IBC Model time line for CIRP (Corporate Insolvency Resolution Process )

Model time line for CIRP (Corporate Insolvency Resolution Process )

Model time line for CIRP (Corporate Insolvency Resolution Process )

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  

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