{"id":22679,"date":"2022-07-30T16:13:32","date_gmt":"2022-07-30T10:43:32","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=22679"},"modified":"2024-06-08T14:54:03","modified_gmt":"2024-06-08T09:24:03","slug":"return-disclosures-needed-to-be-file-by-rp-under-ibc","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/","title":{"rendered":"Return &#038; Disclosures Needed to be file By RP under IBC"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d016cf69102\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d016cf69102\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Kind_of_Return_Disclosures_required_to_be_file_by_Resolution_Professional_under_IBC\" title=\"Kind of Return &amp; Disclosures required to be file by Resolution Professional under IBC\">Kind of Return &amp; Disclosures required to be file by Resolution Professional under IBC<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Independent_is_required_for_eligibility_of_Resolution_Professional-Regulation_31\" title=\"Independent is required for eligibility of Resolution Professional-Regulation 3(1)\u00a0\">Independent is required for eligibility of Resolution Professional-Regulation 3(1)\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Code_of_Conduct_for_Resolution_Professional_under_IBC\" title=\"Code of Conduct for Resolution Professional under IBC\">Code of Conduct for Resolution Professional under IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Integrity_and_objectivity_by_Resolution_Professional_under_IBC\" title=\"Integrity and objectivity by Resolution Professional under IBC\">Integrity and objectivity by Resolution Professional under IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Disclosures_required_to_be_file_by_Resolution_Professional_under_IBC\" title=\"Disclosures required to be file by Resolution Professional under IBC\">Disclosures required to be file by Resolution Professional under IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Disclosures_required_to_be_file_by_Resolution_Professional_under_IBC-2\" title=\"Disclosures required to be file by Resolution Professional under IBC\">Disclosures required to be file by Resolution Professional under IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Declaration_to_be_added_in_Form_2_by_Resolution_Professional_under_IBC\" title=\"Declaration to be added in Form 2 by Resolution Professional under IBC\">Declaration to be added in Form 2 by Resolution Professional under IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#IBBI_Circular_No_IP0052018_dt_160118\" title=\"IBBI Circular No. IP\/005\/2018 dt. 16.01.18\">IBBI Circular No. IP\/005\/2018 dt. 16.01.18<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Relationship_of_other_professionals\" title=\"Relationship of other professionals\">Relationship of other professionals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Disclosure_of_FEE_other_Expenses_incurred_by_Resolution_Professional\" title=\"Disclosure of FEE &amp; other Expenses incurred by Resolution Professional\">Disclosure of FEE &amp; other Expenses incurred by Resolution Professional<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Forms_to_be_Filed_By_Resolution_Professional\" title=\"Forms to be Filed By Resolution Professional\">Forms to be Filed By Resolution Professional<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Form_6_Event_Specific\" title=\"Form 6: Event Specific \">Form 6: Event Specific <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Form_7\" title=\"Form 7 :\">Form 7 :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Time_Based_Reports_applicable_on_insolvency_resolution_professional\" title=\"Time Based Reports applicable on insolvency\u00a0resolution professional\">Time Based Reports applicable on insolvency\u00a0resolution professional<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Copy_of_Application_to_IBBI\" title=\"Copy of Application to IBBI\">Copy of Application to IBBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/return-disclosures-needed-to-be-file-by-rp-under-ibc\/#Filing_List_of_Stakeholders\" title=\"Filing List of Stakeholders:\u00a0\">Filing List of Stakeholders:\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Kind_of_Return_Disclosures_required_to_be_file_by_Resolution_Professional_under_IBC\"><\/span><span style=\"color: #ff0000;\"><strong>Kind of Return &amp; <\/strong><strong>Disclosures required to be file by <\/strong><strong>Resolution Professional <\/strong><strong>under <span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/liquidation-estate-under-ibc\/\">IBC<\/a><\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22680\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Disclosures-required-to-be-file-by-Resolution..jpg\" alt=\"Disclosures required to be file by Resolution.\" width=\"1200\" height=\"735\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Disclosures-required-to-be-file-by-Resolution..jpg 1200w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Disclosures-required-to-be-file-by-Resolution.-300x184.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Disclosures-required-to-be-file-by-Resolution.-1024x627.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Disclosures-required-to-be-file-by-Resolution.-768x470.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Disclosures-required-to-be-file-by-Resolution.-800x490.jpg 800w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Independent_is_required_for_eligibility_of_Resolution_Professional-Regulation_31\"><\/span><span style=\"color: #000080;\"><strong><strong>Independent is required for eligibility of <\/strong><\/strong><strong>Resolution Professional-<\/strong><strong>Regulation 3(1)\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An IP shall be eligible to be appointed as a RP\u00a0 for a corporate insolvency resolution process of a CD\u00a0 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 <span style=\"color: #000080;\">IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Code_of_Conduct_for_Resolution_Professional_under_IBC\"><\/span><span style=\"color: #000080;\"><strong>Code of Conduct for <\/strong><strong>Resolution Professional <\/strong><strong>under <a href=\"https:\/\/carajput.com\/services\/ibc-services.php\">IBC<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Integrity and objectivity<\/li>\n<li>Independence and impartiality<\/li>\n<li>Professional competence<\/li>\n<li>Timeliness<\/li>\n<li>Information management<\/li>\n<li>Confidentiality<\/li>\n<li>Occupation, employability and restrictions<\/li>\n<li>Remuneration and costs<\/li>\n<li>Gifts and hospitality<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Integrity_and_objectivity_by_Resolution_Professional_under_IBC\"><\/span><span style=\"color: #000080;\"><strong>Integrity and objectivity <\/strong><strong>by Resolution Professional <\/strong><strong>under IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>An insolvency professional must maintain integrity by being honest, straightforward, and forthright in all professional relationships.<\/li>\n<li>Insolvency professional must not misrepresent any facts or situations and should refrain from being involved <strong>in any action that would bring disrepute to the profession.<\/strong><\/li>\n<li>An insolvency professional must provide services for <strong>remuneration which is charged in a transparent manner, is a reasonable reflection of the work necessarily and properly undertaken,<\/strong> and is not inconsistent with the applicable regulations.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Disclosures_required_to_be_file_by_Resolution_Professional_under_IBC\"><\/span><span style=\"color: #000080;\"><strong>Disclosures required to be file <\/strong><\/span><span style=\"color: #000080;\"><strong>by Resolution Professional <\/strong><\/span><span style=\"color: #000080;\"><strong>under IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>3A<\/strong>. An IP must disclose the details of any conflict of interests to the stakeholders, whenever he comes across such conflict of interest during an assignment. (w.e.f. 23.07.2019)<\/li>\n<li>An IP shall disclose as to whether he was an employee of or has been in the panel of any FC of the CD, to the CoC and to the IPA of which he is a professional member and the agency shall publish such disclosure on its website.<em> (w.e.f. 01.04.2018)<\/em><\/li>\n<li><span style=\"color: #000080;\">Resolution Professional <\/span>must not engage in any employment when he holds a valid authorisation for assignment or when he is undertaking an assignment. (<em style=\"font-size: 16px;\">w.e.f. 23.07.2019)<\/em><\/li>\n<li>Where an IP has conducted a CIRP, he and his relatives shall not accept any employment, other than an employment secured through open competitive recruitment, with, or render professional services, other than services under the Code, to a creditor having more than ten percent voting power, the successful resolution applicant, the CD or any of their related parties, until a period of one year has elapsed from the date of his cessation from such process.<\/li>\n<li><strong>23B<\/strong>. An IP shall not engage or appoint any of his relatives or related parties, for or in connection with any work relating to any of his assignment.<\/li>\n<li><strong>23C<\/strong>. An IP shall not provide any service for or in connection with the assignment which is being undertaken by any of his relatives or related parties.<\/li>\n<li>For the purpose of clauses 23A to 23C, \u201crelated party\u201d shall have the same meaning as assigned to it in section 5(24A), <strong>but does not include an IPE of which the IP is a partner or director.<\/strong><\/li>\n<li>An IP shall disclose the fee payable to him, the fee payable to the IPE, and the fee payable to professionals engaged by him to the IPA of which he is a professional member and the agency shall publish such disclosure on its website. <em>(w.e.f. 01.04.2018)<\/em><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Disclosures_required_to_be_file_by_Resolution_Professional_under_IBC-2\"><\/span><span style=\"color: #000080;\"><strong>Disclosures required to be file <\/strong><\/span><span style=\"color: #000080;\"><strong>by Resolution Professional <\/strong><\/span><span style=\"color: #000080;\"><strong>under IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Resolution Professional shall make disclosures at the time of his appointment and thereafter in accordance with the Code of Conduct: Regulation 3(2) under <span style=\"color: #000080;\">IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016\u00a0<\/span><\/li>\n<li><span style=\"color: #000080;\">RP (Resolution Professional)<\/span>\u00a0shall make disclosures at the time of his appointment and thereafter in accordance with the Code of Conduct.<\/li>\n<li><span style=\"color: #000080;\">Resolution Professional<\/span>, who is a director or a partner of an IPE, shall not continue as a RP if the IPE or any other partner or director of such IPE represents any of the other stakeholders in the same CIRP.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Declaration_to_be_added_in_Form_2_by_Resolution_Professional_under_IBC\"><\/span><span style=\"color: #000080;\"><strong>Declaration to be added in Form 2 by <\/strong><\/span><span style=\"color: #000080;\"><strong>Resolution Professional <\/strong><\/span><span style=\"color: #000080;\"><strong>under IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000080;\"><span style=\"color: #000080;\">Interim<\/span> Resolution Professional <\/span>is eligible to be appointed as an independent director on the board of the Corporate Debtors under section 149 of the Companies Act, 2013;<\/li>\n<li>not a related party of the Corporate Debtors; or<\/li>\n<li>in the last three financial years, was not an employee or proprietor or a partner of-\n<ul>\n<li>a firm of auditors or secretarial auditors or cost auditors of the Corporate Debtors; or<\/li>\n<li>a legal or a consulting firm, that has or had any transaction with the Corporate Debtors amounting to 5% or more of the gross turnover of such firm,<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"IBBI_Circular_No_IP0052018_dt_160118\"><\/span><span style=\"color: #000080;\"><strong>IBBI Circular No. IP\/005\/2018 dt. 16.01.18<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"39%\"><span style=\"color: #000080;\"><strong>Relationship of the IP with <\/strong><\/span><\/td>\n<td width=\"60%\"><span style=\"color: #000080;\"><strong>Disclosure to be made within 3 days of <\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"39%\">Corporate Debtor<\/td>\n<td width=\"60%\">his appointment.<\/td>\n<\/tr>\n<tr>\n<td width=\"39%\">Other Professionals appointed by him -Valuer(s), Accountant(s), Legal, Others<\/td>\n<td width=\"60%\">appointment of the Professional.<\/td>\n<\/tr>\n<tr>\n<td width=\"39%\">Financial Creditor(s)<\/td>\n<td width=\"60%\">the constitution of CoC<\/td>\n<\/tr>\n<tr>\n<td width=\"39%\">Interim Finance Provider(s)<\/td>\n<td width=\"60%\">the agreement with the Interim Finance Provider.<\/td>\n<\/tr>\n<tr>\n<td width=\"39%\">Prospective Resolution Applicant(s)<\/td>\n<td width=\"60%\">the supply of IM the Prospective RA.<\/td>\n<\/tr>\n<tr>\n<td width=\"39%\">If relationship with any of the above comes to notice or arises subsequently<\/td>\n<td width=\"60%\">of such notice or arising.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Relationship_of_other_professionals\"><\/span><span style=\"color: #000080;\"><strong>Relationship of other professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"41%\"><strong>Relationship of the other Professional(s) with <\/strong><\/td>\n<td width=\"58%\"><strong>Disclosure to be made within 3 days of <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"41%\">The Insolvency Professional<\/td>\n<td width=\"58%\">the appointment of the other Professional.<\/td>\n<\/tr>\n<tr>\n<td width=\"41%\">Corporate Debtor<\/td>\n<td width=\"58%\">the appointment of the other Professional.<\/td>\n<\/tr>\n<tr>\n<td width=\"41%\">Financial Creditor(s)<\/td>\n<td width=\"58%\">constitution of CoC.<\/td>\n<\/tr>\n<tr>\n<td width=\"41%\">Interim Finance Provider(s)<\/td>\n<td width=\"58%\">the agreement with the Interim Finance Provider or the appointment of the other Prof., whichever is later.<\/td>\n<\/tr>\n<tr>\n<td width=\"41%\">Prospective Resolution Applicant(s)<\/td>\n<td width=\"58%\">the supply of IM to the Prospective RA Applicant or 3 days of the appointment of the other Prof., whichever is later.<\/td>\n<\/tr>\n<tr>\n<td width=\"41%\">If relationship with any of the above comes to notice or arises subsequently<\/td>\n<td width=\"58%\">of such notice or arising.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"color: #000080;\"><strong>Relationship<\/strong><\/span><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"12%\"><strong>Kind<\/strong><\/td>\n<td width=\"87%\"><strong>Nature of Relationship <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"12%\">\u00a0 \u00a0 A<\/td>\n<td width=\"87%\">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.<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\">\u00a0 \u00a0 B<\/td>\n<td width=\"87%\">Where\u00a0 Where the IP or the Other Professional, as the case may be, is a party.\u00a0 shareholder, Director, Key Managerial Personnel or Partner of the relate related party.<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\">\u00a0 \u00a0C<\/td>\n<td width=\"87%\">Where Where a relative (Spouse, Parents, Parents of Spouse, Sibling of Self and S\u00a0\u00a0 and spouse, and Children) of the IP or the Other Professional, as the case c\u00a0 case may be, has a relationship of kind A or B with the related party.<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\">\u00a0 \u00a0D<\/td>\n<td width=\"87%\">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\u00a0\u00a0\u00a0 B or C of every partner or director of such company, firm or LLP with t with the related party<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Disclosure_of_FEE_other_Expenses_incurred_by_Resolution_Professional\"><\/span><span style=\"color: #000080;\"><strong>Disclosure of FEE &amp; other Expenses incurred by Resolution Professional<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><span style=\"color: #000080;\">Circular No. IBBI\/IP\/013\/2018 dt. 12th June, 2018<\/span> <\/strong><\/p>\n<ul>\n<li><strong>FORM I<\/strong> \u2013 by the IRP within 7 days of demitting office.<\/li>\n<li><strong>FORM-II<\/strong> &#8211; by the IRP within 7 days of demitting office.<\/li>\n<li><strong>FORM III<\/strong> &#8211; by the IRP within 7 days of demitting office.<strong>\u00a0<\/strong><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Forms_to_be_Filed_By_Resolution_Professional\"><\/span><span style=\"color: #000080;\"><strong>Forms to be Filed By Resolution Professional<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22681\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Forms-to-be-Filed-By-Resolution-Professional.jpg\" alt=\"Forms to be Filed By Resolution Professional\" width=\"825\" height=\"474\" \/><\/p>\n<ul>\n<li>IBBI Circular No. IBBI\/CIRP\/023\/2019 dated 14th August, 2019<\/li>\n<\/ul>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"15%\"><strong>Form No.<\/strong><\/td>\n<td width=\"52%\"><strong>Period covered and scope<\/strong><\/td>\n<td width=\"32%\"><strong>Timeline<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">\u00a0\u00a0 IP 1<\/td>\n<td width=\"52%\">Pre-Assignment<\/td>\n<td width=\"32%\">Within 3\u00a0 days<\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">\u00a0CIRP 1<\/td>\n<td width=\"52%\">From Commencement of CIRP till Issue of Public Announcement<\/td>\n<td width=\"32%\">Within 7 days of\u00a0 Public Announcement<\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">\u00a0CIRP 2<\/td>\n<td width=\"52%\">From Public Announcement till replacement of <span style=\"color: #000080;\">Interim Resolution Professional<\/span><\/td>\n<td width=\"32%\">Within 7 days of replacement of <span style=\"color: #000080;\">Interim Resolution Professional<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">\u00a0CIRP 3<\/td>\n<td width=\"52%\">From Appointment of <span style=\"color: #000080;\">Resolution Professional <\/span>till issue of Information Memorandum (IM) to Members of CoC<\/td>\n<td width=\"32%\">Within 7 days<\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">\u00a0CIRP 4<\/td>\n<td width=\"52%\">From Issue of IM till issue of Request for Resolution Plans (RFRP)<\/td>\n<td width=\"32%\">Within 7 days<\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">\u00a0CIRP 5<\/td>\n<td width=\"52%\">From Issue of RFRP till completion of CIRP<\/td>\n<td width=\"32%\">Within 7 days<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"15%\"><strong>Form No.<\/strong><\/td>\n<td width=\"52%\"><strong>Period covered and scope<\/strong><\/td>\n<td width=\"32%\"><strong>Timeline<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">CIRP 6<\/td>\n<td width=\"52%\">Event Specific<\/td>\n<td width=\"32%\">Within 7 days of the<\/p>\n<p>occurrence of event.<\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">CIRP 7<\/td>\n<td width=\"52%\">Reporting of status of ongoing corporate insolvency resolution processes (CIRPs)<\/td>\n<td width=\"32%\">Within 3 days of specified time<\/td>\n<\/tr>\n<tr>\n<td width=\"15%\">CIRP 8<\/td>\n<td width=\"52%\">Details of preferential and other transactions<\/td>\n<td width=\"32%\">on or before 140th day from insolvency commencement date.<\/p>\n<p>CIRP ongoing \/commence on or after 14.07.2021<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Form_6_Event_Specific\"><\/span><span style=\"color: #000080;\"><strong>Form 6: Event Specific <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"6%\">a.<\/td>\n<td width=\"93%\">Filing of application in respect of preferential, undervalued, fraudulent, and extortionate transaction (PUFE)<\/td>\n<\/tr>\n<tr>\n<td width=\"6%\">b.<\/td>\n<td width=\"93%\">Raising interim finance<\/td>\n<\/tr>\n<tr>\n<td width=\"6%\">c.<\/td>\n<td width=\"93%\">Insolvency resolution process of guarantors<\/td>\n<\/tr>\n<tr>\n<td width=\"6%\">d.<\/td>\n<td width=\"93%\">Extension of period of CIRP and exclusion of time<\/td>\n<\/tr>\n<tr>\n<td width=\"6%\">e.<\/td>\n<td width=\"93%\">Premature closure of CIRP (appeal, settlement, withdrawal, etc.)<\/td>\n<\/tr>\n<tr>\n<td width=\"6%\">f.<\/td>\n<td width=\"93%\">Request for liquidation before completion of CIRP<\/td>\n<\/tr>\n<tr>\n<td width=\"6%\">g.<\/td>\n<td width=\"93%\">Non implementation of resolution plan as approved by the AA<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Form_7\"><\/span><span style=\"color: #000080;\"><strong>Form 7 :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"7%\">a.<\/td>\n<td width=\"92%\">Public announcement is not made by T+3rd day<\/td>\n<\/tr>\n<tr>\n<td width=\"7%\">b.<\/td>\n<td width=\"92%\">Appointment of <span style=\"color: #000080;\">Resolution Professional <\/span>is not made by T+30th day<\/td>\n<\/tr>\n<tr>\n<td width=\"7%\">c.<\/td>\n<td width=\"92%\">IM is not issued within 51 days from the date of public announcement<\/td>\n<\/tr>\n<tr>\n<td width=\"7%\">d.<\/td>\n<td width=\"92%\">RFRP is not issued within 51 days from the date of issue of IM<\/td>\n<\/tr>\n<tr>\n<td width=\"7%\">e.<\/td>\n<td width=\"92%\">CIRP is not completed by T+180th day<\/td>\n<\/tr>\n<tr>\n<td width=\"7%\"><\/td>\n<td width=\"92%\">Form CIRP 7 shall be available for filing three days prior to the due date<\/td>\n<\/tr>\n<tr>\n<td width=\"7%\"><\/td>\n<td width=\"92%\">Only one Form is to be filed at any time if\u00a0 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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Time_Based_Reports_applicable_on_insolvency_resolution_professional\"><\/span><span style=\"color: #000080;\"><strong>Time Based Reports applicable on insolvency\u00a0resolution professional<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Monthly Status Report by 7<sup>th<\/sup> of every month<\/li>\n<li>Half Yearly Report for the period\n<ul>\n<li>1st April to 30th September by 15th \u00a0October<\/li>\n<li>1st October to 31st March by 15<sup>th\u00a0\u00a0\u00a0 <\/sup>April<sup> \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/sup><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Circular No. IBBI\/CIRP\/36\/2020 dt. 27.11.2020<\/strong><\/span><\/p>\n<ul>\n<li>Filing of <strong>list of creditors <\/strong>under regulation 13(2)(ca) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (w.e.f. 13.11.2020)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Copy_of_Application_to_IBBI\"><\/span><span style=\"color: #000080;\"><strong>Copy of Application to IBBI<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000000;\"><strong> IBBI\/LAD\/35\/2020 dt. 29.10.2020:\u00a0<\/strong>Copy of the application for initiating corporate insolvency resolution process against a corporate debtor, to the Board, before filing the same with the Adjudicating Authority.<\/span><\/li>\n<li><span style=\"color: #000000;\"><strong> IBBI\/II\/39\/2021 dt. 02.02.2021 :\u00a0<\/strong>Copy of the application for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors to the Board<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Filing_List_of_Stakeholders\"><\/span><span style=\"color: #000080;\"><strong>Filing List of Stakeholders:\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong> IBBI\/LIQ\/40\/2021 dt. 04.03.2021 :\u00a0<\/strong>Filing of list of stakeholders under regulation 31(5)(d) of the IBBI (Liquidation Process) Regulations, 2016<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>MCA Circular 8\/2020 dt. 06.03.2020<\/strong><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22682\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/MCA-Circular.jpg\" alt=\"MCA Circular\" width=\"850\" height=\"476\" \/><\/p>\n<ul>\n<li>IRP\/RP\/Liquidator to file Form INC 28 on appointment with order of the Adjudicating Authority (AA).<\/li>\n<li>Designation as CEO and at Serial No. 5(a) (iii) select appropriate section of IBC.<\/li>\n<li>Thereafter all forms like AOC-4, MGT-7, to be filed as attachment to Form GNL 2.<\/li>\n<li>In the field no.3 to choose Radio button \u2018Filing under IBC\u2019.<\/li>\n<li>Against date event and Board meeting mention date of order of AA.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Kind of Return &amp; Disclosures required to be file by Resolution Professional under IBC Independent is required for eligibility of Resolution Professional-Regulation 3(1)\u00a0 An IP shall be eligible to be appointed as a RP\u00a0 for a corporate insolvency resolution process of a CD\u00a0 if he, and all partners and directors of the IPE of which &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8788],"tags":[10152],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22679"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=22679"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22679\/revisions"}],"predecessor-version":[{"id":25378,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22679\/revisions\/25378"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=22679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=22679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=22679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}