amit ahhawat’s trainin' orum cs executive paper:3 the ...cs... · the existing framework of...

AMIT BACHHAWAT’S TRAINING FORUM

CS EXECUTIVE PAPER:3

The INSOLVENCY AND

BANKRUPTCY CODE,2016

1 BASIC CONCEPT FROM CA MAT2 BARE ACT3 REGULATIONS4 CLASS NOTES AND CHARTS5 QUESTIONS6 CASE LAWS

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AMIT BACHHAWAT'S TRAINING FORUM

Contents

AMIT BACHHAWAT TRAINING FORUM

THE INSOLVENCY AND BANKRUPTCY CODE

INTRODUCTION

The Insolvency and Bankruptcy Code, 2015 was introduced in the Lok Sabha on 21st December, 2015 and referred to the Joint Committee on the Insolvency and Bankruptcy Code, 2016. The Committee had presented its recommendations and a modified Bill based on its suggestions. Further, the Insolvency and Bankruptcy Code, 2016 was passed by both the Houses of Parliament and notified in May 2016. Being one of the major economic reforms it paves the way focussing on creditor driven insolvency resolution.

Concept of Insolvency and Bankruptcy

The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. Both refer to a situation when an individual or company are not able to pay the debt in present or near future and the value of assets held by them are less than liability. Insolvency in this Code is regarded as a “state” where assets are insufficient to meet the liabilities. If untreated insolvency will lead to bankruptcy for non-corporates and liquidation of

corporates.

While insolvency is a situation which arises due to inability to pay off the debts due to insufficient assets, bankruptcy is a situation wherein application is made to an authority declaring insolvency and seeking to be declared as bankrupt, which will continue until discharge. From the above it is evident that insolvency is a state and bankruptcy is a conclusion. A bankrupt would be a conclusive insolvent whereas all insolvencies will not lead to bankruptcies. Typically insolvency situations have two options – resolution and recovery or liquidation

Term 'Insolvency'can be usedfor-

Individuals Organization/

Corporates

known as Bankruptcy

Known as Corporate insolvency

State when an individual or company are not able to pay the debt and

the value of assets held by them are less than liability

If,untreatedinsolvency,itwillleadto-

For non-corporates Corporates

Bankruptcy Liquidation

Relationship between Bankruptcy, Insolvency & Liquidation Bankruptcy is a legal proceeding involving a person or business that is unable to repay

outstanding debts. The bankruptcy process begins with a petition filed by the debtor, or by the creditors. All of the debtor's assets are measured and evaluated, and the assets may be used to repay a portion ofoutstanding debt.

In lucid language, if any person or entity is unable to pay off the debts, it owes, to their creditor, on time or as and when they became due and payable, then such person or entity is regarded as “insolvent”. Liquidation is the winding up of a corporation or incorporated entity. There are many entities that can initiate proceedings to cause the Liquidation, those being:-

(1) The Regulatory Bodies;

(2) The Directors of a Company;

(3) The Shareholders of a Company; and

(4) An Unpaid Creditor of a Company In nut shell, insolvency is common to both bankruptcy and liquidation. Not being able to pay debts as and when they became due and payable are the leading cause of Liquidations and is the only way that can cause a natural person to become a bankrupt.

Needfor a New Law As per the Ease of Doing Business Report of the World Bank, it takes an average of four to five years in insolvency resolution in India. The main reason behind such delay in the legal process is the existence of overlapping legislations and adjudicating authorities dealing with insolvency of companies and individuals in India. The Government of India then formulated a plan to refurbish the prevailing bankruptcy laws and replace them with one that will facilitate hassle-free and time-bound for revival and closure of businesses.

Insolvency

&Bankruptcy Code, 2016

CompaniesAct,2013

SARFAESI Act, 2002

Recoveryofdebts due to Banks

&FinancialInstitutions Act,1993

Sick Industries Companies Act, 1985

CompaniesAct,1956

Indian Partnership Act, 1932

Provincial Insolvency Act, 1920

Presidency Towns InsolvencyAct1909

The existing framework of law has failed to resolve insolvency situations.

Financial failure – a persistent mismatch between payments by the enterprise

and receivables into the enterprise, even though the business model is generating revenues.

Business failure – which is a breakdown in the business model of the enterprise,

and it, is unable to generate sufficient revenues to meet payments.

Malfeasance and mismanagement bypromoters Since, the existing laws were not aligned with the market realties and had several problems and were inadequate. There was no single window resolution available and the resolution and jurisdiction was with the multiple agencies with overlapping powers that was leading to delays and complexities in the process. The Companies Act deals with the corporate insolvency law and the individual insolvency laws were being dealt by a century old two Acts, i.e., The Provincial Towns Insolvency Act and the Presidency Towns Insolvency Act.

Multiple laws governing Debt resolution and multiple forums

Parallel proceedings by different parties on the same debtor in different forums and Conflicts between laws and over jurisdictions.

Asymmetry of information Objectives: A sound legal framework of bankruptcy law is required for achieving the

following objectives:-

Improved handling of conflicts between creditors and the debtor: It can provide

procedural certainty about the process of negotiation, in such a way as to reduce problems of common property and reduce information asymmetry for all economicparticipants.

Avoid destruction of value: It can also provide flexibility for parties to arrive at the

most efficient solution to maximise value during negotiations. The bankruptcy law will create a platform for negotiation between creditors and external financiers which can create the possibility of suchrearrangements.

Drawing the line between malfeasance and business failure: Under a weak

insolvency regime, the stereotype of “rich promoters of defaulting entities” generates two strands of thinking:

(A) the idea that all default involves malfeasanceand

(B) the idea that promoters should be held personally financially responsible for defaults of the firms that theycontrol.

Clearly allocate losses in macroeconomic downturns: With a sound

bankruptcy framework, these losses are clearly allocated to some people. Loss allocation could take place through taxes, inflation, currency depreciation, expropriation, or wage or consumption suppression. These could fall upon foreign creditors, small business owners, savers, workers, owners of financial and non-financial assets, importers, exporters.

The following benefits are expected from the new Law:-

Asset stripping by promoters is controlled after and beforedefault.

The promoters can make a proposal that involves buying back the company for a certainprice, alongside a certain debtrestructuring

Others in the economy can make proposals to buy the company at a certain price, alongside a certain debtrestructuring

All parties knowsthat if no deal is struck within the stipulated period, the company will go into liquidation. This will help avoid delayingtactics.

The inability of promoters to steal from the company, owing to the supervision of the IP, also helps reduce the incentive to have a slow lingeringdeath.

The Code seeks to provide an effective legal framework for timely resolution of insolvency and bankruptcy which would support development of credit markets and encourage entrepreneurship, and facilitate more investments leading to higher economic growth and development.

Structure of the Code The Code is structured into 5 parts comprising of 255 sections and 11 Schedules. Each part deals with a distinct aspect of the insolvency resolution process. Part II, Chapters I and II are of particularsignificanceforthestudentsandarediscussedindetailhereunder:

Part Part Content Chapters

and

Sections

Chapter / Contents

I Preliminary (1-3) 1. Short title, extent &Commencement

2. Application

3. Definitions

II Insolvency

Resolutions

and

Liquidation

for Corporate

Persons

I–VII

(4–77)

1. Preliminary (Application &Definitions)

2. Corporate Insolvency ResolutionProcess

3. LiquidationProcess

4. Fast Track Corporate Insolvency Resolution

Process

5. Voluntary Liquidation of CorporatePersons

6. Adjudicating Authority for CorporatePersons

7. Offences &Penalties

III Insolvency

Resolution

and

Bankruptcyfo

rIndividuals

and

Partnership

Firms

I – VII

(78-

187)

1. Preliminary (Application &Definitions)

2. Fresh StartProcess

3. Insolvency ResolutionProcess

4. Bankruptcy Order for Individuals

&Partnership Firms

5. Administration &Distribution of the Estate of

theBankrupt

6. AdjudicatingAuthority

7. Offences &Penalties

IV Regulation of

Insolvency

Professionals

AgencieandI

nformation

Utilities

I – VII (188–

223)

1. The Insolvency and Bankruptcy Board ofIndia

2. Powers &Functions of theBoard

3. Insolvency ProfessionalAgencies

4. InsolvencyProfessionals

5. InformationUtilities

6. Inspection &Investigation

7. Finance, Accounts &Audit

V Miscellaneous (224 – 255) Miscellaneous

Extent and Commencement of the Code: As per section 1 of the Insolvency and Bankruptcy Code, it extends to the whole of India exceptPart III (Insolvency Resolution and Bankruptcy for Individuals and Partnership Firm) which excludes the state of Jammu andKashmir. This Code came into an enforcement on 28th May 2016, however, the Central Government appointed different dates for different provisions of this Code and any reference in any such provision to the commencement of this Code shall be construed as a reference to thecommencement of thatprovision.

Applicability of the Code

The provisions of the Code shall apply for insolvency, liquidation,

voluntary liquidation or bankruptcy of the followingentities:-

(a) AnycompanyincorporatedundertheCompaniesAct,2013orunderanypreviouslaw.

(b) Any other company governed by any special act for the time being in

force, except in so far

asthesaidprovisionisinconsistentwiththeprovisionsofsuchSpecialAct.

(c) Any Limited Liability Partnership under the LLP Act2008.

(d) Any other body incorporated under any law for the time being in force,

as the entral Government may by notification specify in thisbehalf.

(e) Partnership firms andindividuals.

Exceptions: There is an exception to the applicability of the Code that it shall not apply

to corporate persons who are regulated financial service providers like Banks, Financial Institutions and Insurancecompanies.

Features of the Insolvency and Bankruptcy Code: The Insolvency and Bankruptcy Code, 2016 has following distinguishing features:-

Comprehensive Law: Insolvency Code is a comprehensive law which envisages and regulates the process of insolvency and bankruptcy of all persons including corporates, partnerships, LLP’s andindividuals.

No Multiplicity of Laws: The Code has withered away the multiple laws covering

the recovery of debts and insolvency and liquidation process and presents singular platform for all the reliefs relating to recovery of debts andinsolvency.

Low Time Resolution: The Code provides a low time resolution and defines fixed

time frames for insolvency resolution of companies and individuals. The process is mandated to be completed within 180 days, extendable to maximum of 90 days. Further, for a speedier process there is provision for fast-track resolution of corporate insolvency within 90 days. If insolvencycannotberesolved,theassetsoftheborrowersmaybesoldtorepaycreditors.

Companies( Governed by Companies Act, 2013/under any previous law/by any sepcial act)

Individuals LLP

Partnership Firms Notified entity

One Window Clearance: It has been drafted to provide one window clearance to the applicant whereby he gets the appropriate relief at the same authority unlike the earlier position of law where in case the company is not able to revive the procedure for winding up andliquidationhastobeinitiatedunderseparatelawsgovernedbyseparateauthorities.

One Chain of Authority: There is one chain of authority under the Code. It does not

even allow the civil courts to interfere with the application pending before the adjudicating authority, thereby reducing the multiplicity of litigations. The National Company Law Tribunal (NCLT) will adjudicate insolvency resolution for companies. The Debt Recovery Tribunal (DRT) will adjudicate insolvency resolution forindividuals.

Priority to the interests of workman and employees: The Code also protects the interests of workman and employees. It excludes dues payable to workmen under provident fund, pension fund and gratuity fund from the debtor’s assets duringliquidation.

New Regulatory Authority: It provides for constitution of a new regulatory authority ‘Insolvency and Bankruptcy Board of India’ to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies, partnership firms and individuals. The Board has already been established and started functioning.

Key Objectives of the Code

The Insolvency and Bankruptcy Code, 2016 is intended to strike the right balance of interests of all stakeholders of the business enterprise so that the corporates and other business entities enjoy availability of credit and at the same time the creditor do not have to bear the losses on account of default. The purpose of enactment of the Insolvency and Bankruptcy Code, 2016 is as follows:

(a) To consolidate and amend the laws relating to re-organization and

insolvency resolution of corporate persons, partnership firms

andindividuals.

(b) Tofixtimeperiodsforexecutionofthelawinatimeboundmanner.

(c) To maximize the value of assets of interestedpersons.

(d) To promoteentrepreneurship

(e) To increase availability ofcredit.

(f) To balance the interests of all the stakeholders including alteration in

the order of priority of payment of Governmentdues.

(g) To establish an Insolvency and Bankruptcy Board of India as a

regulatory body for insolvency and bankruptcylaw.

Regulatory Mechanism

The Insolvency and Bankruptcy Code, 2016 provides a new regulatory mechanism with an institutional set-up comprising of five pillars:-

Insolvency and Bankruptcy Board ofIndia

Insolvency ProfessionalAgencies

InsolvencyProfessionals

InformationUtilities

AdjudicatingAuthority

(a) To consolidate and amend the laws relating to re-organization and insolvency resolution of corporate persons, partnership firms andindividuals.

(b) Tofixtimeperiodsforexecutionofthelawinatimeboundmanner.

(c) To maximize the value of assets of interestedpersons.

(d) To promoteentrepreneurship

(e) To increase availability ofcredit.

(f) To balance the interests of all the stakeholders including alteration in the order of priority of payment of Governmentdues.

(g) To establish an Insolvency and Bankruptcy Board of India as a regulatory body for insolvency and bankruptcylaw.

(1) Insolvency and Bankruptcy Board of India-The Code provides for establishment of a Regulator who will oversee these entities and to perform legislative, executive and quasi- judicial functions with respect to the Insolvency Professionals, Insolvency Professional Agencies and Information Utilities. The Insolvency and Bankruptcy Board of India was established on October 1, 2016. The head office of the Board is located at New Delhi.

The Board is a body corporate, having perpetual succession and a common seal, with power, subject to the provisions of this Code, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall, by the said name, sue or be sued.

Composition of the Board

(a) aChairperson;

(b) three members from amongst the officers of the Central

Insolvency and Bankrupty Code,

2016

Insolvency and Bankruptcy Board of

India (IBBI)

Adjudicating Authority

Insolvency Professionals Agency (IPA)

Insolvency Professionals (IP)

Information Utility (IU)

Government not below the rank of Joint Secretary or equivalent,

one each to represent the Ministry of Finance, the Ministry of

Corporate Affairs and Ministry of Law,ex-officio;

(c) onemembertobenominatedbytheReserveBankofIndia,exofficio;

(d) five other members to be nominated by the Central Government,

of whom at least three shall be the whole-timemembers

(2) Insolvency Professional Agencies-The Code provides for establishment of

insolvency professionals agencies to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and Bankruptcy Code 2016 and read withregulations.

Principles governing registration of Insolvency Professional Agency

Functions of Insolvency professional agencies (IPA): It will perform three key

functions:

to protect the interests of debtors, creditors and such other persons as may be specified

to promote good professional and ethical conduct amongst insolvency professionals

to promote the services of competent insolvency professionals to cater to the needs of debtors, creditors and such other persons as may be specified

addressing grievances of aggrieved parties, hearing complaints against members and taking suitable actions

Quasi-judicial functions

gathering information on their performance, with the over-

arching objective of preventing frivolous

behaviour, and

Executive functions

drafting detailed standards and codes of conduct through bye-laws, that aremade public and are binding on allmembers

Regulatory functions

malfeasance in the conduct of IP duties

monitoring, inspecting and

investigating members on a regular basis

Fu

nc

tio

ns o

f

IPA

to promote the professional development of and regulation of insolvency professionals

(3) Insolvency Professionals: The Code provides for insolvency professionals as

intermediaries who would play a key role in the efficient working of the bankruptcy process. The role of theIP encompasses a wide range of functions, which include adhering to procedure of the law, as well as accounting and finance related functions. He shall have the power andresponsibilitytomonitorandmanagetheoperationsandassetsoftheenterprise.

In the resolution process, the insolvency professional verifies the claims of the creditors, constitutes a creditors committee, runs the debtor's business during the moratorium periodand helps the creditors in reaching a consensus for a revival plan. In liquidation, the insolvency professional acts as a liquidator and bankruptcytrustee.

An Insolvency Professional if appointed as a Resolution Professional shall act as a as a neutral trustee of the assets of theorganization. Every insolvency professional shall abide by the following code of conduct:—

to take reasonable care and diligence while performing hisduties;

to comply with all requirements and terms and conditions specified in the bye-laws of the insolvency professional agency of which he is amember;

to allow the insolvency professional agency to inspect hisrecords;

to submit a copy of the records of every proceeding before the Adjudicating Authority

to the Board as well as to the insolvency professional agency of which he is a member; and

to perform his functions in such manner and subject to such conditions as may be specified.

(4) Information Utilities – The Code envisages creation of information utility to collect, collate, authenticate and disseminate financial information of debtors in centralized electronic databases, at alltimes.

The Code requires creditors to provide financial information of debtors to multiple utilities on an ongoing basis. Such information would be available to creditors, resolution professionals, liquidators and other stakeholders in insolvency and bankruptcy proceedings. The purpose of this is to remove information asymmetry and dependency on the debtor's management for critical information that is needed to swiftly resolveinsolvency.

Obligations of Information Utility: An information utility shall provide such services as may be specified including core servicesto any person if such person complies with the terms and conditions as may be specified by regulations. For the purposes of providing core services to any person, every information utility shall—

create and store financial information in a universally accessibleformat;

accept electronic submissions of financial information from persons who are under obligations to submit financialinformation

accept, in specified form and manner, electronic submissions of financial informationfrom persons who intend to submit suchinformation;

meetsuchminimumservicequalitystandardsasmaybespecifiedbyregulations;

get the information received from various persons authenticated by all concerned parties before storing suchinformation;

provide access to the financial information stored by it to any person who intends to accesssuchinformationinsuchmannerasmaybespecifiedbyregulations;

publish such statistical information as may be specified byregulations;

have inter-operatability with other informationutilities.

(5) Adjudicating Authority-The Adjudicating Authority for corporate insolvency and liquidation is the National Company Law Tribunal (NCLT). Appeals against NCLT orders shall lie with National Company Law Appellate Tribunal (NCLAT) and thereafter to the Supreme Court of India.

The Code has created one chain of authority for adjudication under the Code. Civil Courtshave been prohibited to interfere in the matters related with application pending before the Adjudicating Authority. No injunction shall be granted by any Court, Tribunal or Authority in respect of any action taken by the NCLT.

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AMIT BACHHAWAT’S TRAINING FORUM

52. Secured creditor in liquidation proceedings.

(1) A secured creditor in the liquidation proceedings may-

(a) relinquish its security interest to the liquidation estate and receive proceeds from the sale

of assets by the liquidator in the manner specified in section 53; or

(b) realise its security interest in the manner specified in this section.

(2) Where the secured creditor realises security interest under clause (b) of sub- section

(1), he shall inform the liquidator of such security interest and identify the asset subject to

such security interest to be realised.

(3) Before any security interest is realised by the secured creditor under this section, the

liquidator shall verify such security interest and permit the secured creditor to realise only

such security interest, the existence of which may be proved either –

(a) by the records of such security interest maintained by an information utility; or

(b) by such other means as may be specified by the Board.

(4) A secured creditor may enforce, realise, settle, compromise or deal with the secured

assets in accordance with such law as applicable to the security interest being realised and to

the secured creditor and apply the proceeds to recover the debts due to it.

(5) If in the course of realising a secured asset, any secured creditor faces resistance from the

corporate debtor or any person connected therewith in taking possession of, selling or

otherwise disposing off the security, the secured creditor may make an application to the

Adjudicating Authority to facilitate the secured creditor to realise such security interest in

accordance with law for the time being in force.

(6) The Adjudicating Authority, on the receipt of an application from a secured creditor

under sub-section (5) may pass such order as may be necessary to permit a secured creditor

to realise security interest in accordance with law for the time being in force.

(7) Where the enforcement of the security interest under sub-section (4) yields an amount

by way of proceeds which is in excess of the debts due to the secured creditor, the secured

creditor shall-

(a) account to the liquidator for such surplus; and

(b) tender to the liquidator any surplus funds received from the enforcement of such secured

assets.

(8) The amount of insolvency resolution process costs, due from secured creditors who

realise their security interests in the manner provided in this section, shall be deducted from

the proceeds of any realisation by such secured creditors, and they shall transfer such

amounts to the liquidator to be included in the liquidation estate.

(9) Where the proceeds of the realisation of the secured assets are not adequate to repay

debts owed to the secured creditor, the unpaid debts of such secured creditor shall be paid

by the liquidator in the manner specified in clause (e) of sub-section (1) of section 53.

53. Distribution of assets.

(1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament

or any State Legislature for the time being in force, the proceeds from the sale of the

liquidation assets shall be distributed in the following order of priority and within such

period as may be specified, namely: -

(a) the insolvency resolution process costs and the liquidation costs paid in full;

(b) the following debts which shall rank equally between and among the following: -

(i) workmen’s dues for the period of twenty-four months preceding the liquidation

commencement date; and

(ii) debts owed to a secured creditor in the event such secured creditor has relinquished

security in the manner set out in section 52;

(c) wages and any unpaid dues owed to employees other than workmen for the period of

twelve months preceding the liquidation commencement date;

(d) financial debts owed to unsecured creditors;

(e) the following dues shall rank equally between and among the following: -

(i) any amount due to the Central Government and the State Government including

the amount to be received on account of the Consolidated Fund of India and the Consolidated

Fund of a State, if any, in respect of the whole or any part of the period of two years

preceding the liquidation commencement date;

(ii) debts owed to a secured creditor for any amount unpaid following the enforcement of

security interest;

(f) any remaining debts and dues;

(g) preference shareholders, if any; and

(h) equity shareholders or partners, as the case may be.

(2) Any contractual arrangements between recipients under sub-section (1) with equal

ranking, if disrupting the order of priority under that sub-section shall be disregarded by the

liquidator.

(3) The fees payable to the liquidator shall be deducted proportionately from the proceeds

payable to each class of recipients under sub-section (1), and the proceeds to the relevant

recipient shall be distributed after such deduction.

Explanation. – For the purpose of this section-

(i) it is hereby clarified that at each stage of the distribution of proceeds in respect of a class

of recipients that rank equally, each of the debts will either be paid in full, or will be paid in

equal proportion within the same class of recipients, if the proceeds are insufficient to meet

the debts in full; and

(ii) the term “workmen’s dues” shall have the same meaning as assigned to it in section 326

of the Companies Act, 2013 (18 of 2013).

54. Dissolution of corporate debtor.

(1) Where the assets of the corporate debtor have been completely liquidated, the liquidator

shall make an application to the Adjudicating Authority for the dissolution of such corporate

debtor.

(2) The Adjudicating Authority shall on application filed by the liquidator under sub-

section (1) order that the corporate debtor shall be dissolved from the date of that order and the

corporate debtor shall be dissolved accordingly.

(3) A copy of an order under sub-section (2) shall within seven days from the date of such

order, be forwarded to the authority with which the corporate debtor is registered.

CHAPTER

IV

FAST TRACK CORPORATE INSOLVENCY RESOLUTION

PROCESS

55. Fast track corporation insolvency resolution process.

(1) A corporate insolvency resolution process carried out in accordance with this Chapter

shall be called as fast track corporate insolvency resolution process.

(2) An application for fast track corporate insolvency resolution process may be made in

respect of the following corporate debtors, namely: -

(a) a corporate debtor with assets and income below a level as may be notified by the

Central Government; or

(b) a corporate debtor with such class of creditors or such amount of debt as may be notified

by the Central Government; or

(c) such other category of corporate persons as may be notified by the Central Government.

56. Time period for completion of fast track corporate insolvency resolution

process.

(1) Subject to the provisions of sub-section (3), the fast track corporate insolvency resolution

process shall be completed within a period of ninety days from the insolvency

commencement date.

(2) The resolution professional shall file an application to the Adjudicating Authority to

extend the period of the fast track corporate insolvency resolution process beyond ninety

days if instructed to do so by way of a resolution passed at a meeting of the committee of

creditors and supported by a vote of seventy five per cent. of the voting share.

(3) On receipt of an application under sub-section (2), if the Adjudicating Authority

is satisfied that the subject matter of the case is such that fast track corporate insolvency

resolution process cannot be completed within ninety days, it may, by order, extend the

duration of such process beyond the said period ninety days by such further period, as it

thinks fit, but not exceeding forty-five days:

Provided that any extension of the fast track corporate insolvency resolution process under

this section shall not be granted more than once.

57. Manner of initiating fast track corporate insolvency resolution process.

An application for fast track corporate insolvency resolution process may be filed by a

creditor or corporate debtor as the case may be, along with-

(a) the proof of the existence of default as evidenced by records available with an

information utility or such other means as may be specified by the Board; and

(b) such other information as may be specified by the Board to establish that the corporate

debtor is eligible for fast track corporate insolvency resolution process. Manner of initiating

fast track corporate insolvency resolution process.

58. Applicability of Chapter II to this Chapter.

The process for conducting a corporate insolvency resolution process under Chapter II a the

provisions relating to offences and penalties under Chapter VII shall apply to this

Chapter as the context may require.

The following regulation of 30A of the IBBI (Insolvency Resolution Process for Corporate Persons)

Regulations, 2016 has been inserted w.e.f 4th July, 2018 provides that:

1) An application for withdrawal under section 12A shall be submitted to the IRP or the RP,

as the case may be, in Form FA of the Schedule before issue of invitation for expression of

interest under regulation 36A.

2) The application in sub-regulation (1) shall be accompanied by a bank guarantee towards

estimated cost incurred for purposes of clause (c) and (d) of regulation till the date of

application

3) The committee shall consider the application made under sub-regulation (1) within seven

days of its constitution or seven days of receipt of the application, whichever is later

4) Where the application is approved by the committee with 90% voting share, the RP shall

submit the application under sub-regulation (1) to the AA on behalf of the applicant,

within three days of such approval

5) The AA may, by order approve the application submitted under sub-regulation (4).

The public announcement shall also include:

(ba) state where claim forms can be downloaded or obtained from, as the case may be

(bb) offer choice of three insolvency professionals identified under regulation 4A to act as

the authorised representative of creditors in each class;

Insolvency Resolution Process

Section/ Regulation Description of Activity Norm Latest Timeline

Section 16(1) Commencement of CIRP and appointment of IRP

T

Regulation 16(1) Public announcement inviting claims

Within 3 days of Appointment of IRP

T+3

Section 15(1)(c)/ Regulations 6(2)(c) and 12(1)

Submission of Claims For 14 days from appointment of IRP

T+14

Regulation 12(2) Submission of Claims Up to 90th day of commencement

T+90

Regulation 13(1) Verification of claims received under regulation 12(1)

Within 7 days from the receipt of the claim

T+21

Regulation 13(2) Verification of claims received under regulation 12(2)

T+97

Section 21(6A)(b) / Regulation 16A

Application for appointment of AR

Within 2 days from verification of claims received under regulation 12(1)

T+23

Regulation 17(1) Report certifying constitution of CoC

T+23

Section 22(1)/ Regulation 19(1)

1st meeting of the CoC Within 7 days of the constitution of the CoC, but with seven days notice

T+30

Section 22(2) Resolution to appoint RP by the CoC

In the first meeting of the CoC

T+30

Section 16(5) Appointment of RP On approval by the AA ............

Regulation 17(3) IRP performs the functions of RP till the RP is appointed

If RP is not appointed by 40th day of commencement

T+40

Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 40th day of commencement

T+47

Section12(A)/ Regulation 30A

Submission of application for withdrawal of application admitted

Before issue of EoL W

CoC to dispose of the application

Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later

W+7

Filing application of withdrawal, if approved by COC with 90% majority voting,

Within 3 days of approval by Coc

W+10

by RP to AA

Regulation 35A RP to form an opinion on preferential and other transactions

Within 75 days of the commencement

T+75

RP to make a determination on preferential and other transactions


T+115

RP to file applications to AA for appropriate relief


T+135

Regulation 36(1) Submission of IM to CoC

Within two weeks of appointment of RP, but not later than 54th day of commencement

T+54

47. Claims by creditors in a class

The IBBI has amended the IBBI (Insolvency Resolution Process for Corporate Persons)

Regulations, 2016 by inserting new Regulation 8A for Claims by Creditors in a class which provides

that:

1) A person claiming to be a creditor in a class shall submit claim with proof to the interim

resolution professional in electronic form in Form CA of the Schedule.

2) The existence of debt due to a creditor in a class may be proved on the basis of---

a) The records available with an information utility, if any; or

b) Other relevant documents , including any----

i. Agreement for sale

ii. Letter of allotment

iii. Receipt of payment made, or

iv. Such other document, evidencing existence of debt.

3) A creditor in a class may indicate its choice of an insolvency professional, from amongst the

three choices provided by the interim resolution professional in the public announcement,

to act as its authorized representative.

52. Claims must be submitted to the IRP or the RP on or before the last date

mentioned in the public announcement or till the approval of a resolution

plan by the committee

Regulation 12 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,

2016 provides that a creditor shall submit claim with proof on or before the last date mentioned in

the public announcement.

Regulation 12(2) as amended provides that [a creditor, who fails to submit claim with proof

within the time stipulated in the public announcement, may submit claim with proof to the interim

resolution professional or the resolution professional, as the case may be, on or before the ninetieth

day of the insolvency commencement date]

60.1.1 Numbers of members in the committee of the operational creditors

Regulation 16(2)) of the IBBI (Insolvency Resolution Process for Corporate Persons)

Regulations, 2016 provides that the committee formed under Regulation 16(1) shall consist of

members as under---

a) Eighteen largest operational creditors by value:

Provided that if the number of operational creditors is less than eighteen, the

committee shall include all such operational creditors

b) One representative elected by all workmen other than those workmen included under

sub-clause (a). and

c) One representative elected by all employees other than those employees included

under sub-clause (a)

101. Preservation of records

The Regulation [39A provides that the interim resolution professional or the resolution

professional, as the case may be, shall preserve a physical as well as an electronic copy of the

records relating to corporate insolvency resolution process of the corporate debtor as per the record

retention schedule as may be communicated by the Board in consultation with Insolvency

Professional Agencies]

43.10 Appointment of two registered valuers by RP within 7 days of his

appointment but not later than 47th day from insolvency commencement

date

The Regulation 27 of the IBBI (Corporate Insolvency Resolution of Corporate Personal)

Regulation as amended on 6th June, 2018 provides that the resolution professional shall within [

seven days of appointment but not later than forty seventh day from the insolvency commencement

date] appoint two registered valuers to determine the fair value and the liquidation value of the

corporate debtor in accordance with regulation 35

62. Appointment of representative by the IRP

The Regulation 16A(1) provides that the interim resolution professional shall select the

insolvency professional, who is the choice of the highest number of financial creditors in the class in

Form CA received under regulation 12(1), to act as the authorised representative of the creditors of

the respective class

Amendments

Undergo continuing professional education, as may be required by the Board

Not outsource any of his duties and responsibilities under the Code, except those specifically

permitted by the Board

Pay to the Board, a fee of ten thousand rupees, every five years after the year in which the

certificate is granted and such fee shall be paid on or before 30th April of the year it falls due

Illustration:

Where registration is granted on 2nd February, 2018 in the year 2017-18, the fee shall

become due on 1st April, 2023 after five years (2018-19, 2019-20, 2020-21, 2021-22, 2022-

23) and it shall be paid on or before the 30th April, 2023.

Pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned

for the services rendered by him as an insolvency professional in the preceding financial

year, on or before 30th of April every year, along with a statement in Form E of the Second

Schedule

83.3 List of the various Acts for the purposes of conviction of any offence

punishable with imprisonment consideration of under section 29A(d)

The Schedule XII has been inserted section 38 of the Ordinance No.6 of 2018, w.e.f. 6-6-2018

which provides that if any person convicted and penalized as per provision of section 29A(d) of the

Code, shall not be eligible to submit the resolution plan:

1) The Foreign Trade (Development and Regulation) Act, 1922 (22 of 1922)

2) The Reserve Bank of India Act,1934 (2 of 1934)

3) The Central Excise Act, 1944 (1 of 1944)

4) The Prevention of Food Adulteration Act, 1954 (37 of 1954)

5) The Essential Commodities Act, 1955 (10 of 1955)

6) The Securities Contracts (Regulation) Act, 1956 (42 of 1956)

7) The Income-tax Act, 1961 (43 of 1961)

8) The Customs Act, 1962 (52 of 1962)

9) The Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974)

10) The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974

(52 of 1974)

11) The Air (Prevention and Control of Pollution) Act, 1981 (14 of 1981)

12) The Sick Industrial Companies ( Special Provisions) Act, 1985 (1 of 1985)

13) The Environment (Protection) Act, 1986 (29 of 1986)

14) The Prohibition of Benami Property Transactions Act, 1988 (45 of 1988)

15) The Prevention of Corruption Act, 1988 (49 of 1988)

16) The Securities and Exchange Board of India Act,1992 (15 of 1992)

17) The Foreign Exchange Management Act, 1999 (42 of 1999)

18) The Competition Act,2002 (12 of 2002)

19) The Prevention of Money-Laundering Act, 2002 (15 of 2002)

20) The Limited Liability Partnership Act, 2008 (6 of 2008)

21) The Foreign Contribution (Regulation) Act, 2010 (42 of 2010)

22) The Companies Act, 2013 (18 of 2013) or any previous company law

23) The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

(22 of 2015)

24) The Insolvency and Bankruptcy Code, 2016 (31 of 2016)

25) The Central Goods and Services Tax Act, 2017 (12 of 2017) and respective State Acts

imposing State goods and services tax

26) such other Acts as may be notified by the Central Government.

Meaning of Essential Supplies

Regulation 32 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,

2016 provides that the essential goods and services referred to in section 14(2) shall mean—

1) electricity

2) water

3) telecommunications services, and

4) information technology services,

to the extent these are not a direct input to the output produced or supplied by the

corporate debtor.

Illustration: Water supplied to a corporate debtor will be essential supplies for drinking and

sanitation purposes, and not for generation of hydro-electricity.

92. Insolvency Resolution Process Cost

The Regulation 31 provides that the Insolvency resolution process costs under section 5(13)(e) shall

mean-

(a) amounts due to suppliers of essential goods and services under section 32

(aa) fee payable to authorized representative under sub-regulation (7) of regulation 16A

(ab) out of pocket expenses of authorized representative for discharge of his functions under section

25

(b) amounts due to a person whose rights are prejudicially affected on account of the moratorium

imposed under section 14(1)(d)

(c) expenses incurred on or by the interim resolution professional to the extent ratified under

Regulation 33

(d) expenses incurred on or by the resolution professional fixed under Regulation 34; and

(e) other costs directly relating to the corporate insolvency resolution process and approved by the

committee.

The Supreme Court (SC) recently allowed UltraTech Cement’s purchase of bankrupt Binani Cement to go through.

What is the case on?

The case involves the bidding process of debt-laden Binani Cement Ltd, under Insolvency and Bankruptcy Code

(IBC).

In the course of bidding, Dalmia Bharat Pvt. Ltd-owned Rajputana Properties had bid Rs 69.30 billion.

However, the Binani's Committee of Creditors (CoC) then received a revised bid from UltraTech cement of Rs 79

billion.

Binani Cement’s CoC decided to consider this improved bid, even after Rajputana Properties’ offer was declared

the highest.

It was also filed with the Kolkata bench of the bankruptcy court for its approval.

The CoC's decision would entirely pay off all secured and unsecured financial creditors, as well as operational

creditors of Binani.

Rajputana Properties had approached the apex court, challenging the CoC’s decision.

It argued that it was against the spirit of the insolvency law as one could not have revised its bid after being aware

of the competitor’s bid.

The court referred the matter to the NCLAT (National Company Law Appellate Tribunal).

What was NCLAT's ruling?

A two-member bench of NCLAT had dismissed the appeal by Rajputana Properties.

NCLAT held that the objective of the Insolvency and Bankruptcy Code was resolution.

Ultimately, the purpose of the resolution is for maximization of the value of assets of the debtor.

Also, the resolution process should consider the interests of even those creditors, who are not part of the resolution

process, such as operational creditors.

NCLAT said that Rajputna's offer for Binani Cement was “discriminatory” against some financial creditors.

Notably, UltraTech’s bid was backed by 100% of secured creditors, 100% of unsecured creditors and 100% of

operational creditors.

Backed by this rationality, the Court upheld the order of the National Company Law Appellate Tribunal (NCLAT).

This is a victory for UltraTech and for the committee of creditors of Binani Cement.

What are the concerns?

The ruling is a severe blow to the integrity of the process embedded in the Insolvency and Bankruptcy Code (IBC).

The decision seems to be not in keeping with the natural justice of the auction process.

Acceptance of offers outside the IBC-sanctioned bidding process undermines the whole basis of the auction

mechanism.

Moreover, operational creditors are not specifically “discriminated” against in the IBC process.

There is, in all economic transactions, a hierarchy of creditors.

Financial creditors such as bond-holders are usually at the top of this list, and the IBC recognises this basic fact.

In sealed-bid auctions, allowing collection of information, after opening the bid, to make another offer is unfair.

If this is allowed, all future auctions will see lower bids as other parties begin to hold back their offers to examine

what others would bid.

In any case, there is now an incentive for companies to short-circuit or manipulate the bidding process.

What lies ahead?

Certainly, the gap needs to be addressed by the government.

The NCLAT judgment needs to be carefully studied by the appropriate ministries (including corporate affairs,

finance, law).

Suitable amendments have to be proposed to the IBC’s governing legislation.

The legal loopholes that have been taken advantage of in this case have to be addressed.

NCLT CASE LAWS:

Transfer of Proceedings from Courts to NCLT: The Calcutta High Court’s View

A question that has often come up since the Companies Act, 2013 (the 2013 Act) came into

force is how will proceedings ongoing before the High Courts be transferred to the National

Companies Law Tribunal (NCLT)? Section 434(1)(c) of the 2013 Act deals with transfer of

“all proceedings” under the Companies Act, 1956[1] to the NCLT. For winding up

proceedings, this provision states that only such proceedings relating to winding up, which are

at a certain stage as prescribed by central Government, are to be transferred to the NCLT.

Another part of this provision, meanwhile, deals with cases other than winding up proceedings,

which may not be transferred to the NCLT.[2] A reading of all the various provisions leads to

the conclusion that not all proceedings under the 1956 Act pending before the District Courts

and High Courts are to be transferred to the NCLT.

Share Transfers: Can the Company Say No?

Share transfer restrictions come in various shapes and sizes and in so far as they relate to shares

of public companies, their validity has been a topic of hot debate. In several cases, Indian courts

have considered and opined on the legality of contractual restrictions on the transfer of shares

of public companies. The position in this regard now appears to be much clearer than before

with changes also being introduced in the Companies Act, 2013 (CA 2013). However, one

aspect of this debate that has hitherto gained lesser traction is the ability of a public company

to refuse registration of share transfers pursuant to section 58(4) of the CA 2013.

Section 58(2) of CA 2013 states that the securities of any member in a public company are

freely transferable, while under section 58(4) of CA 2013, it is open to the public company to

refuse registration of the transfer of securities for a ‘sufficient cause’. To that extent, section

58(4) of CA 2013 can be read as a limited restriction on the free transfer permitted under section

58(2) of CA 2013. However, the statute does not provide any guidance on what would

constitute ‘sufficient cause’ and leaves it open to the company itself to ascertain the same.

Resetting the Clock: Supreme Court Sends Jaypee Infratech Limited Back to NCLT for CIRP

By utilising its powers under Article 142 of the Indian Constitution, the Supreme Court of India

has delivered an unprecedented decision on August 09, 2018 in Chitra Sharma & Ors. v. Union

of India and Ors[1]., and other connected matters (the Jaypee / homebuyers Case)[2]. In this

era of evolving jurisprudence on the Insolvency and Bankruptcy Code, 2016 (IBC), the

Supreme Court, by this landmark decision, has settled some highly debated issues with respect

to its implementation and has provided much required certainty. This has been achieved by the

Supreme Court paving the way to reset the clock by re-commencing the Corporate Insolvency

Resolution Process (CIRP).

https://corporate.cyrilamarchandblogs.com/2018/10/transfer-proceedings-courts-nclt-calcutta-high-courts-view/#more-2554

https://corporate.cyrilamarchandblogs.com/2018/09/share-transfers-can-company-say-no/

https://corporate.cyrilamarchandblogs.com/2018/08/resetting-clock-supreme-court-sends-jaypee-infratech-limited-back-nclt-cirp/

Is a Third-Party Security Holder a Financial Creditor Under the Insolvency and Bankruptcy

Code?

In its judgment pronounced on May 9, 2018, the National Company Law Tribunal (NCLT),

Allahabad, in the case of ICICI Bank Limited v. Mr. Anuj Jain (Resolution Professional of

Jaypee Infratech Limited), addressed the issue of the rights of third-party security holders of a

corporate debtor under the Insolvency and Bankruptcy Code, 2016 (IBC).

The judgment negated ICICI Bank Limited’s contention that it should be considered a financial

creditor of Jaypee Infratech Limited, the corporate debtor. ICICI Bank’s claim was based on

the corporate debtor having created mortgages on its property to secure loans provided to

Jaiprakash Associates Limited, the holding company of the corporate debtor. The NCLT

concluded that there was no financial debt owed to ICICI Bank by the corporate debtor, and so

it could not be considered a financial creditor of the corporate debtor.

We consider here the correctness of the judgment and whether the NCLT has considered all

the implications of its finding.

NCLT Can Reject a Scheme of Arrangement if it is not in Public Interest

In the case of Wiki Kids Limited[1], the NCLAT upheld the order of the NCLT rejecting a

scheme of amalgamation, as it resulted in undue advantage to the promoters of the

amalgamating company.

Facts

Background

In the instant case, a non-listed company Wiki Kids Limited (Transferor Company), wished

to amalgamate with Avantel Limited, a listed company (Transferee Company). For the

aforesaid purpose, these entities (collectively referred to as Appellants) had proposed a

scheme of amalgamation (Scheme) and approached the Andhra Pradesh High Court, seeking

directions with respect to the meetings of the shareholders, and secured and unsecured

creditors in the Scheme.

Pursuant to the directions of the High Court, the Scheme was approved by the shareholders of

the Transferee Company. In the meantime, in view of a notification of the Ministry of

Corporate Affairs dated December 7, 2016, the case was transferred to the National Company

Law Tribunal (NCLT). The Appellants, accordingly, filed a second motion before the

Hyderabad Bench of the NCLT. The NCLT, on perusal of various documents including the

share exchange ratio and the valuation report, rejected the Scheme on the ground that it was

beneficial to the common promoters of the Appellants and no public interest was being

served.

Innoventive Industries Limited v. ICICI Bank Limited: Paradigm Shift in Insolvency Law in

India

On August 31st 2017, the Supreme Court of India in the case of Innoventive Industries Limited

v. ICICI Bank Limited* delivered its first extensive ruling on the operation and functioning of

the Insolvency and Bankruptcy Code, 2016 (Insolvency Code). The Court said that it is

pronouncing its detailed judgment in the very first application under the Insolvency Code, so

that all Courts and Tribunals may take notice of a paradigm shift in the law.

https://corporate.cyrilamarchandblogs.com/2018/06/third-party-security-holder-financial-creditor-insolvency-bankruptcy-code/

https://corporate.cyrilamarchandblogs.com/2018/06/third-party-security-holder-financial-creditor-insolvency-bankruptcy-code/

https://corporate.cyrilamarchandblogs.com/2018/01/nclt-can-reject-scheme-arrangement-not-public-interest/

https://corporate.cyrilamarchandblogs.com/2017/09/innoventive-industries-limited-v-icici-bank-limited-paradigm-shift-insolvency-law-india/

https://corporate.cyrilamarchandblogs.com/2017/09/innoventive-industries-limited-v-icici-bank-limited-paradigm-shift-insolvency-law-india/

The Supreme Court dismissed the appeal filed on behalf of Innoventive Industries Limited and

confirmed the decision of the National Company Law Appellate Tribunal (NCLAT), which in

turn had affirmed the order passed by the National Company Law Tribunal Mumbai (NCLT)

admitting the insolvency petition filed by ICICI Bank Limited against Innoventive Industries

Limited.

NCLAT Defines the Scope and Extent of the Corporate Debtor’s Right to Contest Admission

of Insolvency Applications Filed by Financial Creditors

In a landmark judgment recently delivered by the National Company Law Appellate Tribunal

(NCLAT) in the case of Innoventive Industries Limited v. ICICI Bank Limited, the NCLAT

has held that the National Company Law Tribunal (NCLT) is bound to issue only

a limited notice to the corporate debtor before admitting a case under Section 7 of the

Insolvency and Bankruptcy Code, 2016 (Insolvency Code).

Whilst dismissing the appeal filed by Innoventive Industries Limited against an order passed

by NCLT, Mumbai admitting the insolvency petition filed by ICICI Bank Limited, the NCLAT

has clarified that adherence to principles of natural justice would not mean that in every

situation the NCLT is required to afford reasonable opportunity of hearing to the corporate

debtor before passing its order.

Indian Insolvency Regime without Cross-border Recognition – A Task Half Done?

The Insolvency and Bankruptcy Code, 2016 (Insolvency Code) has been one of the biggest

Indian reform of recent times, which has moved the regime away from one that was highly

uncertain for foreign investors. Among other important changes, the Insolvency Code

contemplates change in control of the company during the insolvency resolution process to an

insolvency professional (IP). The Insolvency Code comes in an environment where many

Indian companies have gone global and have made acquisitions outside India.

India has not adopted the United Nations Commission on International Trade Law Model Law

on Cross-Border Insolvency (UNCITRAL Model Law). It is notable that only a few countries

that have adopted the UNCITRAL Model Law have specified a ‘reciprocity’ requirement for

recognition of insolvency proceedings. Therefore, even if India has not adopted the

UNCITRAL Model Law, Indian insolvency proceedings may be recognised in a jurisdiction

that does not have a reciprocity requirement (this remains untested for Indian insolvency

judgements). Also, Section 234 of the Insolvency Code provides for the Indian Government to

enter into bilateral treaties with other countries for application of the Insolvency Code to assets

or property outside India of the insolvent entities. However, to date, no such bilateral treaty has

been signed.

https://corporate.cyrilamarchandblogs.com/2017/05/nclat-defines-scope-extent-corporate-debtors-right-contest-admission-insolvency-applications-filed-financial-creditors/

https://corporate.cyrilamarchandblogs.com/2017/05/nclat-defines-scope-extent-corporate-debtors-right-contest-admission-insolvency-applications-filed-financial-creditors/

https://corporate.cyrilamarchandblogs.com/2017/05/indian-insolvency-regime-without-cross-border-recognition-task-half-done/

IBC CODE QUESTIONS

REVISION OF IBC CODE SHOULD BE DONE ON THE BASIS OF THESE QUESTION :-

Q1) STATE THE MAIN OBJECTIVE OF IBC CODE ?

Q2) STATE THE STRUCTURE OF ADMINISTRATIVE BODIES UNDER IBC CODE ?

Q3)WRITE A SHORT NOTE ON ADJUDICATING AUTHORITIES UNDER IBC CODE ?

Q4) WHAT DO YOU MEAN BY a) FINANCIAL CREDITOR b) OPERATIONAL CREDITOR c) OPERATIONAL

DEBT

Q5) WRITE A SHORT NOTE ON IP AND IP ENTITIES ?

Q6) WHAT IS THE MINIMUM AMOUNT OF DEFAULT ON THE BASIS OF WHICH ACTION CAN BE TAKEN

AGAINST THE COMPANY ?

Q7) STATE THE LIST OF PERSONS WHO MAY INITIATE CORPORATE INSOLVENCY RESOLUTION

PROCESS ? REG-6

Q8) WHAT DO YOU MEAN BY CIR PROCESS ? [CIRP IS A PROCESS DURING WHICH CREDITOR ASSESS

WHETHER THE DEBTORS BUSINESS IS VIABLE TO CONTINUE AND EXPLORE THE OPTIONS FOR ITS

RESCUE AND REVIVAL

Q9) WHAT DOCUMENTS ARE SUBMITTED BY FINANCIAL CREDITOR WHILE FILING APPLICATION FOR

INITIATING CIRP PROCESS AGAINST A CORPORATE DEBTOR BY :-

a) FINANCIAL CREDITOR - REG-7

b) OPERATIONAL CREDITOR – REG-8

ALSO EXPLAIN HOW THE ADJUDICATING AUTHORITY AND WITHIN WHAT TIME PERIOD IT TAKEN THE

STEPS ? REG -7(4) TO 7 , REG 9(4) TO 6

Q10) CAN A CORPORATE APPLICANT ITSELF APPLY FOR INITIATION OF CIRP PROCESS ? EXPLAIN REG-

10

Q11) WHICH PROSON SHALL NOT BE ENTITLED TO INITIATE CORPORATE INSOLVENCY RESOLUTION

PROCESS ? REG-11

Q12) WHAT IS THE TIME LIMIT FOR COMPLETION OF CIRP PROCESS ? CAN SUCH PERIOD BE

ENTENDED AGAIN AND AGAIN AND WHOSE CONSENT IS REQUIRED FOR THE EXTENTION ? REG-12

Q13) WHAT ORDER ARE PASSED BY ADJUDICATING AUTHORITY IMMEDIATELY AFTER ADMISSION OF

APPLICANT ? REG-13

Q14) WHO APPOINTS INTERIM RESOLUTION PROFESSIONAL ? REG-13 NCLT ? WITHIN WHAT TIME

IRP IS APPOINTED REG-16

Q15) FOR WHAT TIME PEROID WILL THE ORDER OF MORATORIUM HAVE EFFECT ? EXPLAIN IN

DETAIL & NOT IN 1 LINE [ REG 14(4) & ITS PROVISO]

Q16) WHAT MATTER ARE PROHIBITED BY ORDER DECLARING MORATORIUM ? REG 14(1) WHAT

MATTER ARE NOT TERMINATED DURING MORATORIUM PERIOD ? 14(2)(3)

Q17) WITHIN WHAT TIME PUBLIC ANNOUNCEMENT IS MADE ? [HINT: WITHIN 3 DAYS OF THE

APPOINTMENT OF IRP]. WHAT ARE CONTENTS OF PUBLIC ANNOUNCEMENT OF CIRP PROCESS AS

PER REGULATION-13 ?

Q18) WHAT IS THE INSOLVENCY COMMENDCEMENT DATE ? [HINTS REG-7(6) FROM THE DATE OF

ADMISSION OF APPLICATION BY NCLT] ?

Q19) IS IT COMPULSORY FOR OPERATIONAL CREDITOR TO PROPOSE THE NAME OF IRP WHILE

APPLYING TO NCLT FOR CIRP PROCESS ? 16(3)

Q20) WHAT IS THE TENURE OF IRP ?

Q21) WHAT POWER ARE EXERCISED BY IRP AS SOON AS IRP IS APPOINTED ? REG-17

Q22) WHAT ARE DUTIES OF IRP ? LEARN a,b,c,d REG-18

Q23) WHAT IS THE REMEDY TO IRP IF PERSONNEL DO NOT COOPERATE WITH IRP ? REG 19(2)

Q24) WHAT STEPS CAN BE TAKEN BY IRP TO MANAGE THE OPERATION OF THE CORPORATE DEBTOR

AS A GOING CONCERN ? REG-20

Q25) WHO CONSTITUTE COMMITTEE OF CREDITORS? REG-21 (HINT:IRP)

WHO COMPRISES COC ? REG21(2) EXPLAIN THE CASE WHERE OC ARE ALSO INCLUDED IN COC

WILL OC BE COUNTED IF OC HAS ASSIGNED OPERATIONAL DEPT TO A FONANCIAL CREDITOR ? 21(

5)

Q26) HOW ARE DECISION AT THE MEETING OF COC TAKEN ? 21(8)

Q27) WHO APPOINTS RP? REG22 COC IN ITS FIRST MEETING HELD WITHIN 7 DAYS OF CONSTITUTION

DECIDE BY A MAJORITY VOTE OF ATLEAT 75% OF VOTING SHARES OF F.C EITHER RESOLVE TO APP

IRP AS RP/REPLACE IRP BY QVOLTER RP. IN CASE OF RECISION OF REPLACEMENT COC FILES

APPLICATION BEFORE NCLT . NCLT FORWARDS THE NAME OF PROPOSED RP TO IBBI FOR ITS

CONFORMATION & APPOINT AFTER CONFORMATION BY IBBI. IF IBBI DOES NOT CONFIRM THE

NAME WITHIN 10 DAYS THEN NCLT DIRECTS IRP TO CONTINUE AS RP

Q28) WHAT ARE THE DUTIES OF RP UNDER REG-25 COMPARE WITH THE DUTIES OF IRP UNDER REG-

18,20

Q29) CAN RP BE REPLACE DURING CIRP PROCESS ? BY WHOM AND WITH WHOSE CONSENT ? HOW

[HINTS: YES, BY COC , 75% .....] REG-27

Q30) STATE SOME MATTERS FOR WHICH RP NEEDS PRIOR APPROVAL OF COC UNDER REG-28?

LEARN a,b,c,f,i,j. WHAT ARE CONTENTS OF RP ?

Q31) WHO SHALL PREPARE INFORMATION MEMORANDUM REG-30 WHAT ARE ITS CONTENTS ?

WHO SUBMITS RESOLUTION PLAN TO THE RESOLUTIONAL PROFESSIONAL AND ON WHAT BASIS

RESOLUTION PLAN IS PREPARED ? REG 3D CAN MORE THAN 1 RESOLUTION PLAN BE RECEIVED BY RP

& WHAT SHOULD RP CONFIRM TO? REG-30

Q32) WHO PRESENTS RESOLUTION PLAN TO COC FOR APPROVAL ? WHOSE CONSENT IS REQUIRED ?

REG 30(3)(5)

Q33) WHO SHOULD FINALLY APPROVE THE RP ? REG 31 NCLT

Q34) WHEN IS LIQUIDATION INITIATED ? REG-33 MENTION 4 CASES

Q35) a) CAN RP ACT AS LIQUIDATOR ? REG-34

b) CAN NCLT REPLACE RP ACTING DURING CIRP PROCESS & APPOINT ANOTHER RP TO

MANAGE THE LIQUIDATION PROCESS ? 34(4)

Q36) WHAT ARE THE POWER OF LIQUIDATOR UNDER IBC CODE ? REG-35

Q37) a) WHO FORMS LIQUIDATION ESTATE ? (LIQUIDATOR)

b) WHO HOLDS THE LIQUIDATION ESTATE AS AFIDURIRARY & FOR WHOSE BENEFIT ? 36(2)

c) WHAT ASSETS ARE INCLUDED IN L.ESTATE & WHAT ARE EXCLUDED? 36(3)(4)

Q38) a) WITHIN WHAT TIME THE LIQUIDATOR COLLECTS ALL CLAIMS ? 38(1)

b) CAN A CREDITOR VARY/WITHDRAW HIS CLAIM ? 38(5)

c) CAN LIQUIDATOR VERIFY THE CLAIMS & THEN REJECT ? REG-39

d) CAN A CREDITOR APPEAL TO NCLT AGAINST THE DECISION OF LIQUIDATOR WITHIN WHAT

TIME REG-42

Q39) WHAT ARE THE OPTIONS AVAILABLE TO SECURED CREDITORS IN LIQUIDATION PROCEEDING ?

HOW CAN THEY EXERCISE THE OPTION REG 52(1) ,52(2)(3),(6),(8)

Q40) EXPLAIN THE ORDER OF PRIORITY IN DISTRIBUTION OF PROCEEDS UNDER IBC CODE ? REG 53

Q41) WHEN CAN A CORPORATE DEBTOR BE DISSOLVED UNDER IBC CODE ? REG 54

Q42) ON WHAT GROUNDS APPEAL BE FILED AGAINST

a) ORDER APPROVING RESOLUTION PLAN UNDER REG 31

b) AGAINST LIQUIDATION ORDER REG 61 (3),61(4)

TO WHOM THE ABOVE APPEAL CAN BE MADE ? 61(2) NCLAT-30 DAYS +15 DAYS TIME

TO WHOM FURTHER APPEAL BE MADE 62- SC 45 DAYS + 15 DAYS

Q43) WHAT IS THE PROVISION WHICH EMPHASIS & EXPEDITION DISPOSAL OF CASES UNDER-IBC

CODE BY NCLT? REG-64

Q44) WHAT IS THE PENALTY FOR FRAUDULENT MALICIOUS PROSECUTION OF PROCEEDINGS UNDER

IBC CODE? REG-64

Q45) WHAT ARE THE FUNCTIONS OF IBBI ? REG 196

Q46) FUNCTION OF IPA ? REG204, ALSO CHAP II OF IPA REGULATION PAGE 51

Q47) EXPLAIN THE ELIGIBILITY , QUALIFICATION & EXPENENCE TO REGESTER AS IP? 207

Q48) EXPLAIN THE CONCEPT OF FAST TRACK INSOLVENCY ?

Q49) EXPLAIN THE STEPS IN VOLUNTARY LIQUIDATION UNDER IBC CODE?

Q50) EXPLAIN THE ELIGIBILITY OF RP AS PER REGULATION 2016? PAGE 54

Q51) WHAT TYPE OF REPORTS ARE PREPARED BY LIQUIDATOR ? PAGE 63 IBC REGULATION

Q52) WRITE A SHORT NOTE ON EXTORTIONATE CREDIT TRANSACTION ? REG50 (PAGE 28)

Q53) WHAT ARE PREFERENTIAL TRANSATIONS UNDER IBC CODE ? REG 43 & ITS EFFECTS REG 44

Q54) WRITE A SHORT NOTE ON AVOIDANCE OF UNDERVALUED TRANSACTION ? REG 45,46

Q55) WHAT ARE MODES OF VOTING ALLOWED AT COC MEETING ? PAGE 58

Q56) CAN COC ONLY HAVE OC ? COMMENT PAGE 56

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