Model time line for CIRP (Corporate Insolvency Resolution Process) Under IBC law
|
| Section/ Regulation |
Description of Activity |
Norm |
Latest timeline |
| Section 16(1) |
Commencement of CIRP and appointment of IRP |
|
T |
| Regulation 6(1) |
Public announcement inviting claims |
within 3 Days of Appointment of IRP |
T+3 |
| Section 15(1)(e)/Regulations 6(2)(e) and 12(1) |
Submission of claims |
for 14 Days from Appointment of IRP |
T+14 |
| Regulation 12(2) |
Submission of claims |
up to 90th day of commencement |
T+90 |
| Regulation 13(1) |
Verification of claims received under regulation 12(1) |
within 7days from the receipt of the claim |
T+21 |
| Regulation 13(2) |
Verification of claims received under regulation 12(2) |
T+97 |
| Section 21(6A)(b)/ Regulation 16A |
Application for appointment of AR under |
Within 2 days from verification of claims received under regulation 12(1) |
T+23 |
| Regulation 17(1) |
Report certifying constitution of coc under |
T+23 |
| Section 22(1)/Regulation 19(1) |
1st meeting of COC |
within 7 days of the constitution of the CoC, but with seven days notice |
T+30 |
| Section 22(2) |
Resolution to appoint RP by the CoC |
In the first meeting of the CoC |
T+30 |
| Section 16(5) |
Appointment of RP |
on approval by the AA |
|
| Regulation 17(3) |
IRP performs the functions of RP till the RP is appointed |
If RP is not appointed by 40th day of commencement |
T+40 |
| Regulation 27 |
Appointment of valuer |
Within 7 days of appointment of RP, but not later than 40th day of commencement |
T+47 |
| Section 12(A)/ Regulation 30A |
Submission of application for withdrawal of application admitted |
Before issue of Eol |
W |
| CoC to dispose of the application |
within 7 days of its receipt or 7 days of constitution of CoC, whichever is later |
W+7 |
| Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA |
within 3 days of approval by CoC |
W+10 |
| Regulation 35A |
RP to form an opinion on preferential and other transactions |
within 75 days of the commencement |
T+75 |
| RP to make a determination on Preferential and other transactions |
within 115 days of commencement |
T+115 |
| RP to file applications to AA for appropriate relief |
within 135 days of commencement |
T+135 |
| Regulation 36(1) |
Submission to IM to CoC |
within 2 weeks of appointment of RP, but not later than 54th day of commencement |
T+54 |
| Regulation 36A |
Publish Form G |
within 75 days of commencement |
T+75 |
| Invitation of Eol |
| Submission of Eol |
At least 15 days from issue of Eol (Assume 15 days) |
T+90 |
| Provisional list of RAs by RP |
within 10 days from the last day of receipt of Eol |
T+100 |
| Submission of objections to provisional list |
for 5 days from the date of provisional list |
T+105 |
| Final List of RAs by RP |
within 10 days of the receipt of objections |
T+115 |
| Regulation 36B |
Issue of RFRP, including Evaluation Matrix and IM |
within 5 days of the issue of the provisional list |
T+105 |
| Receipt of Resolution Plans |
At least 30 days from issue of RFRP (Assume 30 days) |
T+135 |
| Regulation 39(4) |
Submission of CoC approved Resolution Plan to AA |
As soon as approved by the CoC |
T+165 |
| Section 31(1) |
Approval of resolution plan by AA |
|
T=180 |
| Sections |
|
|
|
| 7(4),9,10 |
Ascertainment of Default By NCLT from date of receipt of application |
14 |
NCLT |
| 7,9,10 |
Removal of Defect in application by applicant from receipts of applciation |
7 |
Applicant |
| 7,9 |
Communication of order of admission of FC and CD, and Order of Rejection to FC only by NCLT |
7 |
NCLT |
| 8,9,10 |
Reply of Demand Notice by CD to OC |
10 |
CD |
| 12 |
Time limit for completion of CIRP |
180+90 |
RP |
| 16 |
Appointment of IRP by NCLT from insolvency commencement date |
14 |
NCLT |
| 17 |
Providing info. To CoC by IRP/RP from |
7 |
IRP/RP |
| 22,37 |
Convening of First meeting of COC from the date of constitution of CoC by IRP/Liquidator |
7 |
IRP, liquidator |
| 38 |
Collection of claims by liquidator form liquidation commencement date |
30 |
liquidator |
| 38 |
withdrawl or variation of claim by creditor form the date of submission |
14 |
creditor |
| 40 |
communication of Decision by liquidator of acceptance or rejection of claim |
7 |
liquidator |
| 42 |
Appeal agt. Decision of liquidator to NCLT by creditor |
14 |
creditor |
| 54 |
Forwarding of copy of dissolution order by NCLT to ROC |
7 |
NCLT |
| 56 |
Time period for completion of fast track |
90+45 |
RP |
| 59 |
Approval by Crs. of Resolution passed for voluntary Dissolution by members of Co. from date of passing resolution |
7 |
creditor |
| 59 |
Intimation of passing of Resolution/approval of Resolution by company to ROC and BOD |
7 |
Company |
| 59 |
Copy of Dissolution order by NCLT to ROC |
14 |
NCLT |
| 61,181 |
Appeal to NCLAT agt. Order of NCLT appeal to DART agt. Order of DRT |
30+15 |
Aggrieved person |
| 62,182 |
Appeal to SC agt. Order of NCLAT, Appeal to SC agt. Order of DART |
45+15 |
Aggrieved person |
| 64,183 |
Power of President/chairperson of NCLT,NCLAT/DRT,DRAT to extend time period to dispose of application upto 10 days, if application is not disposed off or order is not passed in specified time in code. NOTE: In section 183, Power of Extension is given to chairperson of DART only |
10 |
if application is not disposed off or order is not passed in specified time in the code, President/ chairman may extend the period upto 10 days |
| |
|
|
|
| 16(4) |
To recommend the name of an insolvency professional to the adjudication authority against whom no disciplinary proceeding are pending |
10 days |
|
| 22(4) and (5) |
To confirm the name of the resolution professional to be appointed in place of Interim Resolution Professional |
10 days |
|
| 34(6) |
Proposing the name of another insolvency Professional when the Adjudicating Authority decides to replace the resolution profession |
10 days |
|
