Supreme Court Urged Railways to Drop the Term Second-Class Passengers  ||  Supreme Court: Employers Cannot Deny Compassionate Appointments Through Delays  ||  Supreme Court Explains How Testimony of a Dead Witness Can be Used Against an Absconding Accused  ||  SC Recommended Amending IBC to Ensure Fair Repayment Protection for MSME Operational Creditors  ||  Supreme Court: High Courts Cannot Reappreciate Evidence in Certiorari Jurisdiction  ||  SC: Railways are Not Liable Unless Owner-Risk Goods Were Counted or Weighed  ||  SC: Courts and Prosecutors Must Expedite Trials For Jailed Accused  ||  Supreme Court Clarifies that Swear Words and Vulgar Expletives Alone do Not Constitute Obscenity  ||  Supreme Court: Nominated Town Panchayat Members Have No Voting Rights in Council Polls  ||  Delhi High Court Declines Interim Relief to Sonam Wangchuk, Upholds His Hospitalization    

Sharing of report prepared by resolution professional to both debtor and creditor- (Insolvency and Bankruptcy Board of India) (12 Feb 2024)

MANU/NMIC/0049/2024

Insolvency

1. The resolution professional (RP) in an insolvency resolution process of a debtor under Chapter III of Part III of the Insolvency and Bankruptcy Code, 2016 (Code) examines the application filed under section 94 or 95 of the Code and submits a report to the Adjudicating Authority under sub-section (1) of section 99 of the Code, recommending for approval or rejection of the application. Sub-section (10) of section 99 mandates the RP to share a copy of this report to the debtor or the creditor, as the case may be.

2. It has been observed that in certain cases, the RPs have not shared a copy of the report with both debtor and creditor, leading to a lack of equal information access among them.

3. Therefore, it is hereby advised that the RP shall provide a copy of the report to both debtor and creditor in all cases. This will ensure that the debtor and the creditor are well-informed about the evaluation and recommendations made by the RP, thereby promoting transparency and informed decision-making.

4. This is issued in exercise of powers conferred under section 196 of the Code.

Tags : SHARING   REPORT   DEBTOR AND CREDITOR  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved