REGULATORY UPDATE: INSOLVENCY AND BANKRUPTCY BOARD – NOTIFICATION OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (FAST TRACK INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS)

The Insolvency and Bankruptcy Board of India amended (i) the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 and (ii) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

  1. Regulation 9 A has been inserted dealing with claims by other creditors prescribing that a person claiming to be a creditor, other than those covered under regulations 7, 8, or 9, shall submit proof of its claim to the interim resolution professional or resolution professional in person, by post or by electronic means in Form F of the Schedule.
  2. Regulation 7, 8 and 9 respectively deals with operational creditors, financial creditors and workmen and employees respectively.
  3. The existence of the claim of the creditor referred to in sub-section (1) may be proved on the basis of —
  • the records available in an information utility, if any, or
  • other relevant documents sufficient to establish the claim, including any or all of the following: —
  • documentary evidence demanding satisfaction of the claim;
  • bank statements of the creditor showing non-satisfaction of claim;
  • an order of court or tribunal that has adjudicated upon non-satisfaction of claim, if any.
  • The financial creditors shall submit their proof of claims by electronic means only. All other creditors may submit the proof of claims in person, by post or by electronic means.

Source:

Fastrack: http://www.ibbi.gov.in/AMEND_Fast_track.pdf

CIRP: http://www.ibbi.gov.in/AMEND_CIRP.pdf

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