Filing of Forms under the Insolvency & Bankruptcy Code

 Form No.

Period covered and scope

To be filed by

Timeline

IP 1

Pre-Assignment: This includes consent to accept assignment as IRP / RP, the details of IP and the Applicant, the details of the person which will undergo the process, terms of consent, terms of engagement, etc.

IP

Within three days of signing of Form-2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 or Form-AA of the Regulations, as the case may be.

CIRP 1

From Commencement of CIRP till Issue of Public Announcement: This includes details of IRP, CD, and the Applicant; admission of application by AA; public announcement; details of suggested Authorised Representatives; non-compliances with the provisions of the Code and other laws applicable to the CD; etc.

IRP

Within seven days of making the Public Announcement under section 13.

CIRP 2

From Public Announcement till confirmation / replacement of IRP: This includes details of Authorised Representative selected by IRPs for a class of creditors; taking over management of the CD; receipt and verification of claims; constitution of CoC, first meeting of CoC; confirmation / replacement of IRP; applications seeking co-operation of management (if any); expenses incurred on or by IRP; relationship of IRP with the CD, Financial Creditors and Professionals; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc.

IRP

Within seven days of confirmation/ replacement of IRP under section 22.

CIRP 3

From Appointment of RP till issue of IM to Members of CoC: This includes details of RP; details of 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; non-compliances with the provisions of the Code and other laws applicable to the CD; etc.

RP

Within seven days of issue of IM to members of CoC under regulation 36.

CIRP 4

From Issue of IM till issue of RFRP: This includes expression of interest; RFRP and modification thereof; evaluation matrix and modification thereof; non-compliances with the provisions of the Code and other laws applicable to the CD; etc.

RP

Within seven days of the issue of RFRP under regulation 36B.

CIRP 5

From Issue of RFRP till completion of CIRP: This includes updated list of claimants; updated CoC; details of the resolution applicants; details of 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; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc.

RP

Within seven days of the approval or rejection of the resolution plan under section 31 or issue of liquidation order under section 33, as the case may be, by the AA.

CIRP 6

Event Specific: This includes:

          a. Filing of application in respect of preferential transaction, undervalued transaction, fraudulent transaction, and extortionate transaction;

          b. Raising interim finance;

          c. Commencement of insolvency resolution process of guarantors of the CD;

          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; and

          g. Non implementation of resolution plan, as approved by the AA.

IRP or RP, as the case may be.

Within seven days of the occurrence of the relevant event.

^{Note 76} 76Subs. by Notification No. IBBI/2019-20/GN/REG055 dated 12th Feb., 2020 (w.e.f.12.02.2020). Before substitution, it stood as “(4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st January, 2020.

Example: A Form is required to be filed by 30th January, 2020. It shall be filed along with a fee as under:

If filed on

Fee (in Rupees)

28th April, 2020

0

29th April, 2020

0

30^th April, 2020

500

Any day in May, 2020

1000

Any day in June, 2020

1500