REGULATIONS

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2.18. The Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021.

CHAPTER I. PRELIMINARY

  1. Short title and commencement.
  2. Definitions.

CHAPTER II. GENERAL

  1. Meetings and communication.
  2. Essential supplies.
  3. Extortionate credit transaction.
  4. Pre-packaged insolvency resolution process costs.

CHAPTER III. RESOLUTION PROFESSIONAL

  1. Eligibility for resolution professional.
  2. Fee of resolution professional.
  3. Access to books.
  4. Appointment of professionals.
  5. Disclosure of costs.
  6. Preservation of records.
  7. Filing of reports and forms.

CHAPTER IV. INITIATION OF PROCESS

  1. Approvals by financial creditors.
  2. Choice of authorised representative.
  3. Declarations.
  4. Report by resolution professional.
  5. Information to be furnished by the applicant.

CHAPTER V. PUBLIC ANNOUNCEMENT AND CLAIMS

  1. Public announcement.
  2. List of claims
  3. Determination of amount of claim.
  4. Debt in foreign currency.
  5. Transfer of debt due to creditors.

CHAPTER VI. COMMITTEE OF CREDITORS

  1. Committee with only creditors in a class.
  2. Committee with only operational creditors.
  3. Change in committee.

CHAPTER VII. MEETINGS OF THE COMMITTEE

  1. Meetings of the committee.
  2. Notice for meetings of the committee.
  3. Service of notice.
  4. Contents of the notice for meeting.
  5. Quorum.
  6. Participation through video conferencing.
  7. Conduct of meeting.
  8. Committee with creditors in a class.
  9. Voting by the committee.
  10. Voting by authorised representative.
  11. Voting through electronic means.
  12. Appointment of registered valuers.
  13. Fair value and liquidation value.
  14. Information memorandum.
  15. Preferential and other transactions.

CHAPTER IX. RESOLUTION PLAN

  1. Scoring and improvement of resolution plans.
  2. Invitation for resolution plans.
  3. Resolution plan.
  4. Mandatory contents of resolution plan.
  5. Submission of resolution plans.
  6. Evaluation of resolution plans.
  7. Approval of resolution plan.
  8. Application to Adjudicating Authority.

CHAPTER X. MANAGEMENT OF AFFAIRS OF THE CORPORATE DEBTOR

  1. Management during the process.
  2. Vesting of the management with resolution professional.

 

 

 

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2.18. The Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021.