Manner of dealing with companies undergoing Corporate Insolvency Resolution Process – NSE
The Exchange shall issue a detailed guidance note to CIRP companies and the Resolution Professional (RP) on compliance and disclosure requirements as per SEBI LODR Regulations, which will be uploaded on the Exchange website, an email shall be sent to all the companies which are under CIRP informing them about the guidance note.
The guidance note provides that the Resolution Professional has to comply with SEBI LODR Regulations and in compliance, shall disclose the fact of approval of resolution plan on oral pronouncement or otherwise of the Order on immediate basis and not later than 30 minutes. Additionally, the Resolution Professional shall inform through the Exchange platform any impact on the existing holders / investors of listed securities, on areas such as status of listing, the value of holding of existing holders, write off/ cancellation/ extinguishment of existing equity shares/ preference shares/ debentures, etc. without any payment to such holders, where applicable.
Further, the guidance note provides that the Companies/ the Resolution Professional shall be guided by the provisions of the SEBI LODR Regulations and shall maintain the confidentiality of the resolution plan until details are not submitted on the Exchange Platform.