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Forms by IRP/RP/Liquidator with IBBI
S. No. | Particulars of Forms | Due Date | Remarks |
1. | Authorization for Assignment (AFA) | Date on which Authorisation for Assignment’. (AFA) initially filed | On and before the due date IRP/RP / Liquidator Required during the financial year., |
2. | Annual Professional Fee | 30th April of every year | Professional fee earned in preceding financial year. |
3. | Form IP -1 | On and before 3 days of giving consent | Form IP-1 form is required to be filed, irrespective of the fact that application is admitted by AA or not |
4. | Assignment | After the appointment | As IRP/RP/Liquidator/Bankruptcy Trustee |
5. | CIRP 1 Starting from Commencement of CIRP till the Issue of Public Announcement | Within 7 days from making of Public Announcement | Details in respect of IRP, CD, and the Applicant, admission of application, public announcement, details of Authorized Representatives, and other laws applicable to the CD, etc. |
6. | CIRP 2 Starting from Public Announcement till replacement of IRP | Within 7 days of replacement of IRP. | Details of Authorized Representative selected by IRPs in respect of class of creditors (CoC), taking over management of the CD, receipt and verification of claims, constitution of CoC, first meeting of CoC, confirmation / replacement of IRP, expenses incurred on or by IRP, relationship of IRP with the CD, financial creditors and Professionals, support services required from IPE. |
7. | CIRP 3 Starting from Appointment of RP till issue of Information Memorandum (IM) to Members of CoC | Within 7 days from issue of Information Memorandum to members of CoC | Details of RP and registered valuers, handing over of records of CD by IRP to RP, taking over management of the CD, applications seeking co-operation of management (if any), details in IM |
8. | CIRP 4 Starting from Issue of Information Memorandum till issue of Request for Resolution Plans | Within 7 days of the issue of Request for Resolution Plans | Details of Expression of Interest, request for resolution plans and modification thereof, evaluation matrix |
9. | CIRP 5 Starting from Issue of Request for Resolution Plans till completion of CIRP: | Within 7 days of the approval or rejection of the resolution plan or issue of order for liquidation, as the case may be, by AA | Details of updated list of claimants, updated CoC, resolution applicants, resolution plans received, details of approval or rejection of resolution plans by CoC, application filed with AA for approval of resolution plan; Details of resolution plan approved by the AA, initiation of liquidation, if applicable, expenses incurred on or by RP, appointment of professionals and the terms of appointment, relationship of the RP with the CD, financial creditors, and professionals, and support services sought from IPE. |
10. | CIRP 6 Event Specific | Within 7 days of the occurrence of respective event. | a. Filing of application of preferential transaction, undervalued transaction, fraudulent transaction, and extortionate transaction; b. Raising of interim finance; c. Insolvency Resolution Process of Guarantors; d. Extension of period of CIRP e. Premature closure of CIRP, including appeal, settlement, withdrawal, etc.; f. Request for liquidation before completion of CIRP; g. Non implementation of resolution plan as approved by the AA. |
Ministry of Corporate Affairs through Circular ((General Circular No. dated 6th Marche 2020) issued for explanation on for statutory compliances in relation of companies under CIRP process. details are mentioned as follows,
It is also explained that relevant Resolution Professional of every company which was under corporate insolvency resolution processes prior to the issue of this circular shall also file Ministry of Corporate Affairs e-form INC-28 for such companies and thereafter proceed to file other documents/fact/ information as required under the Act & Rules thereunder via e-form GNL-2.
For details about the Circular Click here.
Filing of CIRP Forms for monitoring CIRP & performance of IPE under IBC
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