CIRP Amendments Regulations Impact on CoC, Homebuyers, & MSME The recent amendments to the Insolvency Resolution Process for Corporate Persons Regulations by the Insolvency and Bankruptcy Board of India have introduced key changes that will impact the Committee of Creditors, homebuyers, and Micro, small, and medium enterprises. These amendments, effective from 3rd February 2025, aim …
FAQs on Liquidation and Voluntary Liquidation Forms (As on 10.01.2025) What are the key responsibilities of Insolvency Professionals when filing Liquidation and Voluntary Liquidation forms? Ensure accurate completion of all relevant fields. Submit comprehensive details and all required documents. File only one LIQ-1, LIQ-3, LIQ-4, VL-1, VL-3, and VL-4 per Corporate Debtor (CD). What documents …
IBBI, IBA to launch centralised platform (eBKray platform) for asset liquidation The eBKray platform is a crucial step toward modernizing the IBC’s liquidation framework. By addressing issues like fragmented processes, limited buyer access, and inadequate recovery rates, it ensures fairer, more efficient outcomes for all stakeholders. This reform not only supports creditors and buyers but …
Highlight significant issues in regulatory framework governing IPs & CoC The current regulatory environment for IPs indeed presents significant challenges. Addressing these concerns requires a balanced approach where both the CoC and IPs are held to standards of accountability and responsibility. Constructive dialogue with regulatory authorities and collective action from within the profession are essential …
To check eligibility Test for filing Resolution plan by Resolution applicant. Meaning of IBC Section 29A When the Insolvency and Bankruptcy Code, 2016 was passed by the Indian Parliament, insolvency rules were still in the early stages in India. Its goals were to safeguard an individual’s or corporation’s interest in insolvency or bankruptcy and to …
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 …