Karnataka HC: A Neighbour Cannot be Charged With Matrimonial Cruelty under Section 498A IPC  ||  Revisional Power U/S 25B(8) of Delhi Rent Control Act is Supervisory; HC Cannot Revisit Facts  ||  Poverty Cannot Bar Parole; Rajasthan HC Waives Surety For Indigent Life Convict, Sets Guidelines  ||  Delhi High Court: Late Payment of TDS Does Not Absolve Criminal Liability under the Income Tax Act  ||  NCLT Kochi: Avoidance Provisions under Insolvency Code Aim to Restore, Not Punish, Parties  ||  Bombay High Court: In IBC Cases, High Courts Lack Parallel Contempt Jurisdiction over the NCLT  ||  Supreme Court: Concluded Auction Cannot Be Cancelled Merely To Invite Higher Bids at a Later Stage  ||  SC: In Customs Classification, Statutory Tariff Headings and HSN Notes Prevail over Common Parlance  ||  SC: Under the Urban Land Ceiling Act, Notice U/S 10(5) Must be Served on the Person in Possession  ||  Supreme Court: Only Courts May Condone Delay; Tribunals Lack Power Unless Statute Allows    

IBBI amends Insolvency Resolution Process for Corporate Persons Regulations, 2016 - (15 Jun 2022)

Insolvency

Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 (CIRP Regulations). The amended regulations are effective from 14th June, 2022. The amendment provides the operational creditors to furnish extracts of Form GSTR-1, Form GSTR-3B and e-way bills, along with the application filed under Section 9 of the Insolvency and bankruptcy Code, 2016 (IBC). These additional set of documents, can be used as evidence of transaction with the corporate debtor, debt and default easing the process of admission. Creditors filing applications under Section 7 or 9 of the IBC are required to furnish details of their PAN and Email ID to ensure smooth correspondence.

In order to improve information availability, the amendment places a duty on corporate debtor, its promoters to provide the information in such format and time as sought by the resolution professional. The amendment places a duty on the creditors to share information regarding the assets and liabilities of the corporate debtor, the financial statements and other relevant financial information from their records and available reports.

The Amendment also addresses the issue of treatment of avoidance applications filed with the Adjudicating Authority after closure of the corporate insolvency resolution process (CIRP). It provides that, the resolution plan shall provide for manner in which such applications will be pursued after the approval of the resolution plan. The amendment includes a definition of significant difference in valuations during CIRP and enables the committee of creditors to make a request to the resolution professional regarding the appointment of a third valuer.

Tags : CORPORATE PERSONS   REGULATION   AMENDMENT  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved