IBBI clarification regarding uploading of judicial orders related to insolvency proceedings by Insolvency Professionals

Insolvency and Bankruptcy Board of India vide circular dated 9th May, 2024 has issued clarification regarding uploading of judicial orders related to insolvency proceedings by Insolvency Professionals. As IPs have the first-time access and information of all the important judicial orders affecting the processes handled by them under the Insolvency and Bankruptcy Code, 2016 (Code), it has been decided that the IPs shall upload below mentioned judicial orders pertaining to their respective assignments on their dashboard. This would also ensure that the important judicial orders which have significant impact on the ongoing processes under the Code are available for facilitation of stakeholders in a timely manner.

Specifically, the IPs are directed to upload the following types of orders –

For NCLT / NCLAT, following category of orders are to be uploaded –

1. Admission order
2. Approval of Resolution plan order
3. Closure of insolvency process through withdrawal u/s 12A / appeal/ review or settlement
4. Stay of insolvency process
5. Liquidation order
6. Dissolution order
7. Final order on preferential, undervalued, fraudulent, extortionate credit transaction and fraudulent and wrongful trading.
8. Any order having actionable point for IBBI

For Supreme Court and High Court, all orders are to be uploaded, where –

1. Orders relate to categories for NCLT /NCLAT, as mentioned above;
2. IBBI / Ministry of Corporate Affairs is a party; and the case deals with any important issues relating to vires, interpretation and applicability of the provisions of the Code, Rules and Regulations.