REGULATIONS

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2.4. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

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.
  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. First meeting of the committee.

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.
  2. Voting through electronic means.

Chapter VIII. CONDUCT OF CORPORATE INSOLVENCY RESOLUTION PROCESS

  1. Appointment of registered valuers.
  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. INSOLVENCY RESOLUTION PROCESS COSTS

  1. Insolvency resolution 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 corporate insolvency resolution process period.
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2.4. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.