valid as on 26/11/2020

1.6.6. Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019

6. Filing of application and application fee.—
(1) Till such time the rules of procedure for conduct of proceedings under the Code are notified, the application made under clause (a) of rule 5 shall be filed before the Adjudicating Authority in accordance with rules 20, 21, 22, 23, 24 and 26 of Part III of the National Company Law Tribunal Rules, 2016 made under the provisions of the Companies Act, 2013.

(2) An applicant under these rules shall immediately after becoming aware, notify the Adjudicating Authority of any winding-up petition presented against the financial service provider.

(3) The application under sub-clause (i) of clause (a) of rule 5 shall be made in and accompanied by-

(a) a fee of twenty-five thousand rupees;

(b) a written consent and declaration in accordance with from the proposed Administrator; and

(c) other documents and records as specified in .

(4) The application and accompanying documents shall be filed in electronic form, as and when such facility is made available by the Adjudicating Authority:

Provided that till such facility is made available, the applicant may submit the accompanying documents, and wherever they are bulky, in electronic form, in scanned, legible portable document format in a data storage device such as a compact disc or a USB flash drive acceptable to the Adjudicating Authority.

(5) The applicant 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 financial service provider.

(6) The Adjudicating Authority may permit withdrawal of an application filed under sub clause (i) of clause (a) of rule 5 before its admission on a request made by the applicant.

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Corrigenda to IBBI (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 dated 27.11.2019


Form 1: IBBI (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019

Form 1
(See sub-clause (i) of clause (a) of Rule 5)
APPLICATION BY APPROPRIATE REGULATOR TO INITIATE INSOLVENCY RESOLUTION PROCESS UNDER THE CODE.
(Under Rule 5 of the Insolvency and Bankruptcy (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019)

[Date]

To
The National Company Law Tribunal
[Address]

From

[Names and addresses of the registered office of the appropriate regulator]

In the matter of [name of the financial service provider]

Subject: Application to initiate corporate insolvency resolution process [name of the financial service provider] under the Insolvency and Bankruptcy Code, 2016.

Madam/Sir,

[Name of appropriate regulator], hereby submit this application to initiate a corporate insolvency resolution process [name of financial service provider]. The details for the  urpose of this application are set out below:

Part I
PARTICULARS OF APPLICANT

1Name of appropriate regulator
2Address of the appropriate regulator
3Name and address of the person authorised to submit application on its behalf (enclose authorisation)
4Name and address of person authorised to accept the service of process on its behalf (enclose authorisation)

Part II
PARTICULARS OF THE FINANCIAL SERVICE PROVIDER

1Name of the financial service provider
2Identification number of financial service provider
3Date of incorporation of financial service provider
4Nominal share capital and the paid-up share capital of the financial service provider and/or details of
guarantee clause as per memorandum of association (as applicable)
5Address of the registered office of the financial service provider

Part III
PARTICULARS OF THE PROPOSED ADMINISTRATOR

1Name, address and email address of the Administrator

Part IV
PARTICULARS OF DEFAULT

Yours sincerely,

Signature of person authorised to act on behalf of the appropriate regulator financial creditor (substituted vide Corrigenda dated 27.11.2019)
Name in block letters
Position with or in relation to the appropriate regulatorfinancial creditor (substituted vide Corrigenda dated 27.11.2019)
Address of person signing

Instructions
Please attach the following to this application:
Annex I Copies of all documents referred to in this application.
Annex II Written communication by the proposed Administrator to act as the interim resolution professional as set out in Form 2.
Annex III Proof that the specified application fee has been paid.


Form 2: IBBI (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019

FORM 2
(See clause (b) of sub-rule (3) of Rule 6)
WRITTEN COMMUNICATION BY THE ADMINISTRATOR
(Under Rule 6 of the Insolvency and Bankruptcy (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019)

[Date]

To
The National Company Law Tribunal [Address]

From
[Name and address of the registered office of the Administrator]

In the matter of [name of the financial service provider]

Subject: Written communication in connection with an application to initiate corporate insolvency resolution process in respect of [name of the financial service provider]

Madam/Sir,
In accordance with Rule 6 of the Insolvency and Bankruptcy (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, I [name of the Administrator], hereby:

(i) agree to appointment as Administrator if an order admitting the present application is passed;

(ii) disclose that I am currently serving as an interim resolution professional / resolution professional / liquidator in [insert number of proceedings] proceedings;

(iii) certify that there are no disciplinary proceedings pending against me with the Board or [insert the name of appropriate regulator];

(iv) affirm that I do not have any conflict of interest in this matter / I have the following interests in the matter:

(Signature of the Administrator)
(Name in block letters)


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