Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021
The Insolvency and Bankruptcy Board of India (Prepackaged Insolvency Resolution Process) Regulations, 2021 introduces new compliances for insolvency professionals and corporate debtors.
MCA notifies Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021.
A corporate applicant, shall make an application for initiating pre-packaged insolvency resolution in Form 1, accompanied with affidavit, documents or records in electronic form, along with a fee of rupees fifteen thousand, Provided that in case, electronic facility is not available for filing such application, the application and the accompanying documents may be filed in physical form.
Central Government sets Rs 10 lakh as minimum threshold default for initiating resolution process by MSME corporate debtor.
Pre-packs are an arrangement where the resolution of a company’s business is negotiated with a buyer before the appointment of an insolvency professional.
IBBI directs the IRP/RPs to report the status of ongoing corporate insolvency resolution processes through Form CIRP 7.
The activities for which reporting has been made mandatory include failure to make public announcement as per prescribed timelines and failure to complete CIRP within 180 days from the insolvency commencement date.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021
The amendment provides that a creditor shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.
IBBI extends validity of the Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organizations) Guidelines, 2020
The IBBI has extended the validity of the Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organizations) Guidelines, 2020 till 30th September, 2021.
Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018
The IBBI and the SEBI have mutually agreed and issued a Panel of IPs which shall be valid for six months and a new Panel will replace the earlier Panel every six months.
IBBI launches electronic platform for filing of list of stakeholders
The insolvency professionals are directed to file the list of stakeholders of the respective corporate debtor under liquidation and modification thereof within three days of the preparation of the list or modification thereof, as the case may be.
The Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021
The Amendment is brought under regulation 31 (2) which has directed the liquidator to file the list of stakeholders with the Adjudicating Authority within forty-five days from the last date for receipt of the claims.
IBBI issues Format for Providing a Copy of Application for Initiation of Insolvency Resolution Process of Personal Guarantors.
The Rule mandates the applicant to provide a copy of the application filed for initiation an insolvency resolution process of a personal guarantor to a corporate debtor, inter alia, to the Board for its record.
