valid as on 19/09/2019

IBC Section 10-Initiation of corporate insolvency resolution process by corporate applicant.
Effective from 01.12.2016 and font in blue is effective from 06.06.2018

(1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority.

(2) The application under sub-section (1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee

(3) The corporate applicant shall, along with the application furnish the information relating to—

(a) its books of account and such other documents relating to such period as may be specified; and

(b) the resolution professional proposed to be appointed as an interim resolution professional.

The corporate applicant shall, along with the application, furnish-

(a) the information relating to its books of account and such other documents for such period as may be specified;

(b) the information relating to the resolution professional proposed to be appointed as an interim resolution professional; and

(c) the special resolution passed by shareholders of the corporate debtor or the resolution passed by at least three-fourth of the total number of partners of the corporate debtor, as the case may be, approving filing of the application.

(4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order—

(a) admit the application, if it is complete ; or

(b) reject the application, if it is incomplete  :

Provided that Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority.

(5) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (4) of this section.

Refer rule 7, 8, 9 Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. To view the rule,Click Here
Substituted vide the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018. To view the Notification,Click Here
Inserted vide the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018. To view the Notification,Click Here
Inserted vide the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018. To view the Notification,Click Here

1.2.7: Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

7. Application by corporate applicant.—

(1) A corporate applicant, shall make an application for initiating the corporate insolvency resolution process against a corporate debtor under section 10 of the Code in , accompanied with documents and records required therein and as specified in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

(2) The applicant under sub-rule(1) shall dispatch forthwith, a copy of the application filed with the Adjudicating Authority, by registered post or speed post to the registered office of the corporate debtor.

To view the form,Click Here

1.2.8: Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

8. Withdrawal of application.—

The Adjudicating Authority may permit withdrawal of the application made under rules 4, 6 or 7, as the case may be, on a request made by the applicant before its admission.


1.2.9: Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

9. Interim resolution professional.—

(1) The applicant, wherever he is required to propose or proposes to appoint an insolvency resolution professional, shall obtain a written communication in  from the insolvency professional for appointment as an interim resolution professional and enclose it with the application made under rules 4, 6 or 7, as the case may be.

(2) The application under sub-rule (1) shall be accompanied by a certificate confirming the eligibility of the proposed insolvency professional for appointment as a resolution professional in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

To view the form,Click Here

IBC-Enforcement Notification [S.O.3594(E)] dated 30/11/2016


Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 dated 06.06.2018 [repealed by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018]


The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018


Form 2- IBC (Written Communication by proposed interim resolution professional)


Form 6-IBC (Application by Corporate Applicant)

 

Form 6

(See sub-rule(1) of rule 7)

APPLICATION BY CORPORATE APPLICANT TO INITIATE CORPORATE INSOLVENCY
RESOLUTION PROCESS *UNDER CHAPTER II OF PART II/ UNDER CHAPTER IV OF PART II
OF THE CODE
[*strike out whichever is not applicable]

(Under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016)

[Date]

To,
The National Company Law Tribunal
[Address]

From,
[Name and address for correspondence of the corporate applicant]
In the matter of [name of the corporate debtor]

Subject: Application to initiate corporate insolvency resolution process in respect of [name of the corporate debtor] under the Code.

Madam/Sir,

We, hereby submit this application to initiate a corporate insolvency resolution process in respect of [name of corporate debtor]. The details for the purpose of this application are set out below:

Part-I

PARTICULARS OF THE CORPORATE APPLICANT
1.NAME ADDRESS, EMAIL ADDRESS, IDENTIFICATION
NUMBER AND ADDRESS FOR COMMUNICATION OF
THE CORPORATE APPLICANT
2.NAME ADDRESS, EMAIL ADDRESS, IDENTIFICATION
NUMBER AND ADDRESS OF THE REGISTERED OFFICE
OF CORPORATE DEBTOR
3.NAMES AND ADDRESSES OF ALL DIRECTORS,
PROMOTERS, DESIGNATED PARTNERS OF THE
CORPORATE DEBTOR (AS APPLICABLE)
4.DATE OF INCORPORATION OF CORPORATE DEBTOR
5.NOMINAL SHARE CAPITAL AND THE PAID-UP SHARE
CAPITAL OF THE CORPORATE DEBTOR AND/OR
DETAILS OF GUARANTEE CLAUSE AS PER
MEMORANDUM OF ASSOCIATION (AS APPLICABLE)
6.NAME, ADDRESS AND AUTHORITY OF PERSON
SUBMITTING APPLICATION ON BEHALF OF
CORPORATE APPLICANT
(ENCLOSE AUTHORISATION)
7.NAME AND ADDRESS OF PERSON RESIDENT IN INDIA
AUTHORISED TO ACCEPT THE SERVICE OF PROCESS
ON ITS BEHALF
(ENCLOSE AUTHORISATION)
8.DOCUMENTATION TO SHOW THAT THE CORPORATE
APPLICANT IS AUTHORISED TO INITIATE THE
CORPORATE INSOLVENCY RESOLUTION PROCESS
9.DETAILS OF THE CORPORATE DEBTOR AS PER THE
NOTIFICATION UNDER SECTION 55 (2) OF THE CODE

(i) ASSETS AND INCOME
(ii) CLASS OF CREDITORS OR AMOUNT OF
DEBT
(iii) CATEGORY OF CORPORATE PERSON
(WHERE APPLICATION IS UNDER CHAPTER
IV OF PART II OF THE CODE). (Inserted vide the Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019 dated 14.03.2019)

Part-II

PARTICULARS OF PROPOSED INTERIM RESOLUTION PROFESSIONAL
1.NAME, ADDRESS, EMAIL ADDRESS AND THE
REGISTRATION NUMBER OF THE PROPOSED INTERIM
RESOLUTION PROFESSIONAL

Part-III

PARTICULARS OF FINANCIAL / OPERATIONAL DEBT [CREDITOR WISE, AS APPLICABLE]
1.NAME(S) OF FINANCIAL / OPERATIONAL
CREDITOR(S)
2.ADDRESS OF CORRESPONDENCE OF THE FINANCIAL /
OPERATIONAL CREDITOR(S)
3.TOTAL DEBT RAISED AND AMOUNT IN DEFAULT
4.DATE WHEN THE FINANCIAL / OPERATIONAL DEBT
WAS INCURREDDATE WHEN THE FINANCIAL / OPERATIONAL DEBT
WAS INCURRED
5.PARTICULARS OF SECURITY HELD, IF ANY, THE DATE
OF ITS CREATION, ITS ESTIMATED VALUE AS PER THE
CREDITOR.
ATTACH A COPY OF A CERTIFICATE OF
REGISTRATION OF CHARGE ISSUED BY THE
REGISTRAR OF COMPANIES (IF THE CORPORATE
DEBTOR IS A COMPANY)
6.DETAILS OF RETENTION OF TITLE ARRANGEMENTS
(IF ANY) IN RESPECT OF GOODS TO WHICH THE
OPERATIONAL DEBT REFERS
7.RECORD OF DEFAULT WITH THE INFORMATION
UTILITY, IF ANY
8.LIST OF DOCUMENTS ATTACHED TO THIS
APPLICATION IN ORDER TO PROVE THE EXISTENCE OF
FINANCIAL / OPERATIONAL DEBT AND THE AMOUNT
IN DEFAULT

I, certify that, to the best of my knowledge, [name of proposed insolvency professional], is fully qualified and permitted to act as an insolvency professional in accordance with the Code and the associated rules and regulations.

[Name of the corporate applicant] has paid the requisite fee for this application through [state means of payment] on [date].

Yours sincerely,

Signature of person authorised to act on behalf of the corporate applicant
Name in block letters
Position with or in relation to the corporate applicant
Address of person signing

Instructions

Please attach the following to this application:

Annex I- In case of financial debt, record of default obtained through the information utility or all documents listed in serial number 8 of part –III of this application.

Annex II- In case of operational debt, (i) copy of invoice / demand notice served by an operational creditor on the corporate debtor and (ii) record of default obtained through the information utility or all documents listed in serial number 8 of part-III of this application.

Annex III- Written communication by the proposed interim resolution professional as set out in Form 2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

Annex IV- Copy of the relevant books of accounts of the corporate debtor evidencing the default to creditors.

Annex V- Copies of audited financial statements of the corporate debtor for the last two financial years and the provisional financial statements for the current financial year made upto a date not earlier than fourteen days from the date of the application.

Annex VI -A statement of affairs made up to a date not earlier than fourteen days from the date of application including the following document, namely:-

(a) a list of the corporate debtor’s assets and liabilities, divided into such categories as are appropriate for easy identification, with estimated values assigned to each category;
(b) in the case of any property on which a claim against the corporate debtor is wholly or partly secured, particulars of the claim and its amount, and of how and when the security was created;
(c) the names and addresses of the financial creditors and operational creditors of the corporate debtor, with the amounts due to each of them;
(d) particulars of any debts owed by or to the corporate debtor to or by persons connected with it;
(e) whether any, and if so what, guarantees have been given in relation to the debts of the corporate debtor by other persons, specifying which, if any, of the guarantors is a related party to the corporate debtor and the corporate applicant; and
(f) the names and addresses of the members and partners of the corporate debtor, as the case may be, with details of their respective shareholdings.

Annex VII – A copy of:

(a) relevant extract of any constitutional document or shareholders’ agreement that records the authority of the corporate applicant to make this application, where the corporate applicant is a member or partner of the corporate debtor; or
(b) relevant extract of an employment agreement, constitutional document or fillings made to the Registrar of Companies confirming the authority of the corporate applicant to make this application, where the corporate applicant is an individual in charge of managing the operations and resources of the corporate debtor or has control and supervision over the financial affairs of the corporate debtor.

Annex VIII- Affidavit in support of the application in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

Annex IX – Proof that the specified application fee has been paid.

Substituted vide the Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019 dated 14.03.2019. To view the notification, Click Here

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