valid as on 02/12/2021

IBC Section 107-Summoning of meeting of creditors.
W.e.f., 01.12.2019

(1) The resolution professional shall issue a  calling the  at least fourteen days before the date fixed for such meeting.

(2) The resolution professional shall send the notice of the meeting to the list of creditors prepared under section 104.

(3) The notice sent under sub-section (1) shall state the address of the Adjudicating Authority to which the repayment plan and report of the resolution professional on the repayment plan has been submitted and shall be accompanied by—

(a) a copy of the repayment plan;

(b) a copy of the  of the debtor;

(c) a copy of the said report of the resolution professional; and

(d) forms for proxy voting.

(4) The proxy voting, including electronic proxy voting shall take place in such manner and form as may be specified.

Refer regulation 12 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. To view the regulation,Click Here
Refer regulation 11 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. To view the regulation,Click Here
Refer regulation 10 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. To view the regulation,Click Here

2.16.10. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

10. Statement of affairs.

(1) The resolution professional shall prepare a statement of affairs of the guarantor for the purposes of clause (b) of subsection (3) of section 107.

(2) The statement of affairs shall include the following information of the guarantor –

(a) assets and liabilities for the preceding three financial years and the current financial year;

(b) details of the excluded assets and excluded debts;

(c) income statement for the preceding three financial years and the current financial year;

(d) income-tax returns filed by the guarantor, if any, for the preceding three financial years;

(e) creditor wise amount due, broken up into secured and unsecured debts for the preceding three financial years;

(f) details of debt owed by guarantor to his associates for the preceding three financial years;

(g) guarantees given in relation to any of his debts, and whether any of the guarantors is an associate of the guarantor; and

(h) details of the financial statements for the business owned by the guarantor, or of the firm in which he is a partner, as the case may be, for the preceding three financial years, if applicable.


2.16.12. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

12. Contents of the notice for a meeting.

(1) The notice convening the meeting of creditors shall inform the participants of the venue, the time, the date of the meeting and of the options available to –

(i) participants to attend the meeting either in person, through video conferencing, or through a proxy; and

(ii) creditors to cast vote in person, through a proxy, by electronic means, or by electronic proxy, as the case may be.

(2) The notice of the meeting shall carry the agenda, which shall include the following-

(a) list of matters to be discussed;

(b) list of issues to be voted upon;

(c) relevant documents in relation to the matters to be discussed and issues to be voted upon.

(3) If an option to attend the meeting through video conferencing is made available to the participants, the notice of the meeting shall –

(a) state the process and the manner for attending the meeting;

(b) provide the login ID and the details of a facility for generating password for access to the meeting in a secure manner; and

(c) provide contact details of the person who shall address the queries connected with the video conferencing.

(4) If an option to cast vote by electronic means is made available to the creditors, the notice of the meeting shall –

(a) state the process and the manner of casting vote by such means;

(b) provide the login ID and the details of a facility for generating password for access to the electronic means for casting vote in a secure manner; and

(c) provide contact details of the person who shall address the queries connected with the electronic means.


Enforcement Notification under Insolvency and Bankruptcy Code dated 15.11.2019 w.e.f., 01.12.2019


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