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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 he is a partner or director, are independent of the CD under under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Relationship of the IP with | Disclosure to be made within 3 days of |
Corporate Debtor | his appointment. |
Other Professionals appointed by him -Valuer(s), Accountant(s), Legal, Others | appointment of the Professional. |
Financial Creditor(s) | the constitution of CoC |
Interim Finance Provider(s) | the agreement with the Interim Finance Provider. |
Prospective Resolution Applicant(s) | the supply of IM the Prospective RA. |
If relationship with any of the above comes to notice or arises subsequently | of such notice or arising. |
Relationship of the other Professional(s) with | Disclosure to be made within 3 days of |
The Insolvency Professional | the appointment of the other Professional. |
Corporate Debtor | the appointment of the other Professional. |
Financial Creditor(s) | constitution of CoC. |
Interim Finance Provider(s) | the agreement with the Interim Finance Provider or the appointment of the other Prof., whichever is later. |
Prospective Resolution Applicant(s) | the supply of IM to the Prospective RA Applicant or 3 days of the appointment of the other Prof., whichever is later. |
If relationship with any of the above comes to notice or arises subsequently | of such notice or arising. |
Relationship
Kind | Nature of Relationship |
A | Where the IP or the Other Professional, as the case may be, has derived 5% or more of his / its gross revenue in a year from professional services to the related party. |
B | Where Where the IP or the Other Professional, as the case may be, is a party. shareholder, Director, Key Managerial Personnel or Partner of the relate related party. |
C | Where Where a relative (Spouse, Parents, Parents of Spouse, Sibling of Self and S and spouse, and Children) of the IP or the Other Professional, as the case c case may be, has a relationship of kind A or B with the related party. |
D | Where Where the IP or the Other Professional, as the case may be, is a partner partner or director of a company, firm or LLP, such as, an Insolvency Preprofessional Entity or Registered Valuer, the relationship of kind A, B or B or C of every partner or director of such company, firm or LLP with t with the related party |
Circular No. IBBI/IP/013/2018 dt. 12th June, 2018
Form No. | Period covered and scope | Timeline |
IP 1 | Pre-Assignment | Within 3 days |
CIRP 1 | From Commencement of CIRP till Issue of Public Announcement | Within 7 days of Public Announcement |
CIRP 2 | From Public Announcement till replacement of Interim Resolution Professional | Within 7 days of replacement of Interim Resolution Professional |
CIRP 3 | From Appointment of Resolution Professional till issue of Information Memorandum (IM) to Members of CoC | Within 7 days |
CIRP 4 | From Issue of IM till issue of Request for Resolution Plans (RFRP) | Within 7 days |
CIRP 5 | From Issue of RFRP till completion of CIRP | Within 7 days |
Form No. | Period covered and scope | Timeline |
CIRP 6 | Event Specific | Within 7 days of the occurrence of event. |
CIRP 7 | Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) | Within 3 days of specified time |
CIRP 8 | Details of preferential and other transactions | on or before 140th day from insolvency commencement date. CIRP ongoing /commence on or after 14.07.2021 |
a. | Filing of application in respect of preferential, undervalued, fraudulent, and extortionate transaction (PUFE) |
b. | Raising interim finance |
c. | Insolvency resolution process of guarantors |
d. | Extension of period of CIRP and exclusion of time |
e. | Premature closure of CIRP (appeal, settlement, withdrawal, etc.) |
f. | Request for liquidation before completion of CIRP |
g. | Non implementation of resolution plan as approved by the AA |
a. | Public announcement is not made by T+3rd day |
b. | Appointment of Resolution Professional is not made by T+30th day |
c. | IM is not issued within 51 days from the date of public announcement |
d. | RFRP is not issued within 51 days from the date of issue of IM |
e. | CIRP is not completed by T+180th day |
Form CIRP 7 shall be available for filing three days prior to the due date | |
Only one Form is to be filed at any time if more than one activity is not completed by the specified date. Subsequent filing of Form CIRP 7 shall be made after 30 days have lapsed from the filing of an earlier Form CIRP 7. |
Circular No. IBBI/CIRP/36/2020 dt. 27.11.2020
MCA Circular 8/2020 dt. 06.03.2020
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