Page Contents
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 / COC before submission of R.plan decides to liquidate with 90% / where the R.plan is contravened by CD | Debtor, affidevit by majority of Directors of full enquiry with / can pay the debt & not to defraud. Accompanies with 2 year FS & valuation report. Passing of Special Resolution in 4 weeks and approval from creditors with 2/3 rd in value withing 7 days of the Special resolution | a corporate debtor with assets and income below a level as may be notified by the Central Government; or a corporate debtor with such class of creditors or such amount of debt as may be notified by the C Govt; or such other category of corporate persons as may be notified by the Central Government. | |
Appplicablity | Commencement date | Date of acceptance by AA or appointment of IR | From date of resolution | |||
Appplicablity | Acceptance / Rejection | 14 days & 7 days respectively by AA | ||||
Appplicablity | Appointment criteria | auditor – no, L&C 5% or more in last 3 years, Independent | auditor – no, L&C 10% or more in any of the 3 years, Independent | auditor – no, L&C 10% or more in last 3 years, Independent | auditor – no, L&C 10% or more in last 3 years, Independent | |
Appointment | Appointment of IRP – name proposed | Notice – 7 days, appointment – 10 days | NA | NA | ||
Appointment | Appointment of IRP – not proposed | Notice – 7 days, appointment – 10 days | NA | NA | ||
Closure | Max time period | 180 + 90 days (max 1 extension) | 2 years | 6 months distribution, 1 year completion | 90 + 45 days (max 1 extension) | |
Monetorium | Intrim monetorium | NA | NA | |||
Monetorium | Monetorium | Till the date of Resolution plan approval | NA | |||
Public Notice | Public notice | IRP | Liquidator | Liquidator | IRP | |
Public Notice | Form | Form A | Form B Schedule II | Form A | Form A | |
Public Notice | Public notice | 3 days of appointment | 5 days of appointment | 5 days of appointment | 3 days of appointment | |
Public Notice | Publicshed at | Leading news paper (English & Local), Registed / principle office/ corporate debtor conducts material business operations; Website of corporate debtor Website of IBBI |
Leading news paper (English & Local), Registed / principle office / corporate debtor conducts material business operations Website of corporate debtor Website of IBBI |
Leading news paper (English & Local), Registed / principle office Website of corporate debtor Website of IBBI |
Leading news paper (English & Local), Registed / principle office Website of corporate debtor Website of IBBI |
|
Claims / COC | Register claims | 14 days & verify in 7 days, max upto 90 date from ICD | 30 days & verify in 30 days, 14 days withdraw | 30 days & verify in 30 days – claim to be lodged by email by FC | 10 days & verify it in 7 days | |
Claims / COC | Cost of public announcement | Applicant | Applicant | Applicant | Applicant | |
Claims / COC | Foreign currency | ICD date @ RBI | LCD date @ RBI | LCD date @ RBI | FCD date @ RBI | |
Claims / COC | Verification of claims | 7 days from last date of registration of claim | 30 days | 30 days | 7 days | |
Claims / COC | COC | FC or 18 largest OC by value + 1 rep of workmen + 1 rep of emp | Stakeholder list to be prepared in 45 days from receipts of claim | Stakeholder list to be prepared in 45 days from receipt of claim | FC or 18 largest OC by value + 1 rep of workmen + 1 rep of emp | |
Claims / COC | Formation date of COC | 2 days of claim verification & 7 days 1 meeting of COC | Not Applicable | 21 days from appointment, first meeting in 7 days | ||
Claims / COC | Quorum | 33% to call the meeting | Not Applicable | 33% to call the meeting | ||
Claims / COC | Notice time | 5 days | Not Applicable | 7 days notice | ||
Claims / COC | Summoning / COC | Not Applicable | ||||
Claims / COC | Basis classes of creditor | 2 IP per class | Not Applicable | 1 IP per class | ||
Claims / COC | Change in committee | 2 days | Not Applicable | |||
Reports | Pref transaction | Related party, 2 years (Form Opinion in 75 days & Determine in 115 days, apply to AA in 135 days) | Not Applicable | |||
Reports | Preliminary report / asset memo | NA | 75 days from LCD | 45 days from LCD | ||
Reports | Resolution plan | 5 days from provisional list, to be submitted 15 days before closure | Not Applicable | To be submitted 15 days before 90 days | ||
Reports | Information memo | 2 weeks of appointment of RP but not later than 54 days | Not Applicable | 2 weeks | ||
Reports | Discharge order | Not Applicable | ||||
RP | Replacement of RP | Not Applicable | ||||
RP | Casual vacany | Not Applicable | ||||
RV | No. of RV | 2 RV or 3 RV, withing 7 day max 47 days | working of CIRP is useful or 7 days | Not Applicable | ||
RV | Written consent of proposed RV | Form AA | Not Applicable | |||
Finalisation | Preservation | 8 years (physical / electronic both) | 8 years (physical / electronic both) | |||
Forms | Financial Creditor | Form 1 + 25000 | Not Applicable | |||
Forms | Confirmation by IIP | Form 2 | Not Applicable | |||
Forms | Demand Notice | Form 3 | Not Applicable | |||
Forms | Notice + Invoice | Form 4 | Not Applicable | |||
Forms | Operational Creditor | Form 5 + 2000 | Not Applicable | |||
Forms | Corporate applicant | Form 6 + 25000 | Not Applicable | |||
Submission | Stake Holders | – | A | – | ||
Submission | Public Advertismenet | A | B | A | A | |
Submission | Written consent of the RP | AA | – | – | ||
Submission | Written consent of the AR | AB | – | – | ||
Submission | Operational Creditors | B (in person / post / electronic) | C | B | B | |
Submission | Financial Creditors | C (electronic) | D | C | C | |
Submission | Class of creditors | CA (electronic) | – | – | ||
Submission | Workmen and Employees | D (in person / post / electronic) | E | D | D | |
Submission | representatives of Workmen | E | F | E | E | |
Submission | other stake holders | F (in person / post / electronic) | G | F | F | |
Submission | Withdrawal of Application | FA | – | – | ||
Submission | Invitation for EOI / RP | G | G | |||
Submission | Compliance Certificate | H | H | |||
Transactions | Fraud Transaction | > 2 year (forensic) | ||||
Transactions | Other Transaction | Upto 2 year | ||||
Closure | Dissolution letter | 14 days | 7 days | |||
Closure | Time frame | 2 year | min, 12 months | |||
Reports to be Prepared | ||||||
Preliminary Report Capital structure estimate of A&L |
||||||
Progress Report – 15 days (must include asset sale report) | ||||||
Asset Sale Report | ||||||
Final Report | ||||||
Onerous property – withinh 6 months from LCD to be informed to AA | ||||||
Liquidator to inform his intention to the interested person within 1 month | ||||||
We take this opportunity to introduce Rajput Jain and associates, a management consultancy firm providing strategic advisory services across following verticals:
Valuation Advisory Services (VAS) | IBC Advisory Services (IAS) | Financial Research and Analysis (FRA) | CA Certification and Other Services |
Valuation under IBC, 2016 | CIR Process | Primary/ Secondary Company Research | CIRP Audit |
Startup Valuation/ Ind AS Valuation | Liquidation process | Portfolio Management | 29A certificate |
M&A Valuation/ Purchase Price Allocation Study | Voluntary Liquidation Process | Due Diligence | Financial Bid evaluation before 29A Due Diligence |
Share/Company/ Business/ Financial Asset Valuation | Prepackaged/ Individual Insolvency | Stock Picking | Resolution Plan preparation |
Intangible Asset (Brand, Trademark, Customer Relationship, etc.) Valuation | CD operation, Account & finance, Compliance, Technical Services | Primary/ Secondary Industry Research | Accounting and taxation Services for CIPR Care |
Fairness Opinion | Advisory to CoC | Extensive Report Writing | Accounting and taxation Services for Liquidation Matter |
Techno Economic Viability Study, etc. | Building Resolution Plan, etc. | Price Stock Price Discovery, etc. | Arranging Prospective Buyer for CIRP and Liquidation matter |
You can reach us at singh@carajput.com or at 9555 555 480.
Exploring Corporate Bonds in India - A Comprehensive Guide Corporate bonds in India represent a compelling investment option, offering a… Read More
Central Board of Direct Taxes Mandates E-Filing of Appendix-II Forms under Income Tax Rules, 1962 The Central Board of Direct… Read More
Payment System or mechanism under GST Regime General Rules for Payments Regular taxpayers under GST must compute tax monthly,… Read More
Rule 86B under the GST Regime Rule 86B is a provision introduced under the Goods and Services Tax (GST) regime… Read More
Big Relief to Taxpayers- welcome change for GST taxpayers The recent update by the Goods and Services Tax Network (GSTN)… Read More
Central Board of Indirect Taxes & Customs Circulars Issued on 26th June 2024 Following the recommendations from the 53rd GST… Read More