Comparison between CIRP process, Liquidation process, Voluntary liquidation processes – Section 59, and Fast track process S. No . Action Particular of IBC CIRP Liquidation process Voluntary liquidation processes – Section 59 Fast track process Appplicablity Who can apply FC / OC / CD Max period of CIRP is over / AA rejects the plan …
Insolvency Resolution Framework MSME Under the IBC Meaning Under this framework, MSMEs themselves will be able to apply to initiate bankruptcy proceedings through this mechanism. Existing Provisions/ Development Currently, Section 240A of the Code deals with MSME where exception is granted form section 29A (barring promoters to bid for company). Separate Framework dealing with resolution …
Sale as Going Concern under liquidation under IBC The Corporate Debtor survive the Going Concern Sale; the Liquidator just transfers ownership to the purchaser. The buyer receives all of the corporate debtor’s rights, titles, and interests, including those in the legal company. This term also refers to a company’s ability to make enough money to stay …
Liquidator Fees to be paid Regulation 39(D) of CIRP Regulations What is liquidator Fees to be paid CIRP Regulations? Fees of the Liquidator 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 …
Liquidation Process for Corporate Debtor under IBC As per Insolvency and Bankruptcy Code read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (with amendments) Form E of Schedule II, provided by the corporate debtor, must be submitted in person, by mail, or electronically to the liquidator as proof of claim. In accordance …
Kind of Return & Disclosures required to be file by Resolution Professional under IBC Independent is required for eligibility of Resolution Professional-Regulation 3(1) An IP shall be eligible to be appointed as a RP for a corporate insolvency resolution process of a CD if he, and all partners and directors of the IPE of which …
Voting by Committee of Creditors under IBC Regulation 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 Seek a vote of the members who did not vote at the meeting on the matters …
IBC Regulations & Conducting of First & subsequent CoC Meetings First meeting of the CoC under IBC Regulation The First Meeting of the CoC: The interim resolution professional shall hold the first meeting of the committee within 7 days of filing the report certifying constitution of the committee to the Adjudicating Authority under Regulation 17.[CIRP …
Waterfall mechanism under Liquidation under the IBC 2016: Under section 53(1) of the Insolvency Code, 2016, the fees payable to the liquidator shall be deducted proportionately from the proceeds payable to each class of recipients, and the proceeds to the applicable recipient shall be dispersed after such deduction. Both the IBC and the Insolvency and …
Return/Forms required to be file by IRP/RP/Liquidator with IBBI Under The Corporate Insolvency Resolution Process (‘CIRP’) Filing of return/Forms IP 1 & CIRP 1 to CIRP 6 for the purpose of monitoring corporate insolvency resolution processes and insolvency professionals’ performance as monetary by the Insolvency and Bankruptcy Code, 2016 and its regulations. Authorisation for Assignment …