valid as on 04/06/2020

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

40. Extension of the corporate insolvency resolution process period.

(1) The committee may instruct the resolution professional to make an application to the Adjudicating Authority under section 12 to extend the insolvency resolution process period.

(2) The resolution professional shall, on receiving an instruction from the committee under this Regulation, make an application to the Adjudicating Authority for such extension.

The following Table presents a model timeline of corporate insolvency resolution process on the assumption that the interim resolution professional is appointed on the date of commencement of the process and the time available is hundred and eighty days:

Section /
Regulation
Description of ActivityNormLatest
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)(c) /
Regulations 6(2)(c)
and 12 (1)
Submission of claims For 14 Days from Appointment of
IRP
T+14
Regulation 12(2) Submission of claimsUp to 90th day of commencementT+90
Regulation 13(1) Verification of claims received under
regulation 12(1)
Within 7 days from the receipt of
the claim
T+21
Verification of claims received under
regulation 12(2)
T+97
Section 21(6A) (b) /
Regulation 16A
Application for appointment of ARWithin 2 days from verification of
claims received under regulation
12(1)
T+23
Regulation 17(1)Report certifying constitution of CoCT+23
Section 22(1) /
Regulation 19(1)
1st meeting of the CoC Within 7 days of the constitution
of the CoC, but with seven days’
notice

Within 7 days of filing of the report certifying constitution of the CoC, but with five 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 valuerWithin 7 days of appointment of
RP, but not later than 40th day of
commencement

Within 7 days of appointment of RP, but not later than 47th day of commencement.
T+47
Section 12(A) /
Regulation 30A
Submission of application for withdrawal of
application admitted
Before issue of EoIW
CoC to dispose of the applicationWithin 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 35ARP 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 of IM to CoC Within 2 weeks of appointment of
RP, but not later than 54th day of
commencement
T+54
Regulation 36A Regulation 36A Within 75 days of
commencement
T+75
Invitation of EoI
Submission of EoI At least 15 days from issue of EoI
(Assume 15 days)
T+90
Provisional List of RAs by RPWithin 10 days from the last day
of receipt of EoI
T+100
Submission of objections to provisional list For 5 days from the date of
provisional list
T+105
Final List of RAs by RPWithin 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 PlansAt 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 AAT=180

AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate Insolvency Resolution Process; CoC: Committee of Creditors; EoI: Expression of Interest; IM: Information Memorandum; IRP: Interim Resolution Professional; RA: Resolution Applicant; RP: Resolution Professional; RFRP: Request for Resolution Plan

(1) The insolvency professional, interim resolution professional or resolution professional, as the case may be, shall file the Forms, along with the enclosures thereto, on an electronic platform of the Board, as per the timelines stipulated against each Form, in the table below:-

Table

Form No.Period covered and scopeTo be filed byTimeline
(1)(2)(3)(4)
IP 1Pre-Assignment: This includes consent to accept assignment as IRP / RP, the details of IP and the Applicant, the details of the person which will undergo the process, terms of consent, terms of engagement, etc.IPWithin three days of signing of Form-2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 or Form-AA of the Regulations, as the case may be.
CIRP 1From Commencement of CIRP till Issue of Public Announcement: This includes details of IRP, CD, and the Applicant; admission of application by AA; public announcement; details of suggested Authorised Representatives; non-compliances with the
provisions of the Code and other laws applicable to the CD; etc.
IRPWithin seven days of making the Public Announcement under section 13.
CIRP 2From Public Announcement till confirmation / replacement of IRP: This includes details
Authorised Representative selected by IRPs for a class of creditors; taking over management of the CD; receipt and verification of claims; constitution of CoC, first meeting of CoC; confirmation / replacement of IRP; applications seeking cooperation of management (if any); expenses incurred on or by IRP; relationship of IRP with the CD, Financial Creditors and Professionals; support services taken from IPE: noncompliances
with the provisions of the Code and otherlaws applicable to the CD; etc.
IRPWithin seven days of confirmation/ replacement of IRP under section 22.
CIRP 3From Appointment of RP till issue of IM to Members of CoC: This includes details of RP; details of registered valuers; handing over of records of CD by IRP to RP; taking over management of the CD; applications seeking co-operation of management (if any); details in IM: non-compliances with the provisions of the Code and other laws applicable to the CD; etc.RPWithin seven days of issue of IM to members of CoC under regulation 36.
CIRP 4From Issue of IM till issue of RFRP: This includes expression of interest; RFRP and modification thereof; evaluation matrix and modification thereof;non -compliances with the provisions of the Code and other laws applicable to the CD; etc.RPWithin seven days of the issue of RFRP under regulation 36B.
CIRP 5From Issue of RFRP till completion of CIRP: This includes updated list of claimants; updated CoC; details of the resolution applicants; details of resolution plans received; details of approval or ejection of resolution plans by CoC; application filedwith AA for
approval of resolution plan; details of resolution plan approved by the AA; initiation of liquidation, if applicable; expenses incurred on or by RP; appointment of professionals and the terms of appointment; relationship of the RP with the CD, Financial Creditors, and Professionals; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc.
RPWithin seven days of the approval or rejection of the resolution plan under section 31 or issue of liquidation order under section 33, as the case may be, by the AA.
CIRP 6Event Specific: This includes;
a. Filing of application in respect of preferential transaction, undervalued transaction, fraudulent transaction, and extortionate transaction;
b. Raising interim finance;
c. Commencement of insolvency resolution process of guarantors of the CD;
d. Extension of period of CIRP and exclusion of time;
e. Premature closure of CIRP (appeal, settlement, withdrawal, etc.);
f. Request for liquidation before completion of CIRP; and
g. Non-implementation of resolution plan, as approved by the AA.
IRP or RP, as the case may be.Within seven days of the occurrence of the relevant event.

(2) The Board shall make available the Forms on the electronic platform and may modify them from time to time.

(3) The insolvency professional or interim resolution professional or resolution professional, as the case may be, shall ensure that the Forms and its enclosures filed under this regulation are .

If filed onFee (in Rupees)
29th October, 20200
30th October, 20200
31st October, 2020500
Any day in November, 20201000
Any day in December, 20201500

If filed on Fee (in Rupees)
28th April, 20200
29th April, 2020 0
30th April, 2020500
Any day in May, 20201000
Any day in June, 20201500

If filed on Fee (in Rupees)
29th April, 2020 0
30th April, 2020 0
1st May, 2020 500
Any day in May, 2020 1000
Any day in June, 2020 1500

(4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st January, 2020.

Example: A Form is required to be filed by 30th January, 2020. It shall be filed along with a fee as under:

If filed onFee (in Rupees)
29th January, 20200
30th January, 20200
31st January, 2020500
Any day in February, 20201000
Any day in March, 20201500

(5) The insolvency professional or interim resolution professional or resolution professional, as the case may be, shall be liable to any action which the Board may take as deemed fit under the Code or any regulation made thereunder, including refusal to issue or renew Authorisation for Assignment, for-

(i) failure to file a form along with requisite information and records;

(ii) inaccurate or incomplete information or records filed in or along with a form;

(iii) delay in filing the form.


Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process.

Inserted vide the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 dated 3.07.2018. To view the Notification, Click Here
Inserted vide Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 dated 27.11.2019. To view the notification,Click Here
IBBI provides the feature for modification of CIRP Forms (including IP-1 Form) submitted by an Insolvency Professional (IP) without any additional fee till 31st March 2020 vide its Circular dated 17.03.2020. To view the Circular, Click Here.
Substituted vide Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons (Second Amendment) Regulations, 2020 dated 25.03.2020. To view the notification, Click Here
Substituted vide Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons (Second Amendment) Regulations, 2020 dated 25.03.2020. To view the notification, Click Here
Substituted vide Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons (Amendment) Regulations, 2020 dated 12.02.2020. To view the notification, Click Here
Substituted vide IBBI Amendment notification dated 14.02.2020 for the IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020 dated 12.02.2020. To view the notification,Click Here
Substituted vide Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons (Amendment) Regulations, 2020 dated 12.02.2020. To view the notification, Click Here.
Inserted vide IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 dated 29.03.2020. To view the notification, Click Here.

Corrigendum to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020, dated 14.02.2020


IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020 dated 12.02.2020


IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 dated 25.03.2020


IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 dated 29.03.2020


Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019


The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 dated 3.07.2018


The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 dated 27.11.2019


Circular providing the feature for modification of CIRP Forms (including IP-1 Form) submitted by an Insolvency Professional (IP) dated 17.03.2020


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