IBC CIRP Regulations – IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

The Code Insolvency and Bankruptcy Code, 2016 (IBC) Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) […]

PDF/Print

The Code

Insolvency and Bankruptcy Code, 2016 (IBC)

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

IBBI (CIRP) Regulations, 2016

Go to Master Page

Chapter I-Preliminary

Regulation-1  Short title and commencement
Regulation-2  Definitions
Regulation-2A  Record or evidence of default by financial creditor
Regulation-2B  Record or evidence of transaction, debt and default by operational creditor
Regulation-2C  Submission of information along with application
Regulation-2D Details of debt, default and limitation in respect of applications under section 7 or section 9

Chapter II-General

Regulation-3  Eligibility for resolution professional
Regulation-3A Assistance and cooperation by the personnel of the corporate debtor
Regulation-4  Access to books
Regulation-4A  Choice of authorised representative
Regulation-4B  Disclosure of change in name and address of corporate debtor
Regulation-4C  Process e-mail
Regulation 4D Operating separate bank account for each real estate project
Regulation-5  Extortionate credit transaction

Chapter III-Public Announcement

Regulation-6  Public announcement
Regulation-6A  Communication to creditors

Chapter IV-Proof of Claims

Regulation-7  Claims by operational creditors
Regulation-8  Claims by financial creditors
Regulation-8A  Claims by creditors in a class
Regulation-9  Claims by workmen and employees
Regulation-9A  Claims by other creditors
Regulation-10  Substantiation of claims
Regulation-11  Cost of proof
Regulation-12  Submission of proof of claims
Regulation-12A  Updation of claim
Regulation-13  Verification of claims
Regulation-14  Determination of amount of claim
Regulation-15  Debt in foreign currency

Chapter V-Committee of Creditors

Regulation-16  Committee with only operational creditors
Regulation-16A  Authorised representative
Regulation-16B  Committee with only creditors in a class
Regulation-17  Constitution of committee

Chapter VI-Meetings of the Committee

Regulation-18  Meetings of the committee
Regulation-19  Notice for meetings of the committee
Regulation-20  Service of notice by electronic means
Regulation-21  Contents of the notice for meeting
Regulation-22  Quorum at the meeting
Regulation-23  Participation through video conferencing
Regulation-24  Conduct of meeting

Chapter VII-Voting by the Committee

Regulation-25  Voting by the committee
Regulation-25A  Voting by Authorised Representative
Regulation-26  Voting through electronic means

Chapter VIII-Conduct of Corporate Insolvency Resolution Process

Regulation-27  Appointment of Professionals
Regulation-28  Transfer of debt due to creditors
Regulation-29  Sale of assets outside the ordinary course of business
Regulation-30  Assistance of local district administration
Regulation-30A  Withdrawal of application
Regulation-30B Audit of corporate debtor

Chapter IX-Insolvency Resolution Process Costs

Regulation-31  Insolvency resolution process costs
Regulation-31A  Regulatory Fee
Regulation 31B Approval of committee for insolvency resolution process costs
Regulation-32  Essential supplies
Regulation-33  Costs of the interim resolution professional
Regulation-34  Resolution professional costs
Regulation-34A  Disclosure of Costs
Regulation-34B  Fee to be paid to interim resolution professional and resolution professional

Chapter X-Resolution Plan

Regulation-35  Fair value and Liquidation value
Regulation-35A  Preferential and other transactions
Regulation-36  Information memorandum
Regulation-36A  Invitation for expression of interest
Regulation-36B  Request for resolution plans
Regulation-36C  Strategy for marketing of assets of the corporate debtor
Regulation-37  Resolution plan
Regulation-38  Mandatory contents of the resolution plan
Regulation-39  Approval of resolution plan
Regulation-39A  Preservation of records
Regulation-39B  Meeting liquidation cost
Regulation-39BA  Assessment of Compromise or Arrangement
Regulation-39C  Assessment of sale as a going concern
Regulation-39D  Fee of the liquidator
Regulation-40  Extension of the corporate insolvency resolution process period
Regulation-40A  Model time-line for corporate insolvency resolution process
Regulation-40B  Filing of Forms
Regulation-40C  Special provision relating to time-line
Regulation-40D  Decision for liquidation

Schedules

Regulations, 2016- SCHEDULE-II

PDF/Print
Scroll to Top