REGULATIONS

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2.12. Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. 

Chapter I. PRELIMINARY

  1. Short title and commencement.
  2. Definitions.

Chapter II.GENERAL

  1. Eligibility for resolution professional.
  2. Access to books.
  3. Extortionate credit transaction.

Chapter III.PUBLIC ANNOUNCEMENT

  1. Public announcement.

Chapter IV.PROOF OF CLAIMS

  1. Claims by operational creditors.
  2. Claims by financial creditors.
  3. Claims by workmen and employees.
  4. Substantiation of claims.
  5. Cost of proof proving the debt.
  6. Submission of proof of claims.
  7. Verification of claims.
  8. Determination of amount of claim.
  9. Debt in foreign currency.

Chapter V.COMMITTEE OF CREDITORS

  1. Committee with only operational creditors.
  2. Filings by the interim resolution professional.

Chapter VI.MEETINGS OF THE COMMITTEE

  1. Meetings of the committee.
  2. Notice for meetings of the committee.
  3. Service of notice by electronic means.
  4. Contents of the notice for meeting.
  5. Quorum at the meeting.
  6. Participation through video conferencing.
  7. Conduct of meeting.

Chapter VII.VOTING BY THE COMMITTEE

  1. Voting by the committee.

Chapter VIII.CONDUCT OF THE FAST TRACK PROCESS

  1. Appointment of registered valuer.
  2. Transfer of debt due to creditors.
  3. Sale of assets outside the ordinary course of business.
  4. Assistance of local district administration.

Chapter IX.FAST TRACK PROCESS COSTS

  1. Fast track process costs.
  2. Essential supplies.
  3. Costs of the interim resolution professional.
  4. Resolution professional costs.

Chapter X.RESOLUTION PLAN

  1. Fair Value and Liquidation value.
  2. Information memorandum.
  3. Resolution plan.
  4. Mandatory contents of the resolution plan.
  5. Approval of resolution plan.
  6. Extension of the fast track process period.
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2.12. Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.