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

The Code

Insolvency and Bankruptcy Code, 2016 (IBC)

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

Click here to read in One Page

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

Access complete Bare Act here and Notification and Circular here.

IBC Laws specifically does not make any warranties or representations as to the accuracy, completeness or adequacy of any such Material or the same being up-to-date. IBC Laws periodically updates the Material on this Site whenever amendments are made by Parliament. Refer disclaimer here.