission of claims | Up to 90th day of commencement | T+90 |
| *1[Regulation 13(1) | Verification of claims received under regulation 12(1) | Within 7 days from the receipt of the claim | T+21 |
| Verification of claims received under regulation 12(2) | T+97] | ||
| Section 21(6A) (b) / Regulation 16A | Application for appointment of AR | Within 2 days from verification of claims received under regulation 12(1) | T+23 |
| Regulation 17(1) | Report certifying constitution of CoC | T+23 | |
| *2[Section 22(1) / Regulation 19(2) | 1st meeting of the CoC | Within 7 days of filing of the report certifying constitution of the CoC, but with five days’ notice. | T+30] |
| Section 22(2) | Resolution to appoint RP by the CoC | In the first meeting of the CoC | T+30 |
| Section 16(5) | Appointment of RP | On approval by the AA | …… |
| Regulation 17(3) | IRP performs the functions of RP till the RP is appointed. | If RP is not appointed by 40th day of commencement | T+40 |
| 3*[Regulation 27 | Appointment of valuer | Within 7 days of appointment of RP, but not later than 47th day of commencement | T+47] |
| Section 12(A) / Regulation 30A | Submission of application for withdrawal of application admitted | Before issue of EoI | W |
| CoC to dispose of the application | Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later. | W+7 | |
| Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA | Within 3 days of approval by CoC | W+10 | |
| Regulation 35A | RP to form an opinion on preferential and other transactions | Within 75 days of the commencement | T+75 |
| RP to make a determination on preferential and other transactions | Within 115 days of commencement | T+115 | |
| RP to file applications to AA for appropriate relief | Within 135 days of commencement | T+135 | |
| Regulation 36 (1) | Submission of IM to CoC | Within 2 weeks of appointment of RP, but not later than 54th day of commencement | T+54 |
| Regulation 36A | Publish Form G | Within 75 days of commencement | T+75 |
| Invitation of EoI | |||
| Submission of EoI | At least 15 days from issue of EoI (Assume 15 days) | T+90 | |
| Provisional List of RAs by RP | Within 10 days from the last day of receipt of EoI | T+100 | |
| Submission of objections to provisional list | For 5 days from the date of provisional list | T+105 | |
| Final List of RAs by RP | Within 10 days of the receipt of objections | T+115 | |
| Regulation 36B | Issue of RFRP, including Evaluation Matrix and IM | Within 5 days of the issue of the provisional list | T+105 |
| Receipt of Resolution Plans | At least 30 days from issue of RFRP (Assume 30 days) | T+135 | |
| Regulation 39(4) | Submission of CoC approved Resolution Plan to AA | As soon as approved by the CoC | T+165 |
| Section 31(1) | Approval of resolution plan by AA | T=180 |
Reference:
*1. Substituted by IBBI (CIRP) (Second Amendment) Regulations, 2019 vide Notification No. IBBI/2019-20/GN/REG048 dated 25th July, 2019.
*2. Substituted by IBBI (CIRP) (Second Amendment) Regulations, 2019 vide Notification No. IBBI/2019-20/GN/REG048 dated 25th July, 2019.
3*. Substituted by IBBI (CIRP) (Second Amendment) Regulations, 2019 vide Notification No. IBBI/2019-20/GN/REG048 dated 25th July, 2019.
3. Omitted by IBBI (CIRP) (Second Amendment) Regulations, 2024 vide Notification No. IBBI/2024-25/GN/REG116 dated 24th September, 2024, w.e.f. 24.09.2024, the row relating to Regulation 12(2):
| Regulation 12(2) | Submission of claims | Up to 90th day of commencement | T+90 |
4. Omitted by IBBI (CIRP) (Second Amendment) Regulations, 2024 vide Notification No. IBBI/2024-25/GN/REG116 dated 24th September, 2024, w.e.f. 24.09.2024, the words “Verification of claims received under regulation 12(2)” from the column titled ‘Description of Activity’.
5. Omitted by IBBI (CIRP) (Second Amendment) Regulations, 2024 vide Notification No. IBBI/2024-25/GN/REG116 dated 24th September, 2024, w.e.f. 24.09.2024, the words “T+97” from column titled ‘Latest Timeline’.
6. Substituted by IBBI (CIRP) (Second Amendment) Regulations, 2023 vide Notification No. IBBI/2023-24/GN/REG106 dated 18th September, 2023, w.e.f. 18.09.2023, for the words “Within 5 days of the issue of the provisional list“.
Judgments:
J1. It is of utmost importance for all authorities concerned to follow this model timeline prescribed Regulation 40A of the CIRP Regulations as closely as possible. [Arcelormittal India Private Limited Vs. Satish Kumar Gupta & Ors. [2018] ibclaw.in 31 SC, p74]
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