Application under Rules 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016- (Insolvency and Bankruptcy Board of India) (15 Jun 2022)

MANU/NMIC/0190/2022

Insolvency

1. It has been decided that henceforth, the Board will forward the application for initiating insolvency received by it in terms of rule 4, 6 or 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, to the Information Utility (IU) and on receipt of the said application, the IU shall:

(a) inform other creditors of the Corporate Debtor by sharing the application;

(b) issue notice to the applicant, requiring it to file 'information of default' in the specified format under Insolvency and Bankruptcy Board of India (Information Utility) Regulations, 2017(IU Regulations); and

(c) process the 'information of default' for the purpose of issuing ROD as per the IU Regulations.

2. This circular is issued in exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016.

3. This Circular shall come into force with immediate effect.

Tags : APPLICATION ADJUDICATION AUTHORITY RULES