J&K&L HC: Bail is Not Absolute For Juveniles in Heinous Cases and Can be Denied to Serve Justice  ||  Delhi HC: Expired Driving Licenses Do Not Enjoy Deemed Continuity After 2019 MV Act Amendment  ||  MP High Court: Ex-Gratia Payments are Dependents’ Last Hope and Rules Should be Applied Liberally  ||  Orissa HC: SC’s Mihir Rajesh Shah Directive on Written Arrest Grounds Applies Prospectively  ||  Delhi HC: Tenant Liable For Possession Through Family; Non-Residence Claim Doesn’t Excuse Liability  ||  Allahabad High Court: Muslims Can Use Guardians and Wards Act Provisions to Seek Minor’s Custody  ||  Delhi High Court: Earlier Buyer Can Seek Cancellation of a Later Sale; Prior Rights Prevail  ||  Madras HC: 'Geetham' Restaurants Did Not Infringe 'Sangeetha' Trademark But Liable For Passing Off  ||  Bombay High Court: Disabled Employee Shifted Cadre Can’t Claim Past Service Seniority  ||  Supreme Court: Person Accepting a Section 28A Award May Seek Enhancement Via Appeals    

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