IBBI (Insolvency Resolution Process For Corporate Persons) Regulations
IBBI (Insolvency Resolution Process For Corporate Persons) Regulations
IBBI (Insolvency Resolution Process For Corporate Persons) Regulations
PRELIMINARY
(1) These Regulations may be called the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
(2) These Regulations shall come into force on 1st December, 2016.
(3) These Regulations shall apply to the corporate insolvency resolution process.
2. Definitions.
(a) “applicant” means the person(s) filing an application under sections 7, 9 or 10, as
the case may be;
2[(aa) “class of creditors” means a class with at least ten financial creditors under clause (b)
of sub-section (6A) of section 21 and the expression, “creditors in a class” shall be
construed accordingly.]
(c) “Code of Conduct” means the code of conduct for insolvency professionals as set
out in the Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016;
1Vide Notification No. IBBI/2016-17/GN/REG004, dated 30th November, 2016, published in the Gazette of India, Extraordinary,
Part III, Sec.4, vide No. 432, dated 30th November, 2016 (w.e.f. 01-12-2016).
2Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
1
(d) “committee” means a committee of creditors established under section 21;
(e) “corporate insolvency resolution process” means the insolvency resolution process
for corporate persons under Chapter II of Part II of the Code;
(f) 3[***]
(g) “electronic form” shall have the meaning assigned to it in the Information
Technology Act, 2000 (21 of 2000);
(h) “electronic means” mean an authorized and secured computer programme which is
capable of producing confirmation of sending communication to the participant
entitled to receive such communication at the last electronic mail address provided
by such participant and keeping record of such communication.
4[“(ha) “evaluation matrix” means such parameters to be applied and the manner of
applying such parameters, as approved by the committee, for consideration of
resolution plans for its approval;
(hb) “fair value” means the estimated realizable value of the assets of the corporate
debtor, if they were to be exchanged on the insolvency commencement date
between a willing buyer and a willing seller in an arm’s length transaction, after
proper marketing and where the parties had acted knowledgeably, prudently and
without compulsion.]
(j) “insolvency professional entity” means an entity recognised as such under the
Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations,
2016;
(k) 5[“liquidation value” means the estimated realizable value of the assets of the corporate
debtor, if the corporate debtor were to be liquidated on the insolvency commencement
date.]
3 Omitted by Notification No. IBBI/2018-19/GN/REG032, dated 5th October, 2018 (w.e.f. 05.10.2018). Prior to omission, clause
(f) stood as under:-
“dissenting financial creditor” means a financial creditor who voted against the resolution plan or abstained from voting for the
resolution plan, approved by the committee;”
4Inserted by Notification No. IBBI/2017-18/GN/REG024, dated 6th February, 2018 (w.e.f. 06-02-2018).
5Substituted by Notification no. IBBI/2017-18/GN/REG024, dated 6th February, 2018 (w.e.f. 06-02-2018). Clause (k), before
substitution, stood as under: -
“2(k) “liquidation value” means the amount determined in accordance with Regulation 35;”
2
(l) “participant” means a person entitled to attend a meeting of the committee under
section 24 or any other person authorised by the committee to attend the meeting;
(m) “registered valuer” means a person registered as such in accordance with the
Companies Act, 2013 (18 of 2013) and rules made thereunder;
(p) “video conferencing or other audio and visual means” means such audio and visual
facility which enables the participants in a meeting to communicate concurrently
with one another and to participate effectively in the meeting.
(2) Unless the context otherwise requires, words and expressions used and not defined in these
Regulations, but defined in the Code, shall have the meanings assigned to them in the Code.
CHAPTER II
GENERAL
6Substituted by Notification No. IBBI/2017-18/ GN/ REG030, dated 27th March, 2018 (w.e.f.01-04-2018). Regulation 3 (1) (c)
(i), before substitution, stood as under:
“(i) of a firm of auditors or company secretaries in practice or cost auditors of the corporate debtor; or”.
3
(ii) of a legal or a consulting firm, that has or had any transaction with the
corporate debtor amounting to 7[five per cent] or more of the gross turnover
of such firm,
8[(1A) Where the committee decides to appoint the interim resolution professional as resolution
professional or replace the interim resolution professional under section 22 or replace the
resolution professional under section 27, it shall obtain the written consent of the proposed
resolution professional in Form AA of the Schedule.]
(2) A resolution professional shall make disclosures at the time of his appointment and
thereafter in accordance with the Code of Conduct.
4. Access to books.
(1) Without prejudice to section 17(2)(d), the interim resolution professional may access the
books of account, records and other relevant documents and information, to the extent
relevant for discharging his duties under the Code, of the corporate debtor held with-
(e) members, promoters, partners, board of directors and joint venture partners of the
corporate debtor; and
7Substitutedby Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution, the
words stood as under:
4
4A. Choice of authorised representative
9[
(1) On an examination of books of account and other relevant records of the corporate debtor,
the interim resolution professional shall ascertain class(s) of creditors, if any.
(2) For representation of creditors in a class ascertained under sub-regulation (1) in the
committee, the interim resolution professional shall identify three insolvency
professionals who are-
Provided that where such State or Union Territory does not have adequate
number of insolvency professionals, the insolvency professionals having
addresses in a nearby State or Union Territory, as the case may be, shall be
considered;]
(3) The interim resolution professional shall obtain the consent of each insolvency
professional identified under sub-regulation (2) to act as the authorised representative
of creditors in the class in Form AB of the Schedule.]
A transaction shall be considered extortionate under section 50(2) where the terms:
(1) require the corporate debtor to make exorbitant payments in respect of the credit provided;
or
CHAPTER III
9Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
10Inserted by Notification No. IBBI/2020-21/GN/REG064, dated 7rd August, 2020 (w.e.f. 07-08-2020).
5
PUBLIC ANNOUNCEMENT
6. Public announcement.
Explanation: ‘Immediately’ means not later than three days from the date of his
appointment.
(b) be published-
(i) in one English and one regional language newspaper with wide circulation
at the location of the registered office and principal office, if any, of the
corporate debtor and any other location where in the opinion of the interim
resolution professional, the corporate debtor conducts material business
operations;
(iii) on the website, if any, designated by the Board for the purpose,
11[ (ba) state where claim forms can be downloaded or obtained from, as the case may be;
(bb) offer choice of three insolvency professionals identified under regulation 4A to act as
the authorised representative of creditors in each class; and]
(c) provide the last date for submission of proofs of claim, which shall be fourteen days
from the date of appointment of the interim resolution professional.
(3) The applicant shall bear the expenses of the public announcement which may be
reimbursed by the committee to the extent it ratifies them.
12[***]
11Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
12Omitted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
6
CHAPTER IV
PROOF OF CLAIMS
(1) A person claiming to be an operational creditor, other than workman or employee of the
corporate debtor, shall 13[submit claim with proof] to the interim resolution professional in
person, by post or by electronic means in Form B of the Schedule:
(2) The existence of debt due to the operational creditor under this Regulation may be proved
on the basis of-
(i) a contract for the supply of goods and services with corporate debtor;
(ii) an invoice demanding payment for the goods and services supplied to the
corporate debtor;
(iii) an order of a court or tribunal that has adjudicated upon the non-payment of
a debt, if any; or
(1) A person claiming to be a 14[financial creditor, other than a financial creditor belonging to
a class of creditors, shall submit claim with proof] to the interim resolution professional in
electronic form in Form C of the Schedule:
13Substitutedby Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as –
14Substitutedby Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as-
7
Provided that such person may submit supplementary documents or clarifications in
support of the claim before the constitution of the committee.
(2) The existence of debt due to the financial creditor may be proved on the basis of -
(ii) a record evidencing that the amounts committed by the financial creditor to
the corporate debtor under a facility has been drawn by the corporate debtor;
(iii) financial statements showing that the debt has not been 15[paid]; or
(iv) an order of a court or tribunal that has adjudicated upon the non-payment of
a debt, if any.
(1) A person claiming to be a creditor in a class shall submit claim with proof to the interim
resolution professional in electronic form in Form CA of the Schedule.
(2) The existence of debt due to a creditor in a class may be proved on the basis of-
(3) A creditor in a class may indicate its choice of an insolvency professional, from
amongst the three choices provided by the interim resolution professional in the public
announcement, to act as its authorised representative.]
15Substitutedby Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as –
“repaid”.
16Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
8
9. Claims by workmen and employees.
(1) A person claiming to be a workman or an employee of the corporate debtor shall submit
17[claim with proof] to the interim resolution professional in person, by post or by
(2) Where there are dues to numerous workmen or employees of the corporate debtor, an
authorised representative may submit one 18[claim with proof] for all such dues on their
behalf in Form E of the Schedule.
(3) The existence of dues to workmen or employees may be proved by them, individually or
collectively on the basis of -
(i) a proof of employment such as contract of employment for the period for
which such workman or employee is claiming dues;
(iii) an order of a court or tribunal that has adjudicated upon the non-payment of
a dues, if any.
17Substitutedby Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as –
“proof of claim”.
18Substitutedby Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as –
“proof of claim”.
9
19[9A. Claims by other creditors.
(1) A person claiming to be a creditor, other than those covered under regulations 7, 8, or 9,
shall submit 20[its claim with proof] to the interim resolution professional or resolution
professional in person, by post or by electronic means in Form F of the Schedule.
(2) The existence of the claim of the creditor referred to in sub-section (1) may be proved on
the basis of –
(a) the records available in an information utility, if any, or
(b) other relevant documents sufficient to establish the claim, including any or all of the
following:-
(i) documentary evidence demanding satisfaction of the claim;
(ii) bank statements of the creditor showing non-satisfaction of claim;
(iii) an order of court or tribunal that has adjudicated upon non-satisfaction of claim, if
any.]
The interim resolution professional or the resolution professional, as the case may be, may call for
such other evidence or clarification as he deems fit from a creditor for substantiating the whole or
part of its claim.
(1) Subject to sub-regulation (2), a creditor shall submit 21[claim with proof] on or before the
last date mentioned in the public announcement.
22[(2) A creditor, who fails to submit claim with proof within the time stipulated in the public
announcement, may submit the claim with proof to the interim resolution professional or
19Inserted by Notification No. IBBI/2017-18/ GN/ REG013, dated 16th August, 2017, (w.e.f. 16-8-2017).
20Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as –
“proof of claim”.
21Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as –
“proof of claim”.
22Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Sub regulation (2) of
10
the resolution professional, as the case may be, on or before the ninetieth day of the
insolvency commencement date.]
(3) Where the creditor in sub-regulation (2) is 23[ a financial creditor under regulation 8], it
shall be included in the committee from the date of admission of such claim:
Provided that such inclusion shall not affect the validity of any decision taken by the
committee prior to such inclusion.
(1) The interim resolution professional or the resolution professional, as the case may be, shall
verify every claim, as on the insolvency commencement date, within seven days from the
last date of the receipt of the claims, and thereupon maintain a list of creditors containing
names of creditors along with the amount claimed by them, the amount of their claims
admitted and the security interest, if any, in respect of such claims, and update it.
(a) available for inspection by the persons who submitted proofs of claim;
(b) available for inspection by members, partners, directors and guarantors of the
corporate debtor;
(1) Where the amount claimed by a creditor is not precise due to any contingency or other
reason, the interim resolution professional or the resolution professional, as the case may
be, shall make the best estimate of the amount of the claim based on the information
available with him.
(2) The interim resolution professional or the resolution professional, as the case may be, shall
revise the amounts of claims admitted, including the estimates of claims made under sub-
23Substitutedby Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before substitution the
words stood as –
“a financial creditor”.
11
regulation (1), as soon as may be practicable, when he comes across additional information
warranting such revision.
The claims denominated in foreign currency shall be valued in Indian currency at the official
exchange rate as on the insolvency commencement date.
Explanation - “official exchange rate” is the reference rate published by the Reserve Bank of India
or derived from such reference rates.
CHAPTER V
COMMITTEE OF CREDITORS
(1) Where the corporate debtor has no financial debt or where all financial creditors are related
parties of the corporate debtor, the committee shall be set up in accordance with this
Regulation.
(2) The committee formed under this Regulation shall consist of members as under -
Provided that if the number of operational creditors is less than eighteen, the
committee shall include all such operational creditors;
(b) one representative elected by all workmen other than those workmen included
under sub-clause (a); and
(c) one representative elected by all employees other than those employees included
under sub-clause (a).
(3) A member of the committee formed under this Regulation shall have voting rights in
proportion of the debt due to such creditor or debt represented by such representative, as
the case may be, to the total debt.
Explanation – For the purposes of this sub-regulation, ‘total debt’ is the sum of-
(a) the amount of debt due to the creditors listed in sub-regulation 2(a);
(b) the amount of the aggregate debt due to workmen under sub-regulation 2(b); and
(c) the amount of the aggregate debt due to employees under sub-regulation 2(c).
12
(4) A committee formed under this Regulation and its members shall have the same rights,
powers, duties and obligations as a committee comprising financial creditors and its
members, as the case may be.
10-100 15,000
101-1000 20,000
24Inserted by Notification No. IBBI/2018-19/ GN/ REG031, dated 3rd July, 2018 (w.e.f. 04.07.2018).
13
More than 1000 25,000
25[(9) The authorised representative shall circulate the agenda to creditors in a class, and
may seek their preliminary views on any item in the agenda to enable him to effectively
participate in the meeting of the committee:
Provided that creditors shall have a time window of at least twelve hours to submit
their preliminary views, and the said window opens at least twenty-four hours after the
authorised representative seeks preliminary views:
Provided further that such preliminary views shall not be considered as voting
instructions by the creditors.]
(1) The interim resolution professional shall file a report certifying constitution of the
committee to the Adjudicating Authority within two days of the verification of claims
received under sub-regulation (1) of regulation 12.
(2) The interim resolution professional shall hold the first meeting of the committee within
seven days of filing the report under this regulation.
(3) Where the appointment of resolution professional is delayed, the interim resolution
professional shall perform the functions of the resolution professional from the fortieth
day of the insolvency commencement date till a resolution professional is appointed
under section 22.]
CHAPTER VI
MEETINGS OF THE COMMITTEE
25 Substituted by Notification No. IBBI/2020-21/GN/REG064, dated 7th August, 2020 (w.e.f. 07-08-2020). Before substitution it
stood as-
“(9) The authorised representative shall circulate the agenda to creditors in a class and announce the voting window at least twenty-
four hours before the window opens for voting instructions and keep the voting window open for at least twelve hours.”
26Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). regulation 17, before
substitution stood as-
“17. First meeting of the committee.
(1) The interim resolution professional shall file a report certifying constitution of the committee to the Adjudicating
Authority on or before the expiry of thirty days from the date of his appointment.
(2) The interim resolution professional shall convene the first meeting of the committee within seven days of filing
the report under this Regulation.”.
14
A resolution professional may convene a meeting of the committee as and when he considers
necessary, and shall convene a meeting if a request to that effect is made by members of the
committee representing thirty three per cent of the voting rights.
19. 27[(19) Subject to this Regulation, a meeting of the committee shall be called by giving not
less than five days’ notice in writing to every participant, at the address it has provided to
the resolution professional and such notice may be sent by hand delivery, or by post but in
any event, be served on every participant by electronic means in accordance with
Regulation 20.
(2) The committee may reduce the notice period from five days to such other period of not
less than twenty-four hours, as it deems fit:
Provided that the committee may reduce the period to such other period of not less than
forty-eight hours if there is any authorised representative.]
(1) A notice by electronic means may be sent to the participants through e-mail as a text or as
an attachment to e-mail or as a notification providing electronic link or Uniform Resource
Locator for accessing such notice.
(2) The subject line in e-mail shall state the name of the corporate debtor, the place, if any, the
time and the date on which the meeting is scheduled.
(3) If notice is sent in the form of a non-editable attachment to an e-mail, such attachment shall
be in the Portable Document Format or in a non-editable format together with a 'link or
instructions' for recipient for downloading relevant version of the software.
(4) When notice or notifications of availability of notice are sent by an e-mail, the resolution
professional shall ensure that it uses a system which produces confirmation of the total
number of recipients e-mailed and a record of each recipient to whom the notice has been
sent and copy of such record and any notices of any failed transmissions and subsequent
re-sending shall be retained as ‘‘proof of sending’’.
(5) The obligation of the resolution professional shall be satisfied when he transmits the e-mail
and he shall not be held responsible for a failure in transmission beyond its control.
27
Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). regulation 19, before
substitution stood as-
“19. Notice for meetings of the committee.
(1) Subject to this Regulation, a meeting of the committee shall be called by giving not less than seven days’ notice in writing to every
participant, at the address it has provided to the resolution professional and such notice may be sent by hand delivery, or by post but in
any event, be served on every participant by electronic means in accordance with Regulation 20.
(2) The committee may reduce the notice period from seven days to such other period of not less than twenty four hours, as it deems fit.”
15
(6) The notice made available on the electronic link or Uniform Resource Locator shall be
readable, and the recipient should be able to obtain and retain copies and the resolution
professional shall give the complete Uniform Resource Locator or address of the website
and full details of how to access the document or information.
(7) If a participant, other than a member of the committee, fails to provide or update the
relevant e-mail address to the resolution professional, the non-receipt of such notice by
such participant of any meeting shall not invalidate the decisions taken at such meeting.
(1) The notice shall inform the participants of the venue, the time and date of the meeting and
of the option available to them to participate through video conferencing or other audio
and visual means, and shall also provide all the necessary information to enable
participation through video conferencing or other audio and visual means.
(2) The notice of the meeting shall provide that a participant may attend and vote in the meeting
either in person or through an authorised representative:
Provided that such participant shall inform the resolution professional, in advance of the
meeting, of the identity of the authorised representative who will attend and vote at the
meeting on its behalf.
28
Substituted by Notification No. IBBI/2018-19/GN/REG032 dated 5th October, 2018 (w.e.f. 05.10.2018). Sub-regulation (3),
prior to the substitution, stood as under:-
(iii) copies of all documents relevant to the matters to be discussed and the issues to be voted upon at the
meeting; and
(b) state that a vote of the members of the committee shall not be taken at the meeting unless all members are present
at such meeting.”
16
(a) state the process and manner for voting by electronic means and the time schedule,
including the time period during which the votes may be cast:
(b) provide the login ID and the details of a facility for generating password and for
keeping security and casting of vote in a secure manner; and
(c) provide contact details of the person who will address the queries connected with
the electronic voting.
(1) A meeting of the committee shall be quorate if members of the committee representing at
least thirty three percent of the voting rights are present either in person or by video
conferencing or other audio and visual means:
Provided that the committee may modify the percentage of voting rights required for
quorum in respect of any future meetings of the committee.
(2) Where a meeting of the committee could not be held for want of quorum, unless the
committee has previously decided otherwise, the meeting shall automatically stand
adjourned at the same time and place on the next day.
(3) In the event a meeting of the committee is adjourned in accordance with sub-regulation (2),
the adjourned meeting shall be quorate with the members of the committee attending the
meeting.
(1) The notice convening the meetings of the committee shall provide the participants an
option to attend the meeting through video conferencing or other audio and visual means
in accordance with this Regulation.
(2) The resolution professional shall make necessary arrangements to ensure uninterrupted and
clear video or audio and visual connection.
(3) The resolution professional shall take due and reasonable care-
(a) to safeguard the integrity of the meeting by ensuring sufficient security and
identification procedures;
(b) to ensure availability of proper video conferencing or other audio and visual
equipment or facilities for providing transmission of the communications for
effective participation of the participants at the meeting;
17
(d) to store for safekeeping and marking the physical recording(s) or other electronic
recording mechanism as part of the records of the corporate debtor;
(e) to ensure that no person other than the intended participants attends or has access
to the proceedings of the meeting through video conferencing or other audio and
visual means; and
(f) to ensure that participants attending the meeting through audio and visual means
are able to hear and see, if applicable, the other participants clearly during the
course of the meeting:
Provided that the persons, who are differently abled, may make request to the
resolution professional to allow a person to accompany him at the meeting.
(4) Where a meeting is conducted through video conferencing or other audio and visual means,
the scheduled venue of the meeting as set forth in the notice convening the meeting, which
shall be in India, shall be deemed to be the place of the said meeting and all recordings of
the proceedings at the meeting shall be deemed to be made at such place.
(1) The resolution professional shall act as the chairperson of the meeting of the committee.
(2) At the commencement of a meeting, the resolution professional shall take a roll call when
every participant attending through video conferencing or other audio and visual means
shall state, for the record, the following, -
(b) whether he is attending in the capacity of a member of the committee or any other
participant;
(e) that he has received the agenda and all the relevant material for the meeting; and
(f) that no one other than him is attending or has access to the proceedings of the
meeting at the location of that person.
(3) After the roll call, the resolution professional shall inform the participants of the names of
all persons who are present for the meeting and confirm if the required quorum is complete.
18
(4) The resolution professional shall ensure that the required quorum is present throughout the
meeting.
(5) From the commencement of the meeting till its conclusion, no person other than the
participants and any other person whose presence is required by the resolution professional
shall be allowed access to the place where meeting is held or to the video conferencing or
other audio and visual facility, without the permission of the resolution professional.
(6) The resolution professional shall ensure that minutes are made in relation to each meeting
of the committee and such minutes shall disclose the particulars of the participants who
attended the meeting in person, through video conferencing, or other audio and visual
means.
(7) The resolution professional shall circulate the minutes of the meeting to all participants by
electronic means within forty eight hours of the said meeting.
CHAPTER VII
(1) The actions listed in section 28(1) shall be considered in meetings of the committee.
(2) Any action other than those listed in section 28(1) requiring approval of the committee may
be considered in meetings of the committee.
(3) 29[Theresolution professional shall take a vote of the members of the committee present in
the meeting, on any item listed for voting after discussion on the same.]
(4) At the conclusion of a vote at the meeting, the resolution professional shall announce the
decision taken on items along with the names of the members of the committee who voted
for or against the decision, or abstained from voting.
30[(5) The resolution professional shall-
29Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Sub – regulation 3, before
substitution stood as-
“(3) Where all members are present in a meeting, the resolution professional shall take a vote of the members of the committee
on any item listed for voting after discussion on the same.”.
30Substituted by Notification No.IBBI/2019-19/REG032, dated 5th October, 2018 (w.e.f. 05.10.2018). Prior to the substitution,
sub- regulation (5) stood as under:-
19
(a) circulate the minutes of the meeting by electronic means to all members of the
committee and the authorised representative, if any, within forty-eight hours of the
conclusion of the meeting; and
(b) seek a vote of the members who did not vote at the meeting on the matters listed for
voting, by electronic voting system in accordance with regulation 26 where the voting shall
be kept open for at least twenty-four hours from the circulation of the minutes.
(6) The authorised representative shall circulate the minutes of the meeting received under
sub-regulation (5) to creditors in a class and announce the voting window at least twenty-
four hours before the window opens for voting instructions and keep the voting window
open for at least twelve hours.]
(1) The resolution professional shall provide each member of the committee the means to
exercise its vote by either electronic means or through electronic voting system in
accordance with the provisions of this Regulation.
(a) circulate the minutes of the meeting by electronic means to all members of the committee within forty-eight hours
of the conclusion of the meeting; and
(b) seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting
system in accordance with regulation 26 where the voting shall be kept open for twenty-four hours from the
circulation of the minutes, for.”
31 Inserted by Notification No. IBBI/2019-20/GN/REG052, dated 27th November, 2019 (w.e.f. 28.11.2019).
20
(b) the expression ‘‘secured system’’ means computer hardware, software, and
procedure that –
(2) 33[***]
(3) At the end of the voting period, the voting portal shall forthwith be blocked.
(4) At the conclusion of a vote held under this Regulation, the resolution professional shall
announce and make a written record of the summary of the decision taken on a relevant
agenda item along with the names of the members of the committee who voted for or
against the decision, or abstained from voting.
(5) The resolution professional shall circulate a copy of the record made under sub-regulation
(4) to all participants by electronic means within twenty four hours of the conclusion of the
voting.
CHAPTER VIII
32Omitted by Notification No. IBBI/2019-20/GN/REG052, dated 27th November, 2019 (w.e.f. 28.11.2019). Prior to omission, it
stood as under:-
“(1A) The authorised representative shall exercise the votes either by electronic means or through electronic voting system as per
the voting instructions received by him from the creditors in the class pursuant to sub-regulation (6) of regulation 25.”
33Omitted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Sub – regulation (2) of
regulation 26, before omission stood as-
“(2) Once a vote on a resolution is cast by a member of the committee, such member shall not be allowed to change it
subsequently.”
34Substituted by Notification No. IBBI/2017-18/GN/REG024, dated 6th February, 2018 (w.e.f. 06-02-2018). Prior to this
substitution, Regulation 27, stood as under: -
“27. Appointment of registered valuers:- The interim resolution professional shall within seven days of his appointment, appoint
two registered valuers to determine the liquidation value of the corporate debtor in accordance with Regulation 35:
Provided that the following persons shall not be appointed as registered valuers:
(a) a relative of the interim resolution professional;
21
The resolution professional shall within 35[ seven days of his appointment, but not later
than forty-seventh day from the insolvency commencement date], appoint two registered
valuers to determine the fair value and the liquidation value of the corporate debtor in
accordance with regulation 35:
Provided that the following persons shall not be appointed as registered valuers, namely:
(a) a relative of the resolution professional;
(b) a related party of the corporate debtor;
(c) an auditor of the corporate debtor at any time during the five years preceding the
insolvency commencement date; or
(d) a partner or director of the insolvency professional entity of which the resolution
professional is a partner or director.]
(1) In the event a creditor assigns or transfers the debt due to such creditor to any other person
during the insolvency resolution process period, both parties shall provide the interim
resolution professional or the resolution professional, as the case may be, the terms of such
assignment or transfer and the identity of the assignee or transferee.
(2) The resolution professional shall notify each participant and the Adjudicating Authority of
any resultant change in the committee within two days of such change.
(1) The resolution professional may sell unencumbered asset(s) of the corporate debtor, other
than in the ordinary course of business, if he is of the opinion that such a sale is necessary
for a better realisation of value under the facts and circumstances of the case:
Provided that the book value of all assets sold during corporate insolvency resolution
process period in aggregate under this sub-regulation shall not exceed ten percent of the
total claims admitted by the interim resolution professional.
(2) A sale of assets under this Regulation shall require the 36[ approval of the committee by a
vote of sixty-six per cent of voting share of the members].
35Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). The words before
substitution stood as-
36Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). The words before
substitution stood as-
22
(3) A bona fide purchaser of assets sold under this Regulation shall have a free and marketable
title to such assets notwithstanding the terms of the constitutional documents of the
corporate debtor, shareholders’ agreement, joint venture agreement or other document of a
similar nature.
The interim resolution professional or the resolution professional, as the case may be, may make
an application to the Adjudicating Authority for an order seeking the assistance of the local district
administration in discharging his duties under the Code or these Regulations.
(1) An application for withdrawal under section 12A may be made to the Adjudicating
Authority –
(a) before the constitution of the committee, by the applicant through the interim
resolution professional;
(b) after the constitution of the committee, by the applicant through the interim resolution
professional or the resolution professional, as the case may be:
Provided that where the application is made under clause (b) after the issue of invitation
for expression of interest under regulation 36A, the applicant shall state the reasons
justifying withdrawal after issue of such invitation.
(2) The application under sub-regulation (1) shall be made in Form FA of the Schedule
accompanied by a bank guarantee-
stood as:
(b) towards estimated expenses incurred for purposes of clauses (aa), (ab), (c) and (d) of
regulation 31, till the date of filing of the application under clause (b) of sub-regulation (1).
(3) Where an application for withdrawal is under clause (a) of sub-regulation (1), the interim
resolution professional shall submit the application to the Adjudicating Authority on behalf
of the applicant, within three days of its receipt.
(4) Where an application for withdrawal is under clause (b) of sub-regulation (1), the
committee shall consider the application, within seven days of its receipt.
(5) Where the application referred to in sub-regulation (4) is approved by the committee with
ninety percent voting share, the resolution professional shall submit such application along
with the approval of the committee, to the Adjudicating Authority on behalf of the
applicant, within three days of such approval.
(6) The Adjudicating Authority may, by order, approve the application submitted under sub-
regulation (3) or (5).
(7) Where the application is approved under sub-regulation (6), the applicant shall deposit an
amount, towards the actual expenses incurred for the purposes referred to in clause (a) or
clause (b) of sub-regulation (2) till the date of approval by the Adjudicating Authority, as
determined by the interim resolution professional or resolution professional, as the case
may be, within three days of such approval, in the bank account of the corporate debtor,
failing which the bank guarantee received under sub-regulation (2) shall be invoked,
without prejudice to any other action permissible against the applicant under the Code.]
CHAPTER IX
(a) amounts due to suppliers of essential goods and services under Regulation 32;
38[(aa) fee payable to authorised representative under 39[sub-regulation (8)] of regulation 16A;
38Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
39Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to substitution it
stood as: “sub-regulation (7)”.
24
(ab) out of pocket expenses of authorised representative for discharge of his functions under
40[section 25A];]
(b) amounts due to a person whose rights are prejudicially affected on account of the
moratorium imposed under section 14(1)(d);
(c) expenses incurred on or by the interim resolution professional to the extent ratified under
Regulation 33;
(d) expenses incurred on or by the resolution professional fixed under Regulation 34; and
(e) other costs directly relating to the corporate insolvency resolution process and approved by
the committee.
The essential goods and services referred to in section 14(2) shall mean-
(1) electricity;
(2) water;
to the extent these are not a direct input to the output produced or supplied by the corporate debtor.
Illustration- Water supplied to a corporate debtor will be essential supplies for drinking and
sanitation purposes, and not for generation of hydro-electricity.
(1) The applicant shall fix the expenses to be incurred on or by the interim resolution
professional.
(2) The Adjudicating Authority shall fix expenses where the applicant has not fixed expenses
under sub-regulation (1).
40Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019). Prior to substitution, it
stood as: “section 25”.
25
(3) The applicant shall bear the expenses which shall be reimbursed by the committee to the
extent it ratifies.
(4) The amount of expenses ratified by the committee shall be treated as insolvency resolution
process costs.
41[Explanation. - For the purposes of this regulation, “expenses” include the fee to be paid to the
interim resolution professional, fee to be paid to insolvency professional entity, if any, and fee to
be paid to professionals, if any, and other expenses to be incurred by the interim resolution
professional.]
The committee shall fix the expenses to be incurred on or by the resolution professional and the
expenses shall constitute insolvency resolution process costs.
42[Explanation. - For the purposes of this regulation, “expenses” include the fee to be paid to the
resolution professional, fee to be paid to insolvency professional entity, if any, and fee to be paid
to professionals, if any, and other expenses to be incurred by the resolution professional.
RESOLUTION PLAN
41Substitutedby Notification No. IBBI/2017-18/ GN/ REG030, dated 27th March, 2018 (w.e.f.01-04-2018). The explanation to
Regulation 33, before substitution, stood as under:
“Explanation- For the purposes of this Regulation, “expenses” mean the fee to be paid to the interim resolution professional and
other expenses, including the cost of engaging professional advisors, to be incurred by the interim resolution professional.”.
42Substitutedby Notification No. IBBI/2017-18/ GN/ REG030, dated 27th March, 2018 (w.e.f.01-04-2018). The explanation to
Regulation 34, before substitution, stood as under:
“Explanation- For the purposes of this Regulation, “expenses” mean the fee to be paid to the resolut ion professional and other
expenses, including the cost of engaging professional advisors, to be incurred by the resolution professional.”.
43Inserted by Notification No. IBBI/2017-18/ GN/ REG030, dated 27th March, 2018 (w.e.f.01-04-2018).
44Substituted by Notification No. IBBI/2017-18/ GN/ REG024, dated 6th February, 2018 (w.e.f. 06-02-2018). Prior to this
substitution, Regulation 35 stood as under: -
26
(1) Fair value and liquidation value shall be determined in the following manner:-
(a) the two registered valuers appointed under regulation 27 shall submit to the resolution
professional an estimate of the fair value and of the liquidation value computed in
accordance with internationally accepted valuation standards, after physical verification of
the inventory and fixed assets of the corporate debtor;
(b) if in the opinion of the resolution professional, the two estimates of a value are
significantly different, he may appoint another registered valuer who shall submit an
estimate of the value computed in the same manner; and
(c) the average of the two closest estimates of a value shall be considered the fair value or the
liquidation value, as the case may be.
(2) After the receipt of resolution plans in accordance with the Code and these regulations, the
resolution professional shall provide the fair value and the liquidation value to every member
of the committee in electronic form, on receiving an undertaking from the member to the
effect that such member shall maintain confidentiality of the fair value and the liquidation
value and shall not use such values to cause an undue gain or undue loss to itself or any other
person and comply with the requirements under sub-section (2) of section 29:
(3) The resolution professional and registered valuers shall maintain confidentiality of the fair
value and the liquidation value.”.]
(1) Liquidation value is the estimated realizable value of the assets of the corporate debtor if the corporate debtor were to be
liquidated on the insolvency commencement date.
(2) Liquidation value shall be determined in the following manner:
(a) the two registered valuers appointed under Regulation 27 shall submit to the interim resolution professional or
the resolution professional, as the case may be, an estimate of the liquidation value computed in accordance
with internationally accepted valuation standards, after physical verification of the inventory and fixed assets
of the corporate debtor;
(b) if in the opinion of the interim resolution professional or the resolution professional, as the case may be, the
two estimates are significantly different, he may appoint another registered valuer who shall submit an estimate
computed in the same manner; and
(c) the average of the two closest estimates shall be considered the liquidation value.
(3) 44“ After the receipt of resolution plans in accordance with the Code and these regulations, the resolution professional
shall provide the liquidation value to every member of the committee in electronic form, on receiving an undertaking
from the member to the effect that such member shall maintain confidentiality of the liquidation value and shall not use
such value to cause an undue gain or undue loss to itself or any other person and comply with the requirements under
sub-section (2) of section 29.”;
(4) 44“Subject to sub-regulation (3), the interim resolution professional or the resolution professional, as the case may be,
27
45
[35A. Preferential and other transactions.
(1) On or before the seventy-fifth day of the insolvency commencement date, the resolution
professional shall form an opinion whether the corporate debtor has been subjected to any
transaction covered under sections 43, 45, 50 or 66.
(2) Where the resolution profesional is of the opinion that the corporate debtor has been subjected
to any transactions covered under sections 43, 45, 50 or 66, he shall make a determination on
or before the one hundred and fifteenth day of the insolvency commencement date, under
intimation to the Board.
(3) Where the resolution profesional makes a determination under sub-regulation (2), he shall
apply to the Adjudicating Authority for appropriate relief on or before the one hundred and
thirty-fifth day of the insolvency commencement date.]
(1) 46[(1)Subject to sub-regulation (4), the resolution professional shall submit the information
memorandum in electronic form to each member of the committee within two weeks of his
appointment, but not later than fifty-fourth day from the insolvency commencement date,
whichever is earlier.]
(2) The information memorandum shall contain the following details of the corporate debtor-
(a) 47[assets and liabilities with such description, as on the insolvency commencement
date, as are generally necessary for ascertaining their values.
45Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Regulation 35 A (which
was inserted by Notification No. IBBI/2017-18/GN/ REG030, dated 27th March, 2018 (w.e.f.01-04-2018)), before substitution
stood as under –
“35 A. Identification of Resolution Applicant.-
The resolution professional shall identify the prospective resolution applicants on or before the 105 th day from the insolvency
commencement date.”
46Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Regulation 36 (1) before
substitution, stood as -
“(1) Subject to sub-regulation (4), the resolution professional shall submit the information memorandum in electronic
form to-
(a) each member of the committee within two weeks of his appointment as resolution
professional; and
(b) to each prospective resolution applicant latest by the date of invitation of resolution
plan under clause (h) of sub-section (2) of section 25 of the Code.”
47Substituted by Notification No. IBBI/2017-18/ GN/ REG024, dated 6th Feb, 2018 (w.e.f. 06.02.2018) for Regulation 36 (2) (a).
Prior to this substitution, Regulation 36(2)(a) stood as under: -
“36(2)(a) assets and liabilities, as on the insolvency commencement date, classified into appropriate categories for easy
identification, with estimated values assigned to each category.”.
28
Explanation: ‘Description’ includes the details such as date of acquisition, cost of
acquisition, remaining useful life, identification number, depreciation charged,
book value, and any other relevant details.]
(c) audited financial statements of the corporate debtor for the last two financial years
and provisional financial statements for the current financial year made up to a date
not earlier than fourteen days from the date of the application;
(d) a list of creditors containing the names of creditors, the amounts claimed by them,
the amount of their claims admitted and the security interest, if any, in respect of
such claims;
(e) particulars of a debt due from or to the corporate debtor with respect to related
parties;
(f) details of guarantees that have been given in relation to the debts of the corporate
debtor by other persons, specifying which of the guarantors is a related party;
(g) the names and addresses of the members or partners holding at least one per cent
stake in the corporate debtor along with the size of stake;
(h) details of all material litigation and an ongoing investigation or proceeding initiated
by Government and statutory authorities;
(i) the number of workers and employees and liabilities of the corporate debtor
towards them;
(j) 48[***]
(k) 49[***]
(l) other information, which the resolution professional deems relevant to the
committee.
(3) A member of the committee may request the resolution professional for further information
of the nature described in this Regulation and the resolution professional shall provide such
information to all members within reasonable time if such information has a bearing on the
resolution plan.
48 Clause (j) omitted by Notification No. IBBI/2017-18/GN/REG022, dated 31st December, 2017 (w.e.f. 31-12-2017). Prior to its
omission, it stood as “(j) the liquidation value;”.
49 Clause (k) omitted by Notification No. IBBI/2017-18/ GN/ REG022, dated 31st December, 2017 (w.e.f. 31-12-2017). Prior to its
omission, it stood as, “(k) the liquidation value due to operational creditors;”.
29
(4) 50[The resolution professional shall share the information memorandum after receiving an
undertaking from a member of the committee 51[***] to the effect that such member or
resolution applicant shall maintain confidentiality of the information and shall not use such
information to cause an undue gain or undue loss to itself or any other person and comply
with the requirements under sub-section (2) of section 29.]
52
[36A. Invitation for expression of interest.
(1) The resolution professional shall publish brief particulars of the invitation for expression of
interest in Form G of the Schedule at the earliest, not later than seventy-fifth day from the
insolvency commencement date, from interested and eligible prospective resolution
applicants to submit resolution plans.
50Substituted by Notification No. IBBI/2017-18/ GN/ REG024, dated 6th February, 2018 (w.e.f. 06-02-2018). Prior to this
substitution, Regulation 36(4) stood as under:
“36(4) The interim resolution professional or the resolution professional, as the case may be, shall share the information
memorandum after receiving an undertaking from a member of the committee or a potential resolution applicant to the effect that
such member or resolution applicant shall maintain confidentiality of the information and shall not use such information to cause
an undue gain or undue loss to itself or any other person and comply with the requirements under section 29(2).”
51Omitted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Before omission the words
stood as –
“or a prospective resolution applicant”.
52 Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Regulation 36 A, before
substitution stood as –
“36A. Invitation of Resolution Plans
(1) The resolution professional shall issue an invitation , including evaluation matrix, to the prospective resolution applicants
in accordance with clause (h) of sub-section (2) of section 25, to submit resolution plans at least thirty days before the
last date of submission of resolution plans.
(2) Where the invitation does not contain the evaluation matrix, the resolution professional shall issue, with the approval of
the committee, the evaluation matrix to the prospective resolution applicants at least fifteen days before the last date for
submission of resolution plans.
(3) The resolution professional may modify the invitation, the evaluation matrix or both with the approval of the committee
within the timelines given under sub-regulation (1) or sub-regulation (2), as the case may be.
(4) The timelines specified under this regulation shall not apply to an ongoing corporate
insolvency resolution process-
(a) where a period of less than thirty-seven days is left for submission of resolution plans under sub-regulation (1);
(b) where a period of less than eighteen days is left for submission of resolution plans
under sub-regulation (2).
(5) The resolution professional shall publish brief particulars of the invitation in Form G of the Schedule:
(a) on the website, if any, of the corporate debtor; and
(b) on the website, if any, designated by the Board for the purpose.”
30
(i) in one English and one regional language newspaper with wide circulation at the location
of the registered office and principal office, if any, of the corporate debtor and any
other location where in the opinion of the resolution professional, the corporate debtor
conducts material business operations;
(ii) on the website, if any, of the corporate debtor;
(iii) on the website, if any, designated by the Board for the purpose; and
(iv) in any other manner as may be decided by the committee.
(5) A prospective resolution applicant, who meet the requirements of the invitation for expression
of interest, may submit expression of interest within the time specified in the invitation under
clause (b) of sub-regulation (3).
(6) The expression of interest received after the time specified in the invitation under clause (b) of
sub-regulation (3) shall be rejected.
31
resolution plan, forfeit any refundable deposit, and attract penal action under the
Code; and
(g) an undertaking by the prospective resolution applicant to the effect that it shall
maintain confidentiality of the information and shall not use such information to
cause an undue gain or undue loss to itself or any other person and comply with the
requirements under sub-section (2) of section 29.
(8) The resolution professional shall conduct due diligence based on the material on record in
order to satisfy that the prospective resolution applicant complies with-
(a) the provisions of clause (h) of sub-section (2) of section 25;
(b) the applicable provisions of section 29A, and
(c) other requirements, as specified in the invitation for expression of interest.
(9) The resolution professional may seek any clarification or additional information or document
from the prospective resolution applicant for conducting due diligence under sub-
regulation (8).
(10) The resolution professional shall issue a provisional list of eligible prospective resolution
applicants within ten days of the last date for submission of expression of interest to the
committee and to all prospective resolution applicants who submitted the expression of
interest.
(12) On considering the objections received under sub-regulation (11), the resolution
professional shall issue the final list of prospective resolution applicants within ten days of
the last date for receipt of objections, to the committee.]
53
[36B. Request for resolution plans.
(1) The resolution professional shall issue the information memorandum, evaluation matrix
and a request for resolution plans, within five days of the date of issue of the provisional
list under sub-regulation (10) of regulation 36A to -
(a) every prospective resolution applicant in the provisional list; and
(b) every prospective resolution applicant who has contested the decision of the resolution
professional against its non-inclusion in the provisional list.
53Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
32
(2) The request for resolution plans shall detail each step in the process, and the manner and
purposes of interaction between the resolution professional and the prospective resolution
applicant, along with corresponding timelines.
(3) The request for resolution plans shall allow prospective resolution applicants a minimum
of thirty days to submit the resolution plan(s).
(4) The request for resolution plans shall not require any non-refundable deposit for
submission of or along with resolution plan.
54[(4A) The request for resolution plans shall require the resolution applicant, in case its
resolution plan is approved under sub-section (4) of section 30, to provide a performance
security within the time specified therein and such performance security shall stand
forfeited if the resolution applicant of such plan, after its approval by the Adjudicating
Authority, fails to implement or contributes to the failure of implementation of that plan in
accordance with the terms of the plan and its implementation schedule.
Explanation I. – For the purposes of this sub-regulation, “performance security” shall mean
security of such nature, value, duration and source, as may be specified in the request for
resolution plans with the approval of the committee, having regard to the nature of
resolution plan and business of the corporate debtor.
(5) Any modification in the request for resolution plan or the evaluation matrix issued under
sub-regulation (1), shall be deemed to be a fresh issue and shall be subject to timeline under
sub-regulation (3).
(6) The resolution professional may, with the approval of the committee, extend the timeline
for submission of resolution plans.
(7) The resolution professional may, with the approval of the committee, re-issue request for
resolution plans, if the resolution plans received in response to an earlier request are not
satisfactory, subject to the condition that the request is made to all prospective resolution
applicants in the final list:
Provided that provisions of sub-regulation (3) shall not apply for submission of resolution
plans under this sub-regulation.]
54Inserted by Notification No. IBBI/2019-20/GN/REG040, dated 24th January, 2019 (w.e.f. 24.01-2019).
33
37. 55[Resolution plan.
A resolution plan shall provide for the measures, as may be necessary, for insolvency
resolution of the corporate debtor for maximization of value of its assets, including but not
limited to the following: -
(a) transfer of all or part of the assets of the corporate debtor to one or more persons;
(b) sale of all or part of the assets whether subject to any security interest or not;
56[(ba) restructuring of the corporate debtor, by way of merger, amalgamation and demerger;]
(c) the substantial acquisition of shares of the corporate debtor, or the merger or
consolidation of the corporate debtor with one or more persons;
57[(ca) cancellation or delisting of any shares of the corporate debtor, if applicable;]
(e) curing or waiving of any breach of the terms of any debt due from the corporate debtor;
(g) extension of a maturity date or a change in interest rate or other terms of a debt due
from the corporate debtor;
55SubstitutedNotification No. IBBI/2017-18/GN/REG024, dated 6th February, 2018 (w.e.f. 06.02.2018). Prior to this substitution,
Regulation 37, stood as under:-
“(37) (1) A resolution plan may provide for the measures required for implementing it, including but not limited to the following-
(a) transfer of all or part of the assets of the corporate debtor to one or more persons;
(b) sale of all or part of the assets whether subject to any security interest or not;
(c) the substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate
debtor with one or more persons;
(d) satisfaction or modification of any security interest;
(e) curing or waiving of any breach of the terms of any debt due from the corporate debtor;
(f) reduction in the amount payable to the creditors;
(g) extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor;
(h) amendment of the constitutional documents of the corporate debtor;
(i) issuance of securities of the corporate debtor, for cash, property, securities, or in exchange for claims or
interests, or other appropriate purpose; and
(j) obtaining necessary approvals from the Central and State Governments and other authorities.”
56Inserted by Notification No. IBBI/2019-20/GN/REG052, dated 27th November, 2019 (w.e.f. 28.11.2019).
57Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04.07.2018).
34
(i) issuance of securities of the corporate debtor, for cash, property, securities, or in
exchange for claims or interests, or other appropriate purpose;
(j) change in portfolio of goods or services produced or rendered by the corporate debtor;
(l) obtaining necessary approvals from the Central and State Governments and other
authorities.]
59[(1A) A resolution plan shall include a statement as to how it has dealt with the interests of all
stakeholders, including financial creditors and operational creditors, of the corporate
debtor.]
60[(IB)
A resolution plan shall include a statement giving details if the resolution applicant or
any of its related parties has failed to implement or contributed to the failure of implementation of
any other resolution plan approved by the Adjudicating Authority at any time in the past.]
(b) the management and control of the business of the corporate debtor during its term;
and
59 Inserted by Notification No. IBBI/2017-18/ GN/ REG018, dated 5th October, 2017 (w.e.f. 5-10-2017).
60 Inserted by Notification No. IBBI/2019-20/ GN/ REG040, dated 24th January, 2019 (w.e.f. 24-01-2019).
61 Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Sub – regulation (3) of
“A resolution plan shall contain details of the resolution applicant and other connected persons to enable the committee to assess
the credibility of such applicant and other connected persons to take a prudent decision while considering the resolution
plan for its approval.
35
(a) it addresses the cause of default;
(b) it is feasible and viable;
(c) it has provisions for its effective implementation;
(d) it has provisions for approvals required and the timeline for the same; and
(e) the resolution applicant has the capability to implement the resolution plan.]
(c) an undertaking by the prospective resolution applicant that every information and records
provided in connection with or in the resolution plan is true and correct and discovery of false
information and record at any time will render the applicant ineligible to continue in the
corporate insolvency resolution process, forfeit any refundable deposit, and attract penal
action under the Code.
(1A) A resolution plan which does not comply with the provisions of sub-regulation (1) shall be
rejected.]
(i) ‘details shall include the following in respect of the resolution applicant and other connected person, namely:
-
(a) identity;
(b) conviction for any offence, if any, during the preceding five years;
(c) criminal proceedings pending, if any;
(d) disqualification, if any, under Companies Act, 2013, to act as a director;
(e) identification as a willful defaulter, if any, by any bank or financial institution or consortium thereof in
accordance with the guidelines of the Reserve Bank of India;
(f) debarment, if any, from accessing to, or trading in, securities markets under any order or directions of the
Securities and Exchange Board of India, and
(g) transactions, if any, with the corporate debtor in the preceding two years.
(a) persons who are promoters or in the management or control of the resolution applicant;
(b) persons who will be promoters or in management or control of the business the corporate debtor
during the implementation of the resolution plan;
(c) holding company, subsidiary company, associate company and related party of the persons referred
to in items (a) and (b).”
62Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Sub – regulation (1) of
63Omitted by Notification No. IBBI/2018-19/GN/REG032, dated 5th October, 2018 (w.e.f.05-10-2018). Clause (b), before
omission, stood as under:
“(b) an undertaking that it will provide for additional funds to the extent required for the purposes under sub-regulation (1) of
regulation 38; and”
36
64(2) [The resolution professional shall submit to the committee all resolution plans
which comply with the requirements of the Code and regulations made thereunder along
with the details of following transactions, if any, observed, found or determined by him: -
(3A) Where only one resolution plan is put to vote, it shall be considered approved if it receives
requisite votes.
(3B) Where two or more resolution plans are put to vote simultaneously, the resolution plan, which
receives the highest votes, but not less than requisite votes, shall be considered as approved:
Provided that where two or more resolution plans receive equal votes, but not less than
requisite votes, the committee shall approve any one of them, as per the tie-breaker formula
announced before voting:
Provided further that where none of the resolution plans receives requisite votes, the
committee shall again vote on the resolution plan that received the highest votes, subject to the
timelines under the Code.
Illustration. - The committee is voting on two resolution plans, namely, A and B, simultaneously.
The voting outcome is as under:
Voting % of votes in favour of Status of approval
outcome Plan A Plan B
1 55 60 No Plan is approved, as neither of the Plans
received requisite votes. The committee shall vote
again on Plan B, which received the higher votes,
subject to the timelines under the Code.
64 Substituted by Notification No. IBBI/2017-18/GN/REG019, dated 7th November, 2017 (w.e.f. 7-11-2017). Prior to this
substitution, Regulation 39(2) stood as under: -
“39(2) The resolution professional shall present all resolution plans that meet the requirements of the Code and these Regulations
to the committee for its consideration”
65
Substituted by Notification No. IBBI/2020-21/GN/REG064, dated 7rd August, 2020 (w.e.f. 07-08-2020). Prior to this substitution,
Regulation 39(3) stood as under:
“[(3) The committee shall evaluate the resolution plans received under sub-regulation (1) strictly as per the evaluation matrix to
identify the best resolution plan and may approve it with such modifications as it deems fit :
Provided that the committee shall record its deliberations on the feasibility and viability of the resolution plans.]”
37
2 70 75 Plan B is approved, as it received higher votes,
which is not less than requisite votes.
3 75 75 The committee shall approve either Plan A or Plan
B, as per the tie-breaker formula announced before
voting.]
66[***]
67
[(4) The resolution professional shall endeavour to submit the resolution plan approved by the
committee to the Adjudicating Authority at least fifteen days before the maximum period for
completion of corporate insolvency resolution process under section 12, along with a compliance
certificate in 68[Form H of the Schedule and the evidence of receipt of performance security
required under sub-regulation (4A) of regulation 36B.]]
(5) The resolution professional shall forthwith send a copy of the order of the Adjudicating
Authority approving or rejecting a resolution plan to the participants and the resolution
applicant.
(6) A provision in a resolution plan which would otherwise require the consent of the members
or partners of the corporate debtor, as the case may be, under the terms of the constitutional
documents of the corporate debtor, shareholders’ agreement, joint venture agreement or other
document of a similar nature, shall take effect notwithstanding that such consent has not been
obtained.
(7) No proceedings shall be initiated against the interim resolution professional or the resolution
professional, as the case may be, for any actions of the corporate debtor, prior to the insolvency
commencement date.
(8) A person in charge of the management or control of the business and operations of the
corporate debtor after a resolution plan is approved by the Adjudicating Authority, may make
66 Omitted by Notification No. IBBI/2018-19/GN/REG032, dated 5th October, 2018 (w.e.f. 05-10-2018). Sub - Regulation (3A),
before omission, stood as:
“66[(3A) The committee shall, while approving the resolution plan under sub-section (4) of section (30), specify the amounts
payable from resources under the resolution plan for the purposes under sub-regulation (1) of regulation 38.]”
67Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). Sub–regulation (4) of
Provided that the timeline specified in this sub-regulation shall not apply to an ongoing corporate insolvency resolution
process which has completed 130th day from its commencement date.”
68 Substituted by Notification No. IBBI/2019-20/GN/REG040, dated 24th January, 2019 (w.e.f. 24-01-2019). Before substitution,
it stood as-
38
an application to the Adjudicating Authority for an order seeking the assistance of the local
district administration in implementing the terms of a resolution plan.
69[(9) A creditor, who is aggrieved by non-implementation of a resolution plan approved under
sub-section (1) of section 31, may apply to the Adjudicating Authority for directions.]
70
[39A. Preservation of records.
The interim resolution professional or the resolution professional, as the case may be, shall
preserve a physical as well as an electronic copy of the records relating to corporate insolvency
resolution process of the corporate debtor as per the record retention schedule as may be
communicated by the Board in consultation with Insolvency Professional Agencies.]
71[39B. Meeting liquidation cost.
(1) While approving a resolution plan under sub-section (4) of section 30 or deciding to liquidate
the corporate debtor under sub-section (2) of section 33, the committee may make a best estimate
of the amount required to meet liquidation costs, in consultation with the resolution professional,
in the event an order for liquidation is passed under section 33.
(2) The committee shall make a best estimate of the value of the liquid assets available to meet the
liquidation costs, as estimated in sub-regulation (1).
(3) Where the estimated value of the liquid assets under sub-regulation (2) is less than the estimated
liquidation costs under sub-regulation (1), the committee shall approve a plan providing for
contribution for meeting the difference between the two.
(4) The resolution professional shall submit the plan approved under sub-regulation (3) to the
Adjudicating Authority while filing the approval or decision of the committee under section 30 or
33, as the case may be.
Explanation.- For the purposes of this regulation, ‘liquidation costs’ shall have the same meaning
as assigned to it in clause (ea) of sub-regulation (1) of regulation (2) of the Insolvency and
Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
(1) While approving a resolution plan under section 30 or deciding to liquidate the corporate debtor
under section 33, the committee may recommend that the liquidator may first explore sale of the
corporate debtor as a going concern under clause (e) of regulation 32 of the Insolvency and
Bankruptcy Board of India (Liquidation Process) Regulations, 2016 or sale of the business of the
69Inserted by Notification No. IBBI/2019-20/ GN/ REG040, dated 24th January, 2019 (w.e.f. 24-01-2019).
70 Inserted by Notification No. IBBI/2018-19/GN/REG032 dated 5th October, 2018 (w.e.f. 05.10.2018).
71 Inserted by Notification No. IBBI/2019-20/GN/REG048 dated 25th July, 2019 (w.e.f. 25.07.2019).
39
corporate debtor as a going concern under clause (f) thereof, if an order for liquidation is passed
under section 33.
(2) Where the committee recommends sale as a going concern, it shall identify and group the assets
and liabilities, which according to its commercial considerations, ought to be sold as a going
concern under clause (e) or clause (f) of regulation 32 of the Insolvency and Bankruptcy Board of
India (Liquidation Process) Regulations, 2016.
(3) The resolution professional shall submit the recommendation of the committee under sub-
regulations (1) and (2) to the Adjudicating Authority while filing the approval or decision of the
committee under section 30 or 33, as the case may be.”.
While approving a resolution plan under section 30 or deciding to liquidate the corporate debtor
under section 33, the committee may, in consultation with the resolution professional, fix the fee
payable to the liquidator, if an order for liquidation is passed under section 33, for –
(a) the period, if any, used for compromise or arrangement under section 230 of the Companies
Act, 2013;
(b) the period, if any, used for sale under clauses (e) and (f) of regulation 32 of the Insolvency
and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; and
(1) The committee may instruct the resolution professional to make an application to the
Adjudicating Authority under section 12 to extend the insolvency resolution process
period.
(2) The resolution professional shall, on receiving an instruction from the committee under
this Regulation, make an application to the Adjudicating Authority for such extension.
72
[40A. Model time-line for corporate insolvency resolution process.
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:
72 Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
40
Section / Description of Activity Norm Latest
Regulation Timeline
73 Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019).
74 Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019).
75 Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019).
41
Invitation of EoI Within 75 days of
commencement
Submission of EoI At least 15 days from issue of EoI T+90
(Assume 15 days)
Provisional List of RAs by RP Within 10 days from the last day T+100
of receipt of EoI
Submission of objections to provisional list For 5 days from the date of T+105
provisional list
Final List of RAs by RP Within 10 days of the receipt of T+115
objections
Regulation 36B Issue of RFRP, including Evaluation Matrix Within 5 days of the issue of the T+105
and IM provisional list
Receipt of Resolution Plans At least 30 days from issue of T+135
RFRP (Assume 30 days)
Regulation 39(4) Submission of CoC approved Resolution As soon as approved by the CoC T+165
Plan to AA
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.]
Table
Form Period covered and scope To be Timeline
No. filed
by
CIRP 1 From Commencement of CIRP till Issue of IRP Within seven days of
Public Announcement: This includes details making the Public
76 Inserted by Notification No. IBBI/2019-20/GN/REG052, dated 27th November, 2019 (w.e.f. 28.11.2019).
42
of IRP, CD, and the Applicant; admission of Announcement under
application by AA; public announcement; section 13.
details of suggested Authorised
Representatives; non-compliances with the
provisions of the Code and other laws
applicable to the CD; etc.
(2) The Board shall make available the Forms on the electronic platform and may modify them
from time to time.
77[(4) The filing of a Form under this regulation after due date of submission, whether by
correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form
for each calendar month of delay after 1st October, 2020.
77Subs.by Notification No. IBBI/2020-21/GN/REG056 dated 20th April, 2020 (w.e.f. 25.03.2020). Before substitution, it stood as
“(4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be
accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1 st April, 2020.
Example: A Form is required to be filed by 29th April, 2020. It shall be filed along with fee as under:
44
Example: A Form is required to be filed by 30th October, 2020. It shall be filed along with a fee as
under:
If filed on Fee (in Rupees)
78 Ins. by Notification No. IBBI/2020-21/GN/REG059 dated 20th April, 2020 (w.e.f. 29.03.2020)
45
SCHEDULE
79[FORM A
PUBLIC ANNOUNCEMENT
(Under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) Regulations, 2016)
The creditors of [name of the corporate debtor], are hereby called upon to submit their claims with proof on or before
[insert the date falling fourteen days from the appointment of the interim resolution professional ] to the interim
resolution professional at the address mentioned against entry No. 10.
The financial creditors shall submit their claims with proof by electronic means only. All other creditors may submit
the claims with proof in person, by post or by electronic means.
A financial creditor belonging to a class, as listed against the entry No. 12, shall indicate its choice of authorised
representative from among the three insolvency professionals listed against entry No.13 to act as authorised
representative of the class [specify class] in Form CA.
79 Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
46
FORM AA
WRITTEN CONSENT TO ACT AS RESOLUTION PROFESSIONAL
(Under Regulation 3(1A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016)
[Date]
From
[Name of the insolvency professional]
[Registration number of the insolvency professional]
[Address of the insolvency professional registered with the Board]
To
The Committee of Creditors
[name of corporate debtor]
I, [name], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the
Board, note that the committee proposes to appoint me as resolution professional under section 22(3)(a) / 22(3)(b) /
27(2) of the Code for corporate insolvency resolution process of [name of the corporate debtor].
2. In accordance with regulation 3(1A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) Regulations, 2016, I hereby give consent to the proposed appointment.
2 Resolution Professional of
a. Corporate Debtors
b. Individuals
3 Liquidator of
a. Liquidation Processes
4 Bankruptcy Trustee
5 Authorised Representative
47
Date: (Signature of the insolvency professional)
Place: Registration No. .......
FORM AB
WRITTEN CONSENT TO ACT AS AUTHORISED REPRESENTATIVE
(Under Regulation 4A(3) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016)
[Date]
From
[Name of the insolvency professional]
[Registration number of the insolvency professional]
[Registered address of the insolvency professional]
To
The Interim Resolution Professional
[name of corporate debtor]
I, [name], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the
Board, note that you have proposed to appoint me as the authorized representative of financial creditors in a class
[specify class] in the corporate insolvency resolution process of [name of the corporate debtor].
2. In accordance with regulation 4(A) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,
2016, I hereby give my consent to the proposed appointment.
2 Resolution Professional of
a. Corporate Debtors
b. Individuals
3 Liquidator of
a. Liquidation Processes
4 Bankruptcy Trustee
5 Authorised Representative
48
6 Any other (Please state)
SCHEDULE
FORM B
(Under Regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) Regulations, 2016)
[Date]
To
The Interim Resolution Professional / Resolution Professional
[Name of the Insolvency Resolution Professional / Resolution Professional]
[Address as set out in public announcement]
From
[Name and address of the operational creditor]
Madam/Sir,
[Name of the operational creditor], hereby submits this proof of claim in respect of the corporate
insolvency resolution process in the case of [name of corporate debtor]. The details for the same
are set out below:
PARTICULARS
80 Substituted by Notification No. IBBI/2019-20/GN/REG052, dated 27th November, 2019 (w.e.f. 28.11.2019). Before substitution,
it stood as under: “DETAILS OF ANY RETENTION OF TITLE ARRANGEMENTS IN RESPECT OF GOODS OR PROPERTIES TO WHICH THE CLAIM
REFERS”.
50
PARTICULARS
*PAN number, passport, AADHAAR Card or the identity card issued by the Election
Commission of India
81[DECLARATION
I, [Name of claimant], currently residing at [insert address], hereby declare and state as follows:-
1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement date,
being the…………..day of………………20….., actually indebted to me in the sum of Rs. [insert amount
of claim].
2. In respect of my claim of the said sum or any part thereof, I have relied on the documents
specified below: [Please list the documents relied on as evidence of claim].
3. The said documents are true, valid and genuine to the best of my knowledge, information and
belief and no material facts have been concealed therefrom.
4. In respect of the said sum or any part thereof, neither I nor any person, by my order, to my
knowledge or belief, for my use, had or received any manner of satisfaction or security
whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the
corporate debtor and the creditor which may be set -off against the claim].
81Substituted by Notification No. IBBI/ 2017-18/GN/REG030, dated 27th March, 2018 (w.e.f. 01-04-2018) for Affidavit and
Verification.
51
Date:
Place:
(Signature of the claimant)
VERIFICATION
I, [Name] the claimant hereinabove, do hereby verify that the contents of this proof of claim are
true and correct to my knowledge and belief and no material fact has been concealed therefrom.
[Note: In the case of company or limited liability partnership, the declaration and verification
shall be made by the director/manager/secretary and in the case of other entities, an officer
authorised for the purpose by the entity].]
SCHEDULE
82[FORM C
To
The Interim Resolution Professional / Resolution Professional,
[Name of the Insolvency Resolution Professional / Resolution Professional]
[Address as set out in public announcement]
Madam/Sir,
[Name of the financial creditor], hereby submits this claim in respect of the corporate insolvency resolution process
of [name of corporate debtor]. The details for the same are set out below:
Relevant Particulars
1. Name of the financial creditor
2. Identification number of the financial creditor
(If an incorporated body, provide identification number and proof of
incorporation. If a partnership or individual provide identification records* of all
the partners or the individual)
3. Address and email address of the financial creditor for correspondence
82Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
52
Relevant Particulars
4. Total amount of claim
(including any interest as at the insolvency commencement date)
5. Details of documents by reference to which the debt can be substantiated
6. Details of how and when debt incurred
7. Details of any mutual credit, mutual debts, or other mutual dealings between the
corporate debtor and the creditor which may be set-off against the claim
8. Details of any security held, the value of the security, and the date it was given
9. Details of the bank account to which the amount of the claim or any part thereof
can be transferred pursuant to a resolution plan
10. List of documents attached to this claim in order to prove the existence and non-
payment of claim due to the financial creditor
DECLARATION
I, [Name of claimant], currently residing at [insert address], do hereby declare and state as follows: -
1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement date, being
the……………..day of…………..20……., actually indebted to me for a sum of Rs. [insert amount of claim].
2. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified below:
[Please list the documents relied on as evidence of claim].
3. The said documents are true, valid and genuine to the best of my knowledge, information and belief and no
material facts have been concealed therefrom.
4. In respect of the said sum or any part thereof, neither I, nor any person, by my order, to my knowledge or
belief, for my use, had or received any manner of satisfaction or security whatsoever, save and except the
following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor
and the creditor which may be set-off against the claim].
5. I am / I am not a related party of the corporate debtor, as defined under section 5 (24) of the Code.
6. I am eligible to join committee of creditors by virtue of proviso to section 21 (2) of the Code even though I
am a related party of the corporate debtor.
Date:
Place:
(Signature of the claimant)
VERIFICATION
I, [Name] the claimant hereinabove, do hereby verify that the contents of this proof of claim are true and correct to
my knowledge and belief and no material fact has been concealed therefrom.
[Note: In the case of company or limited liability partnership, the declaration and verification shall be made by the
director/manager/secretary/designated partner and in the case of other entities, an officer authorised for the purpose
by the entity.]
53
FORM CA
SUBMISSION OF CLAIM BY FINANCIAL CREDITORS IN A CLASS
(Under Regulation 8A of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016)
[Date]
From
[Name and address of the financial creditor, including address of its registered office and principal office]
To
The Interim Resolution Professional / Resolution Professional
[Name of the Insolvency Resolution Professional / Resolution Professional]
[Address as set out in public announcement]
Madam/Sir,
[Name of the financial creditor], hereby submits this claim in respect of the corporate insolvency resolution process
of [name of corporate debtor]. The details for the same are set out below:
RELEVANT PARTICULARS
7. Details of any mutual credit, mutual debts, or other mutual dealings between
the corporate debtor and the creditor which may be set-off against the claim
8. Details of any security held, the value of the security, and the date it was given
9. Details of the bank account to which the amount of the claim or any part
thereof can be transferred pursuant to a resolution plan
10. List of documents attached to this claim in order to prove the existence and
non-payment of claim due
11. Name of the insolvency professional who will act as the Authorised
representative of creditors of the class
DECLARATION
I, [Name of claimant], currently residing at [insert address], do hereby declare and state as follows: -
1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement date, being
the……………..day of…………..20……., actually indebted to me for a sum of Rs. [insert amount of
claim].
2. In respect of my claim of the said sum or any part thereof, I have relied on the documents specified
below: [Please list the documents relied on as evidence of claim].
3. The said documents are true, valid and genuine to the best of my knowledge, information and belief and
no material facts have been concealed therefrom.
4. In respect of the said sum or any part thereof, neither I, nor any person, by my order, to my knowledge
or belief, for my use, had or received any manner of satisfaction or security whatsoever, save and except
the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor
and the creditor which may be set-off against the claim].
5. I am / I am not a related party of the corporate debtor, as defined under section 5 (24) of the Code.
6. I am eligible to give voting instruction to the authorized representative by virtue of proviso to section 21
(2) of the Code even though I am a related party of the corporate debtor.
Date:
Place:
(Signature of the claimant)
VERIFICATION
I, [Name] the claimant hereinabove, do hereby verify that the contents of this proof of claim are true and correct to
my knowledge and belief and no material fact has been concealed therefrom.
SCHEDULE
FORM D
(Under Regulation 9 of the Insolvency and Bankruptcy (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016)
[Date]
To
The Interim Resolution Professional / Resolution Professional
55
[Name of the Insolvency Resolution Professional / Resolution Professional]
[Address as set out in public announcement]
From
[Name and address of the workman / employee]
Madam/Sir,
[Name of the workman / employee], hereby submits this proof of claim in respect of the corporate
insolvency resolution process in the case of [name of corporate debtor]. The details for the same
are set out below:
PARTICULARS
83[DECLARATION
I, [Name of claimant], currently residing at [insert address], do hereby declare and state as
follows: -
1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement
date, being the……………..day of…………..20……., actually indebted to me in the sum of Rs.
[insert amount of claim].
83Substituted by Notification No. IBBI/ 2017-18/ GN/ REG030, dated 27th March 2018 (w.e.f. 01-04-2018) for Affidavit and
Verification.
57
2. In respect of my claim of the said sum or any part thereof, I have relied on the documents
specified below: [Please list the documents relied on as evidence of claim].
3. The said documents are true, valid and genuine to the best of my knowledge, information
and belief and no material facts have been concealed therefrom.
4. In respect of the said sum or any part thereof, neither I, nor any person, by my order, to my
knowledge or belief, for my use, had or received any manner of satisfaction or security
whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between
the corporate debtor and the creditor which may be set-off against the claim].
Date:
Place:
(Signature of the claimant)
VERIFICATION
I, [Name] the claimant hereinabove, do hereby verify that the contents of this proof of claim are
true and correct to my knowledge and belief and no material fact has been concealed therefrom.
SCHEDULE
FORM E
(Under Regulation 9 of the Insolvency and Bankruptcy (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016)
[Date]
To
The Interim Resolution Professional / Resolution Professional,
[Name of the Insolvency Resolution Professional / Resolution Professional]
[Address as set out in public announcement]
From
[Name and address of the duly authorised representative of the workmen / employees]
58
Subject: Submission of proofs of claim.
Madam/Sir,
1. That the above named corporate debtor was, at the insolvency commencement date, being
the ________ day of ______ 20 ___, justly truly indebted to the several persons whose
names, addresses, and descriptions appear in the Annexure A below in amounts severally
set against their names in such Annexure A for wages, remuneration and other amounts
due to them respectively as workmen or/ and employees in the employment of the corporate
debtor in respect of services rendered by them respectively to the corporate debtor during
such periods as are set out against their respective names in the said Annexure A.
2. That for which said sums or any part thereof, they have not, nor has any of them, had or
received any manner of satisfaction or security whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between
the corporate debtor and the creditor which may be set-off against the claim.]
Deponent
ANNEXURE
1.
2.
3.
4.
59
2. Particulars of how debt was incurred by the corporate debtor, including particulars of any
dispute as well as the record of pendency of suit or arbitration proceedings (if any).
3. Particulars of any mutual credit, mutual debts, or other mutual dealings between the
corporate debtor and the creditor which may be set-off against the claim.
ATTACHMENTS:
85 [DECLARATION
I, [Name of claimant], currently residing at [insert address], do hereby declare and state as
follows: -
1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement
date, being the……………..day of…………..20……., actually indebted to me in the sum of Rs.
[insert amount of claim].
2. In respect of my claim of the said sum or any part thereof, I have relied on the documents
specified below: [Please list the documents relied on as evidence of claim].
3. The said documents are true, valid and genuine to the best of my knowledge, information
and belief and no material facts have been concealed therefrom.
4. In respect of the said sum or any part thereof, neither I, nor any person, by my order, to my
knowledge or belief, for my use, had or received any manner of satisfaction or security
whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between
the corporate debtor and the creditor which may be set -off against the claim].
Date:
Place:
(Signature of the claimant)
84Substituted by Notification No. IBBI/ 2017-18/ GN/ REG030, dated 27th March, 2018 (w.e.f. 01-04-2018).
85Substituted by Notification No. IBBI/ 2017-18/ GN/ REG030, dated 27th March, 2018 (w.e.f. 01-04-2018) for Affidavit and
Verification.
60
VERIFICATION
I, [Name] the claimant hereinabove, do hereby verify that the contents of this proof of claim are
true and correct to my knowledge and belief and no material fact has been concealed therefrom.
[FORM F] 86
Date ………..
To
The Interim Resolution Professional / Resolution Professional
[Name of the Insolvency Resolution Professional / Resolution Professional]
[Address as set out in public announcement]
From
[Name and address of the creditor]
Madam / Sir,
I, [Name of the creditor], hereby submit the following proof of claim in respect of the corporate
insolvency resolution process in the case of [name of corporate debtor]. The details of the same
are set out below:
PARTICULARS
1. Name of the creditor
2. Identification number of the creditor
(If an incorporated body corporate, provide
identification number and proof of
incorporation. If a partnership or individual,
provide identification record* of all partners or
the individuals)
86Inserted by Notification No. IBBI/2017-18/ GN/REG013, dated 16th August, 2017 (w.e.f. 16-8-2017).
61
3. Address and email address of the creditor for
correspondence
4. Description of the claim (Including the
amount of the claim as at the insolvency
commencement date)
5. Details of documents by reference to which
claim can be substantiated
6. Details of how and when the claim arose
7. Details of any mutual credit, mutual debts, or
other mutual dealings between the corporate
debtor and the creditor which may be set-off
against the claim
8. Details of:
a. any security held, the value of security and
its date, or
b. retention title arrangement in respect of
goods or properties to which the claim refers
9. Details of bank account to which the amount of
the claim or any part thereof can be transferred
pursuant to a resolution plan
10. List of documents attached to this claim in
order to prove the existence and non-
satisfaction of claim due to the creditor
* PAN, Passport, AADHAAR or the identity card issued by the Election Commission of India.
87
[DECLARATION
I, [Name of claimant], currently residing at [insert address], do hereby declare and state as
follows: -
87Subs. by Notification No. IBBI/ 2017-18/ GN/ REG030, dated 27th March, 2018 (w.e.f. 01-04-2018) for Affidavit and
Verification.
62
1. [Name of corporate debtor], the corporate debtor was, at the insolvency commencement
date, being the……………..day of…………..20……., actually indebted to me in the sum of Rs.
[insert amount of claim].
2. In respect of my claim of the said sum or any part thereof, I have relied on the documents
specified below: [Please list the documents relied on as evidence of claim].
3. The said documents are true, valid and genuine to the best of my knowledge, information
and belief and no material facts have been concealed therefrom.
4. In respect of the said sum or any part thereof, neither I, nor any person, by my order, to my
knowledge or belief, for my use, had or received any manner of satisfaction or security
whatsoever, save and except the following:
[Please state details of any mutual credit, mutual debts, or other mutual dealings between
the corporate debtor and the creditor which may be set -off against the claim].
Date:
Place:
(Signature of the claimant)
VERIFICATION
I, [Name] the claimant hereinabove, do hereby verify that the contents of this proof of claim are
true and correct to my knowledge and belief and no material fact has been concealed therefrom.
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88[ FORM FA
APPLICATION FOR WITHDRAWAL OF CORPORATE INSOLVENCY RESOLUTION PROCESS
[Under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016]
[Date]
To
The Adjudicating Authority
Subject: Withdrawal of Application admitted for corporate insolvency resolution process of [name of corporate
debtor]
I, [Name of applicant], had filed an application bearing [particulars of application, i.e, diary number/ case number] on
[Date of filing] before the Adjudicating Authority under [Section 7 / Section 9/ Section 10] of the Insolvency and
Bankruptcy Code, 2016. The said application was admitted by the Adjudicating Authority on [date] bearing [case
number].
2. I hereby withdraw the application bearing [particulars of application, i.e, diary number/ case number] filed by me
before the Adjudicating Authority under [Section 7 / Section 9/Section 10] of the Insolvency and Bankruptcy Code,
2016.
3. I attach the required bank guarantee as per sub-regulation (2) of regulation 30A.
89[Form G
INVITATION FOR EXPRESSION OF INTEREST
(Under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016
RELEVANT PARTICULARS
1. Name of the corporate debtor
2. Date of incorporation of corporate debtor
3. Authority under which corporate debtor is incorporated / registered
4. Corporate identity number / limited liability identification number of corporate debtor
5. Address of the registered office and principal office (if any) of corporate debtor
6. Insolvency commencement date of the corporate debtor
7. Date of invitation of expression of interest
88 Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019).
89 Substituted by Notification No. IBBI/2018-19/ GN/ REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).
64
8. Eligibility for resolution applicants under section 25(2)(h) of the Code is available at:
9. Norms of ineligibility applicable under section 29A are available at:
10. Last date for receipt of expression of interest
11. Date of issue of provisional list of prospective resolution applicants
12. Last date for submission of objections to provisional list
15. Manner of obtaining request for resolution plan, evaluation matrix, information
memorandum and further information
16. Last date for submission of resolution plans
17. Manner of submitting resolution plans to resolution professional
18. Estimated date for submission of resolution plan to the Adjudicating Authority for
approval
19. Name and registration number of the resolution professional
20. Name, Address and e-email of the resolution professional, as registered with the Board
21. Address and email to be used for correspondence with the resolution professional
22. Further Details are available at or with
23. Date of publication of Form G
FORM H
COMPLIANCE CERTIFICATE
(Under Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016
I, [Name of the resolution professional], an insolvency professional enrolled with [name of insolvency professional
agency] and registered with the Board with registration number [registration number], am the resolution professional
for the corporate insolvency resolution process (CIRP) of [name of the corporate debtor (CD)].
1 Name of the CD
65
5 Date of Constitution of CoC
7 Date of Appointment of RP
18 Fair Value
19 Liquidation value
3. I have examined the Resolution Plan received from Resolution Applicant (………………………………..) and
approved by Committee of Creditors (CoC) of [Name of the corporate debtor].
66
5. The list of financial creditors of the CD [state the name of CD] being members of the CoC and distribution of
voting share among them is as under:
Sl. No. Name of Creditor Voting Share (%) Voting for Resolution Plan (Voted for /
Dissented / Abstained)
6. The Resolution Plan includes a statement under regulation 38(1A) of the CIRP Regulations as to how it has dealt
with the interests of all stakeholders in compliance with the Code and regulations made thereunder.
90
[7. The amounts provided for the stakeholders under the Resolution Plan is as under:
(Amount in Rs. lakh)
Sl. Category of Sub-Category of Amount Amount Amount Amount
No. Stakeholder* Stakeholder Claimed Admitted Provide Provided
d under to the
the Amount
Plan# Claimed
(%)
90Substituted by Notification No. IBBI/2019-20/GN/REG/052 dated 27th Nov., 2019 (w.e.f. 28.11.2019).
67
(ii) who voted in
favour of the
resolution plan
Total[(a) + (b)]
Total[(a) + (b)]
(i)Government
(ii)Workmen
(iii)Employees
(iv) ………
68
Total[(a) + (b)]
Grand Total
*If there are sub-categories in a category, please add rows for each sub-category.
# Amount provided over time under the Resolution Plan and includes estimated value of non-cash components. It
is not NPV.]
8. The interests of existing shareholders have been altered by the Resolution plan as under:
Sl. No Category of No. of Shares No. of Shares Voting Share Voting Share (%)
Share Holder held before held after the (%) held before held after CIRP
CIRP CIRP CIRP
1 Equity
2 Preference
3
(c) provides for the payment to the financial creditors who did not
vote in favour of the resolution plan?
91
69
(f) contravenes any of the provisions of the law for the time being
in force?]
Section 30(4) Whether the Resolution Plan
(a) is feasible and viable, according to the CoC?
(b) has been approved by the CoC with 66% voting share?
Section 31(1) Whether the Resolution Plan has provisions for its effective
implementation plan, according to the CoC?
Regulation 35A Where the resolution profesional made a determination if the
corporate debtor has been subjected to any transaction of the
nature covered under sections 43, 45, 50 or 66, before the one
hundred and fifteenth day of the insolvency commencement date,
under intimation to the Board?
92 [Regulation 38 Whether the amount due to the operational creditors under the
(1) resolution plan has been given priority in payment over financial
creditors?]
10. The CIRP has been conducted as per the timeline indicated as under:
Section of the Code / Description of Activity Latest Timeline Actual Date
Regulation No. under regulation
40A
92 Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019).
93Substituted by Notification No. IBBI/2019-20/GN/REG/040 dated 24th January, 2019 (w.e.f. 24-01-2019).
94Substituted by Notification No. IBBI/2019-20/GN/REG/040 dated 24th January, 2019 (w.e.f. 24-01-2019).
70
Section 16(1) Commencement of CIRP and Appointment of T T
IRP
Regulation 6(1) Publication of Public Announcement T+3
Section 15(1)(c) Submission of Claims T+14
/Regulation 12 (1)
Regulation 13(1) Verification of Claims T+21
Section 26(6A) / Application for Appointment of Authorised T+23
Regulation 15A Representative, if necessary
Regulation 17(1) Filing of Report Certifying Constitution of CoC T+23
Section 22(1) and First Meeting of the CoC T+30
regulation 17(2)
Regulation 35A Determination of fraudulent and other transactions T+115
Regulation 27 Appointment of two Registered Valuers T+47
[95Regulation 36 (1) Submission of Information Memorandum to CoC T+54]
Regulation 36A Invitation of EoI T+75
Publication of Form G T+75
Provisional List of Resolution Applicants T+100
Final List of Resolution Applicants T+115
Regulation 36B Issue of Request for Resolution Plan, which T+105
includes Evaluation Matrix and Information
Memorandum to Resolution Applicants
Section 30(6) / Submission of CoC approved Resolution Plan T+165
Regulation 39(4)
Section 31(1) Approval of Resolution Plan T=180
11. The time frame proposed for obtaining relevant approvals is as under:
Sl. No. Nature of Approval Name of applicable Name of Authority When to be obtained
Law who will grant
Approval
13. Following are the deviations / non-compliances of the provisions of the Insolvency and Bankruptcy Code, 2016,
regulations made or circulars issued thereunder (If any deviation/ non-compliances were observed, please state the
details and reasons for the same):
95Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019).
71
Sl. Deviation/Non-compliance Section of the Code / Reasons Whether rectified or
No. observed Regulation No. / Circular not
No.
14. The Resolution Plan is being filed ….. days before the expiry of the period of CIRP provided in section 12 of the
Code.
96 [15A. The committee has approved a plan providing for contribution under regulation 39B as under:
a. Estimated liquidation cost: Rs…………..
b. Estimated liquid assets available: Rs…………..
c. Contributions required to be made: Rs………….
d. Financial creditor wise contribution is as under:
Sl. No. Name of financial creditor Amount to be contributed (Rs.)
..
Total
96 Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25th July, 2019 (w.e.f. 25-07-2019).
72
a. Sale of corporate debtor as a going concern: Yes / No
b. Sale of business of corporate debtor as a going concern: Yes / No
The details of recommendation are available with the resolution professional.
15C. The committee has fixed, in consultation with the resolution professional, the fee payable to the liquidator during
the liquidation period under regulation 39D.]
16. I (Name of Resolution Professional) hereby certify that the contents of this certificate are true and correct to the
best of my knowledge and belief, and nothing material has been concealed therefrom.
(Signature)
Name of the Resolution Professional:
IP Registration No:
Address as registered with the Board:
Email id as registered with the Board:
Date:
Place:]
(Dr. M. S. Sahoo)
Chairperson
Insolvency and Bankruptcy Board of India
73