IBBI CIRP Regulations, 2016 | Insolvency Resolution Process for Corporate Persons Regulations, 2016 | Insolvency and Bankruptcy Code, 2016 | IBC Regulations

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Insolvency and Bankruptcy Code, 2016 (IBC)

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

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Chapter I-Preliminary

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

Chapter II-General

CIRP Regulation-3  Eligibility for resolution professional
CIRP Regulation-3A Assistance and cooperation by the personnel of the corporate debtor
CIRP Regulation-4  Access to books
CIRP Regulation-4A  Choice of authorised representative
CIRP Regulation-4B  Disclosure of change in name and address of corporate debtor
CIRP Regulation-4C  Process e-mail
CIRP Regulation-5  Extortionate credit transaction

Chapter III-Public Announcement

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

Chapter IV-Proof of Claims

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

Chapter V-Committee of Creditors

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

Chapter VI-Meetings of the Committee

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

Chapter VII-Voting by the Committee

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

Chapter VIII-Conduct of Corporate Insolvency Resolution Process

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

Chapter IX-Insolvency Resolution Process Costs

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

Chapter X-Resolution Plan

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