Supreme Court Quashes Rajasthan Village Renaming, Says Government Must Follow its Own Policy  ||  NCLAT: NCLT Can Order Forensic Audit on its Own, No Separate Application Required  ||  NCLAT Reiterates That IBC Cannot be Invoked as a Recovery Tool for Contractual Disputes  ||  Delhi HC: DRI or Central Revenues Control Lab Presence in Delhi Alone Does Not Confer Jurisdiction  ||  Delhi High Court: Software Receipts Not Taxable on PE Basis Already Rejected by ITAT  ||  Delhi High Court: Statutory Appeals Cannot Be Denied Due to DRAT Vacancies or Administrative Delays  ||  J&K&L HC: Failure to Frame Limitation Issue Not Fatal; Courts May Examine Limitation Suo Motu  ||  Bombay HC: Preventing Feeding Stray Dogs at Society or Bus Stop is Not 'Wrongful Restraint'  ||  Gujarat HC: Not All Injuries Reduce Earning Capacity; Functional Disability Must Be Assessed  ||  Delhi HC: Framing of Charges is Interlocutory and Not Appealable under Section 21 of NIA Act    

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 2025 - All Rights Reserved