Bloomsbury's Manual of The Insolvency and Bankruptcy Code, 2016 with Rules and Regulations

CONTENTS AT A GLANCE THE INSOLVENCYAND BANKRUPTCY CODE 1. The Insolvency and Bankruptcy Code, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . C-1

RULES AND REGULATIONS 1. Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-1.1 2. IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-2.1 3. Companies (Transfer of Pending Proceedings) Rules, 2016. . . . . . . . . . . . . . . R-3.1 4. Companies (Registered Valuers and Valuation) Rules, 2017. . . . . . . . . . . . . . . R-4.1 5. IBBI (Annual Report) Rules, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-5.1 6. IBBI (Form of Annual Statement of Accounts) Rules, 2018. . . . . . . . . . . . . . . R-6.1 7. IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.1 8. IBBI (Insolvency Professional Agencies) Regulations, 2016 . . . . . . . . . . . . . . R-8.1 9. IBBI (Insolvency Professionals) Regulations, 2016 . . . . . . . . . . . . . . . . . . . . . R-9.1 10. IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.1 11. IBBI (Liquidation Process) Regulations, 2016 . . . . . . . . . . . . . . . . . . . . . . . . R-11.1 12. IBBI (Engagement of Research Associates and Consultants) Regulations, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-12.1 13. IBBI (Procedure for Governing Board Meetings) Regulations, 2017. . . . . . . R-13.1 14. IBBI (Advisory Committee) Regulations, 2017 . . . . . . . . . . . . . . . . . . . . . . . R-14.1 15. IBBI (Information Utilities) Regulations, 2017. . . . . . . . . . . . . . . . . . . . . . . . R-15.1 16. IBBI (Voluntary Liquidation Process) Regulations, 2017. . . . . . . . . . . . . . . . R-16.1 17. IBBI (Inspection and Investigation) Regulations, 2017. . . . . . . . . . . . . . . . . . R-17.1 18. IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.1 19. IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017. . . R-19.1 20. IBBI (Employees’ Service) Regulations, 2017 . . . . . . . . . . . . . . . . . . . . . . . . R-20.1 21. IBBI (Mechanism for Issuing Regulations) Regulations, 2018. . . . . . . . . . . . R-21.1

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NOTIFICATIONS, CIRCULARS, ORDERS, GUIDELINES AND LIST OF PRESS RELEASES

Notifications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not-1.1 Circulars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cir-1.1 Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ord-1.1 Guidelines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guide-1.1 List of Press releases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PR-1.1

Panel of IPs for appointment as Administrator for a period from 10/04/2019 to 30/09/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IP-1 Charter of Responsibilities of IRP/RP and CoC in a CIRP. . . . . . COR-1

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DETAILED TABLE OF CONTENTS The Insolvency and Bankruptcy Code, 2016 Part I Preliminary Short title, extent and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-1 1.

2. Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-2 3.

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-2 Part II Insolvency Resolution and Liquidation for Corporate Persons Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-7 4.

Application of this Part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-7 5.

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-7 Chapter II Corporate Insolvency Resolution Process. . . . . . . . . . . . . . . . . . . C-14 6.

Persons who may initiate corporate insolvency resolution process . . . . . . . C-14 7.

Initiation of corporate insolvency resolution process by financial creditor . . . . C-14 8.

Insolvency resolution by operational creditor . . . . . . . . . . . . . . . . . . . . . . . C-15 9.

Application for initiation of corporate insolvency resolution process by operational creditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-16 10. Initiation of corporate insolvency resolution process by corporate applicant. . . C-18 11. Persons not entitled to make application . . . . . . . . . . . . . . . . . . . . . . . . . . . C-19 12. Time-limit for completion of insolvency resolution process . . . . . . . . . . . . C-19 12A Withdrawal of application under section 7, 9 or 10.. . . . . . . . . . . . . . . . . . . C-20 13. Declaration of moratorium and public announcement . . . . . . . . . . . . . . . . . C-20 14. Moratorium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-20 15. Public announcement of corporate insolvency resolution process . . . . . . . . C-21 16. Appointment and tenure of interim resolution professional . . . . . . . . . . . . . C-22 17. Management of affairs of corporate debtor by interim resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-22 18. Duties of interim resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . C-23 19. Personnel to extend co-operation to interim resolution professional . . . . . . C-25 20. Management of operations of corporate debtor as going concern . . . . . . . . C-25 21. Committee of creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-26 22. Appointment of resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-29 23. Resolution professional to conduct corporate insolvency resolution process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-30 24. Meeting of committee of creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-30 25. Duties of resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-31 25A Rights and duties of authorized representative of ďŹ nancial creditors.. . . . . . C-32 vii

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26. Application for avoidance of transactions not to affect proceedings . . . . . . C-33 27. Replacement of resolution professional by committee of creditors . . . . . . . C-33 28. Approval of committee of creditors for certain actions . . . . . . . . . . . . . . . . C-34 29. Preparation of information memorandum . . . . . . . . . . . . . . . . . . . . . . . . . . C-35 29A. Persons not eligible to be resolution applicant.. . . . . . . . . . . . . . . . . . . . . . . C-35 30. Submission of resolution plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-40 31. Approval of resolution plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-42 32. Appeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-43 Chapter III Liquidation Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-43 33. Initiation of liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-43 34. Appointment of liquidator and fee to be paid . . . . . . . . . . . . . . . . . . . . . . . . C-44 35. Powers and duties of liquidator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-46 36. Liquidation estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-47 37. Powers of liquidator to access information . . . . . . . . . . . . . . . . . . . . . . . . . C-49 38. Consolidation of claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-49 39. Verification of claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-50 40. Admission or rejection of claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-50 41. Determination of valuation of claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-50 42. Appeal against the decision of liquidator . . . . . . . . . . . . . . . . . . . . . . . . . . . C-50 43. Preferential transactions and relevant time . . . . . . . . . . . . . . . . . . . . . . . . . . C-50 44. Orders in case of preferential transactions . . . . . . . . . . . . . . . . . . . . . . . . . . C-52 45. Avoidance of undervalued transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-53 46. Relevant period for avoidable transactions . . . . . . . . . . . . . . . . . . . . . . . . . C-53 47. Application by creditor in cases of undervalued transactions . . . . . . . . . . . C-54 48. Order in cases of undervalued transactions . . . . . . . . . . . . . . . . . . . . . . . . . C-54 49. Transactions defrauding creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-55 50. Extortionate credit transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-55 51. Orders of Adjudicating Authority in respect of extortionate credit transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-56 52. Secured creditor in liquidation proceedings . . . . . . . . . . . . . . . . . . . . . . . . . C-56 53. Distribution of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-57 54. Dissolution of corporate debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-58 Chapter IV Fast Track Corporate Insolvency Resolution Process . . . . . . . . . C-59 55. Fast track corporation insolvency resolution process . . . . . . . . . . . . . . . . . . C-59 56. Time period for completion of fast track corporate insolvency resolution process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-59 57. Manner of initiating fast track corporate insolvency resolution process . . . C-60 58. Applicability of Chapter II to this Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . C-60 Chapter V Voluntary Liquidation of Corporate Persons . . . . . . . . . . . . . . . . C-60 59. Voluntary liquidation of corporate persons . . . . . . . . . . . . . . . . . . . . . . . . . . C-60 Chapter VI Adjudicating Authority for Corporate Persons. . . . . . . . . . . . . . . C-62 60. Adjudicating Authority for corporate persons . . . . . . . . . . . . . . . . . . . . . . . C-62 61. Appeals and Appellate Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-63 viii

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Appeal to Supreme Court . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-64 Civil court not to have jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-64 Expeditious disposal of applications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-64 Fraudulent or malicious initiation of proceedings . . . . . . . . . . . . . . . . . . . . C-65 Fraudulent trading or wrongful trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-65 Proceedings under section 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-66

Chapter VII Offences and Penalties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-67 68. Punishment for concealment of property . . . . . . . . . . . . . . . . . . . . . . . . . . . C-67 69. Punishment for transactions defrauding creditors . . . . . . . . . . . . . . . . . . . . C-68 70. Punishment for misconduct in course of corporate insolvency resolution process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-68 71. Punishment for falsification of books of corporate debtor . . . . . . . . . . . . . . C-69 72. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-69 73. Punishment for false representations to creditors . . . . . . . . . . . . . . . . . . . . . C-70 74. Punishment for contravention of moratorium or the resolution plan . . . . . . C-70 75. Punishment for false information furnished in application . . . . . . . . . . . . . C-71 76. Punishment for non- disclosure of dispute or [payment] of debt by operational creditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-71 77. Punishment for providing false information in application made by corporate debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-71 Part III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-73 78. Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-73 79. Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-73 Chapter II Fresh Start Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-76 80. Eligibility for making an application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-76 81. Application for fresh start order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-76 82. Appointment of resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-77 83. Examination of application by resolution professional. . . . . . . . . . . . . . . . . C-78 84. Admission or rejection of application by Adjudicating Authority . . . . . . . . C-78 85. Effect of admission of application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-79 86. Objections by creditor and their examination by resolution professional. . . C-80 87. Application against decision of resolution professional. . . . . . . . . . . . . . . . C-80 88. General duties of debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-81 89. Replacement of resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-81 90. Directions for compliances of restrictions, etc . . . . . . . . . . . . . . . . . . . . . . . C-81 91. Revocation of order admitting application . . . . . . . . . . . . . . . . . . . . . . . . . . C-82 92. Discharge order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-82 93. Standard of conduct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-83 ix

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Chapter III Insolvency Resolution Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-83 94. Application by debtor to initiate insolvency resolution process. . . . . . . . . . C-83 95. Application by creditor to initiate insolvency resolution process. . . . . . . . . C-84 96. Interim-moratorium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-84 97. Appointment of resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-85 98. Replacement of resolution professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-85 99. Submission of report by resolution professional. . . . . . . . . . . . . . . . . . . . . . C-86 100. Admission or rejection of application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-87 101. Moratorium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-88 102. Public notice and claims from creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-88 103. Registering of claims by creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-89 104. Preparation of list of creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-89 105. Repayment plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-89 106. Report of resolution professional on repayment plan. . . . . . . . . . . . . . . . . . C-89 107. Summoning of meeting of creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-90 108. Conduct of meeting of creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-90 109. Voting rights in meeting of creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-91 110. Rights of secured creditors in relation to repayment plan. . . . . . . . . . . . . . . C-91 111. Approval of repayment plan by creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . C-91 112. Report of meeting of creditors on repayment plan . . . . . . . . . . . . . . . . . . . . C-92 113. Notice of decisions taken at meeting of creditors. . . . . . . . . . . . . . . . . . . . . C-92 114. Order of Adjudicating Authority on repayment plan. . . . . . . . . . . . . . . . . . . C-92 115. Effect of order of Adjudicating Authority on repayment plan. . . . . . . . . . . . C-92 116. Implementation and supervision of repayment plan. . . . . . . . . . . . . . . . . . . C-93 117. Completion of repayment plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-93 118. Repayment plan coming to end prematurely. . . . . . . . . . . . . . . . . . . . . . . . . C-93 119. Discharge order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-94 120. Standard of conduct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-94 Chapter IV Bankruptcy Order for Individuals and Partnership Firms . . . . C-94 121. Application for bankruptcy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-94 122. Application by debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-95 123. Application by creditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-95 124. Effect of application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-96 125. Appointment of insolvency professional as bankruptcy trustee. . . . . . . . . . C-96 126. Bankruptcy order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-97 127. Validity of bankruptcy order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-97 128. Effect of bankruptcy order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-97 129. Statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-98 130. Public notice inviting claims from creditors. . . . . . . . . . . . . . . . . . . . . . . . . C-98 131. Registration of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-99 132. Preparation of list of creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-99 133. Summoning of meeting of creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-99 134. Conduct of meeting of creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-100 135. Voting rights of creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-100 x

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147.

148.

Administration and distribution of estate of bankrupt. . . . . . . . . . . . . . . . . C-100 Completion of administration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-100 Discharge order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-101 Effect of discharge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-101 Disqualification of bankrupt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-101 Restrictions on bankrupt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-102 Modification or recall of bankruptcy order. . . . . . . . . . . . . . . . . . . . . . . . . C-103 Standard of conduct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-103 Fees of bankruptcy trustee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-103 Replacement of bankruptcy trustee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-103 Resignation by bankruptcy trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-104 Vacancy in office of bankruptcy trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . C-105 Release of bankruptcy trustee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-106

Chapter V Administration and Distribution of the Estate of the Bankrupt. . .C-106 149. Functions of bankruptcy trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-106 150. Duties of bankrupt towards bankruptcy trustee. . . . . . . . . . . . . . . . . . . . . . C-106 151. Rights of bankruptcy trustee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-107 152. General powers of bankruptcy trustee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-107 153. Approval of creditors for certain acts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-107 154. Vesting of estate of bankrupt in bankruptcy trustee . . . . . . . . . . . . . . . . . . C-108 155. Estate of bankrupt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-108 156. Delivery of property and documents to bankruptcy trustee . . . . . . . . . . . . C-109 157. Acquisition of control by bankruptcy trustee . . . . . . . . . . . . . . . . . . . . . . . C-109 158. Restrictions on disposition of property. . . . . . . . . . . . . . . . . . . . . . . . . . . . C-109 159. After-acquired property of bankrupt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-109 160. Onerous property of bankrupt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-110 161. Notice to disclaim onerous property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-111 162. Disclaimer of leaseholds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-111 163. Challenge against disclaimed property. . . . . . . . . . . . . . . . . . . . . . . . . . . . C-111 164. Undervalued transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-112 165. Preference transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-113 166. Effect of order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-114 167. Extortionate credit transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-114 168. Obligations under contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-115 169. Continuance of proceedings on death of bankrupt . . . . . . . . . . . . . . . . . . . C-115 170. Administration of estate of deceased bankrupt. . . . . . . . . . . . . . . . . . . . . . C-116 171. Proof of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-116 172. Proof of debt by secured creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-117 173. Mutual credit and set-off. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-117 174. Distribution of interim dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-117 175. Distribution of property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-118 176. Final dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-118 177. Claims of creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-119 178. Priority of payment of debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-119 xi

Manual of the Insolvency and Bankruptcy Code, 2016

Chapter VI Adjudicating Authority for Individuals and Partnership Firms. . . C-121 179. Adjudicating Authority for individuals and partnership firms. . . . . . . . . . . C-121 180. Civil court not to have jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-121 181. Appeal to Debt Recovery Appellate Tribunal. . . . . . . . . . . . . . . . . . . . . . . C-121 182. Appeal to Supreme Court . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-122 183. Expeditious disposal of applications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-122 Chapter VII Offences and Penalties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-122 184. Punishment for false information, etc., by creditor in insolvency resolution process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-122 185. Punishment for contravention of provisions. . . . . . . . . . . . . . . . . . . . . . . . C-122 186. Punishment for false information, concealment, etc., by bankrupt. . . . . . . C-123 187. Punishment for certain actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-124 Part IV Regulation of Insolvency Professionals, Agencies and Information Utilities Chapter I The Insolvency and Bankruptcy Board of India. . . . . . . . . . . . . C-125 188. Establishment and incorporation of Board . . . . . . . . . . . . . . . . . . . . . . . . . C-125 189. Constitution of Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-125 190. Removal of member from office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-126 191. Powers of Chairperson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-126 192. Meetings of Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-127 193. Member not to participate in meetings in certain cases . . . . . . . . . . . . . . . C-127 194. Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-127 195. Power to designate financial sector regulator . . . . . . . . . . . . . . . . . . . . . . . C-128 Chapter II Powers and Functions of the Board. . . . . . . . . . . . . . . . . . . . . . . C-128 196. Powers and functions of Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-128 197. Constitution of advisory committee, executive committee or other committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-131 198. Condonation of delay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-131 Chapter III Insolvency Professional Agencies. . . . . . . . . . . . . . . . . . . . . . . . . C-131 199. No person to function as insolvency professional agency without valid certificate of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . C-131 200. Principles governing registration of insolvency professional agency . . . . C-131 201. Registration of insolvency professional agency . . . . . . . . . . . . . . . . . . . . . C-132 202. Appeal to National Company Law Appellate Tribunal . . . . . . . . . . . . . . . C-133 203. Governing Board of insolvency professional agency . . . . . . . . . . . . . . . . . C-133 204. Functions of insolvency professional agencies . . . . . . . . . . . . . . . . . . . . . C-133 205. Insolvency professional agencies to make bye-laws . . . . . . . . . . . . . . . . . C-134 Chapter IV Insolvency Professionals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-134 206. Enrolled and registered persons to act as insolvency professionals . . . . . . C-134 207. Registration of insolvency professionals . . . . . . . . . . . . . . . . . . . . . . . . . . C-134 208. Functions and obligations of insolvency professionals . . . . . . . . . . . . . . . C-134 xii

Detailed Table of contents

Chapter V Information Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-135 209. No person to function as information utility without certificate of registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-135 210. Registration of information utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-135 211. Appeal to National Company Law Appellate Tribunal . . . . . . . . . . . . . . . C-136 212. Governing Board of information utility . . . . . . . . . . . . . . . . . . . . . . . . . . . C-136 213. Core services, etc., of information utilities . . . . . . . . . . . . . . . . . . . . . . . . . C-136 214. Obligations of information utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-137 215. Procedure for submission, etc., of financial information . . . . . . . . . . . . . . C-137 216. Rights and obligations of persons submitting financial information. . . . . . C-137 Chapter VI Inspection and Investigation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-138 217. Complaints against insolvency professional agency or its member or information utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-138 218. Investigation of insolvency professional agency or its member or information utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-138 219. Show cause notice to insolvency professional agency or its member or information utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-139 220. Appointment of disciplinary committee . . . . . . . . . . . . . . . . . . . . . . . . . . . C-139 Chapter VII Finance, Accounts and Audit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-140 221. Grants by Central Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-140 222. Board’s Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-140 223. Accounts and audit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-141 Part V Miscelleneous 224. Insolvency and Bankruptcy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-142 225. Power of Central Government to issue directions . . . . . . . . . . . . . . . . . . . C-142 226. Power of Central Government to supersede Board . . . . . . . . . . . . . . . . . . C-142 227. Power of Central Government to notify financial service providers, etc.. . C-144 228. Budget. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-144 229. Annual report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-144 230. Delegation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-144 231. Bar of jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-144 232. Members, officers and employees of Board to the public servants . . . . . . C-145 233. Protection of action taken in good faith . . . . . . . . . . . . . . . . . . . . . . . . . . . C-145 234. Agreements with foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-145 235. Letter of request to a country outside India in certain cases . . . . . . . . . . . C-145 235A. Punishment where no specific penalty or punishment is provided. . . . . . . C-146 236. Trial of offences by Special Court . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-146 237. Appeal and revision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-147 238. Provisions of this Code to override other laws . . . . . . . . . . . . . . . . . . . . . . C-147 238A. Limitation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-147 239. Power to make rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-147 240. Power to make regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-150 xiii

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240A Application of this Code to micro, small and medium enterprises. . . . . . . C-155 241. Rules and regulations to be laid before Parliament . . . . . . . . . . . . . . . . . . C-156 242. Power to remove difficulties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-156 243. Repeal of certain enactments and savings. . . . . . . . . . . . . . . . . . . . . . . . . . C-156 244. Transitional provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-158 245. Amendments of Act 9 of 1932. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-158 246. Amendments of Act 1 of 1944 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-158 247. Amendments of Act 43 of 1961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-158 248. Amendments of Act 52 of 1962 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-158 249. Amendments of Act 51 of 1993. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-159 250. Amendments of Act 32 of 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-159 251. Amendments of Act 54 of 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-159 252. Amendments of Act 1 of 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-159 253. Amendments of Act 51 of 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-159 254. Amendments of Act 6 of 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-159 255. Amendment of Act 18 of 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-159 The First Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-160 The Second Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-160 The Third Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-160 The Fourth Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-160 The Fifth Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-161 The Sixth Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-162 The Seventh Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-162 The Eighth Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-163 The Ninth Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-164 The Tenth Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-164 The Eleventh Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-164 The Twelfth Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-174

RULES AND REGULATIONS

Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application by financial creditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

5.

Demand notice by operational creditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Application by operational creditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Application by corporate applicant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Withdrawal of application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Interim resolution professional. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiv

R-1.1 R-1.1 R-1.1 R-1.2 R-1.2 R-1.2 R-1.3 R-1.3 R-1.3

Detailed Table of contents

10. Filing of application and application fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . R-1.3 Form 1 Application by financial creditor(s) to initiate corporate insolvency resolution process under Chapter II of Part II/ under Chapter IV of Part II of the code. . . . . . . . . . . . . . . . . . . . . . . . . . R-1.5 Form 2 Written Communication by Proposed Interim Resolution Professional. . . . R-1.9 Form 3 Form of Demand Notice/invoice Demanding Payment under the Insolvency and Bankruptcy Code, 2016 . . . . . . . . . . . . . . . . R-1.10 Form 4 Form of Notice with Which Invoice Demanding Payment is to Be Attached . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-1.13 Form 5 Application by operational creditor (s) to initiate corporate insolvency resolution process under Chapter II of Part II/ under Chapter IV of Part II of the code . . . . . . . . . . . . . . . . R-1.14 Form 6 Application by corporate applicant to initiate corporate insolvency resolution process under Chapter II of Part II/ under Chapter IV of Part II of the code. . . . . . . . . . . . . . . . . . . . . . . . . R-1.18 Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-1.23

IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Terms and conditions of service of Chairperson and members. . . . . . . . . . .

4. Pay. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Dearness Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Entertainment Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. Leave. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Leave Sanctioning Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provident Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

10. Travelling Allowance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Leave Travel Concession. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Accommodation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13. Conveyance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. Bonus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. Sitting Fees and Board’s Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Encashment of Leave. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17. Facilities for medical treatment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Residuary Provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Terms and Conditions of Services of Part-time Members. . . . . . . . . . . . . . .

20. Fee and Allowances of Part-time Members. . . . . . . . . . . . . . . . . . . . . . . . . .

21. Power to Relax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-2.1 R-2.1 R-2.1 R-2.2 R-2.2 R-2.2 R-2.3 R-2.3 R-2.4 R-2.4 R-2.4 R-2.4 R-2.5 R-2.5 R-2.5 R-2.5 R-2.6 R-2.6 R-2.6 R-2.6 R-2.6

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Companies (Transfer of Pending Proceedings) Rules, 2016 1.

2.

3.

4.

5.

6.

7.

8.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transfer of pending proceedings relating to cases other than Winding up. .

Pending proceeding relating to voluntary winding up. . . . . . . . . . . . . . . . . .

Transfer of pending proceedings of Winding up on the ground of inability to pay debts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transfer of pending proceedings of Winding up matters on the grounds other than inability to pay debts. . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transfer of Records. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fees not to be paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-3.1 R-3.1 R-3.1 R-3.2 R-3.2 R-3.3 R-3.3 R-3.3

Companies (Registered Valuers and Valuation) Rules, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-4.1 1.

Short title, commencement and application . . . . . . . . . . . . . . . . . . . . . . . . . R-4.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-4.1 Chapter II Eligibility, Qualifications and Registration of Valuers. . . . . . . . .

3.

Eligibility for registered valuers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Qualifications and experience.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Valuation Examination.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Application for certificate of registration.. . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Conditions of Registration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Conduct of Valuation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Temporary surrender.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. Functions of a Valuer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Transitional Arrangement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter III Recognition of Registered Valuers Organisations. . . . . . . . . . . .

12. Eligibility for registered valuers organisations.. . . . . . . . . . . . . . . . . . . . . .

13. Application for recognition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. Conditions of Recognition.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-4.2 R-4.2 R-4.4 R-4.5 R-4.6 R-4.7 R-4.8 R-4.8 R-4.9 R-4.9

R-4.10 R-4.10 R-4.11 R-4.12

Chapter IV Cancellation or Suspension of Certificate of Registration or Recognition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-4.13 15. Cancellation or suspension of certificate of registration or recognition.. . . R-4.13 16. Complaint against a registered valuer or registered valuers organisation.. R-4.13 17. Procedure to be followed for cancellation or suspension of registration or recognition certificate.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-4.13 Chapter V Valuation Standards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-4.15 18. Valuation Standards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-4.15 19. Committee to advise on valuation matters.. . . . . . . . . . . . . . . . . . . . . . . . . R-4.15

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Detailed Table of contents

Chapter VI Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Punishment for contravention.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21. Punishment for false statement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annexure I Model Code of Conduct for Registered Valuers. . . . . . . . . . . . .

Annexure II [Forms A, B, C, D, and E].. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annexure III Governance Structure and Model Bye Laws for registered valuers organization . . . . . . . . . . . . . . . . . . . . . . . . .

Annexure IV Indicative Matrix on requisite qualifications/ experience in specified discipline. . . . . . . . . . . . . . . . . . . . . . . .

R-4.16 R-4.16 R-4.16 R-4.17 R-4.20 R-4.32 R-4.43

IBBI (Annual Report) Rules, 2018 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Form of Annual Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Time of furnishing of the Annual Report . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form of the Annual Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-5.1 R-5.1 R-5.1 R-5.1 R-5.2

IBBI (Form of Annual Statement of Accounts) Rules, 2018 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.1 2.

Definitions: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.1 3.

Maintenance of accounts and records:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.1 4.

Preparation and submission of annual statement of accounts of the Board:.R-6.2 Form of Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.3 Form A [No heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.3 Form ‘C’ Receipt and Payment Accounts for the Period/Year Ended. . . . . . . . . . . R-6.4 Form ‘B’ Income and Expenditure Account for the Period/Year Ended. . . . . . . . . R-6.6 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.8 Schedule – I Reserves and Surplus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.8 Schedule – II Schedule – III Earmarked/Endowment Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.9 Schedule – IV Secured Loans and Borrowings. . . . . . . . . . . . . . . . . . . . . . . . . R-6.10 Unsecured Loans and Borrowings. . . . . . . . . . . . . . . . . . . . . . . R-6.11 Schedule – V Schedule – VI Deferred Credit Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.11 Schedule – VII Current Liabilities and Provisions. . . . . . . . . . . . . . . . . . . . . . . R-6.12 Schedule – VIII Fixed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.13 Schedule – IX Investments from Earmarked/Endowment Funds. . . . . . . . . . . . R-6.14 Investments – Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.14 Schedule – X Schedule – XI Current Assets, Loans, Advances etc . . . . . . . . . . . . . . . . . . . . . R-6.15 Schedule – XII Grants/Subsidies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.16 Schedule – XIII Fees/Subscriptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.17 Schedule – XIV Income from Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-6.17 Schedule – XV Income from Royalty, Publication etc. . . . . . . . . . . . . . . . . . . . . R-6.18 xvii

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Schedule – XVI Interest Earned. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule – XVII Other Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule – XVIII Establishment Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule – XIX Other Adnimistrative Expenses . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule – XX Expenditure on Grants, Subsidies etc.. . . . . . . . . . . . . . . . . . . .

Schedule – XXI Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule – XXII Significant Accounting Policies (illustrative). . . . . . . . . . . . . . .

Schedule – XXIII Contingent Liabilities and Notes on Accounts (illustrative). . . . .

R-6.18 R-6.19 R-6.20 R-6.20 R-6.21 R-6.22 R-6.22 R-6.24

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.1 Chapter II Bye Laws. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.2 3.

Insolvency professional agencies to have Bye-Laws . . . . . . . . . . . . . . . . . . R-7.2 4.

Amendment of Bye-Laws. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.2 Chapter III Governing Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.3 5.

Composition of the Governing Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.3 5A. Managing director.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.5 5B. Compliance.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-7.6 Schedule Model Bye-laws of an Insolvency Professional Agency. . . . . . . . . . R-7.7 Annexure Form A Certificate of Professional Membership. . . . . . . . . . . . . . R-7.17

IBBI (Insolvency Professional Agencies) Regulations, 2016 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-8.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-8.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-8.1 Chapter II Registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Eligibility for registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Application for registration or renewal thereof. . . . . . . . . . . . . . . . . . . . . . .

5.

Grant of certificate of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Procedure for rejecting application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-8.2 R-8.2 R-8.4 R-8.4 R-8.5

Chapter III Surrender or Cancellation of Registration. . . . . . . . . . . . . . . . . .

7.

Surrender of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Disciplinary proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9. Appeal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-8.6 R-8.6 R-8.6 R-8.8

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Chapter IV In-Principle Approval . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-8.8 10. Grant of in-principle approval. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-8.8 Form A Application for Certificate of Registration . . . . . . . . . . . . . . . . . . . . . . . R-8.9 Form B The Insolvency and Bankruptcy Board of India. . . . . . . . . . . . . . . . . . . R-8.14

IBBI (Insolvency Professionals) Regulations, 2016 Chapter I General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.1 Chapter II Insolvency Examinations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.2 3. [No heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.2 Chapter III Registration of Insolvency Professionals. . . . . . . . . . . . . . . . . . . .

4. Eligibility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Qualifications and experience. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Application for certificate of registration . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Certificate of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Refusal to grant certificate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Registration for a limited period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-9.2 R-9.2 R-9.3 R-9.4 R-9.4 R-9.6 R-9.6

Chapter IV Temporary Surrender and Disciplinary Proceedings. . . . . . . . . . R-9.7 10. Temporary surrender. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.7 11. Disciplinary proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.7 Chapter V Recognition of Insolvency Professional Entities. . . . . . . . . . . . . . R-9.9 12. Recognition of Insolvency Professional Entities. . . . . . . . . . . . . . . . . . . . . . R-9.9 13. [No regulation heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.9 14. [No regulation heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.10 15. Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.11 First Schedule Code of Conduct for Insolvency Professionals. . . . . . . . . . . . . . R-9.12 Second Schedule [Forms as below] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.15 Form A Application for Registration as an Insolvency Professional. . . . . . . . . R-9.16 Form B Insolvency and Bankruptcy Board of India Certificate of Registration . . . R-9.21 Form C [No heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.21 Form D Insolvency and Bankruptcy Board of India Certificate of Recognition. . . . R-9.23 Form E [No heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.24 Form F [No heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.25 Form G [No heading provided]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-9.27

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IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.1 Chapter II General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Eligibility for resolution professional. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Access to books. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4A. Choice of authorised representative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Extortionate credit transaction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-10.3 R-10.3 R-10.4 R-10.5 R-10.5

Chapter III Public Announcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.5 6.

Public announcement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.5 Chapter IV Proof of Claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.6 7.

Claims by operational creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.6 8.

Claims by financial creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.7 8A. Claims by creditors in a class.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.8 9.

Claims by workmen and employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.8 9A. Claims by other creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.9 10. Substantiation of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.10 11. Cost of proof. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.10 12. Submission of proof of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.10 13. Verification of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.10 14. Determination of amount of claim. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.11 15. Debt in foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.11 Chapter V Committee of Creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Committee with only operational creditors. . . . . . . . . . . . . . . . . . . . . . . .

16A. Authorised representative.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16B. Committee with only creditors in a class.. . . . . . . . . . . . . . . . . . . . . . . . .

17. Constitution of committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Meetings of the committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-10.11 R-10.11 R-10.12 R-10.13 R-10.13 R-10.14

Chapter VI Meetings of the Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Notice for meetings of the committee. . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Service of notice by electronic means. . . . . . . . . . . . . . . . . . . . . . . . . . . .

21. Contents of the notice for meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22. Quorum at the meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23. Participation through video conferencing. . . . . . . . . . . . . . . . . . . . . . . . .

24. Conduct of meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-10.14 R-10.14 R-10.15 R-10.15 R-10.16 R-10.17 R-10.17

Chapter VII Voting by the Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.18 25. Voting by the committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.18 26. Voting through electronic means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-10.20 xx

Detailed Table of contents

Chapter VIII Conduct of Corporate Insolvency Resolution Process. . . . . . .

27. Appointment of registered valuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28. Transfer of debt due to creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29. Sale of assets outside the ordinary course of business . . . . . . . . . . . . . . .

30. Assistance of local district administration. . . . . . . . . . . . . . . . . . . . . . . . .

30A. Withdrawal of application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-10.21 R-10.21 R-10.21 R-10.22 R-10.22 R-10.22

Chapter IX Insolvency Resolution Process Costs . . . . . . . . . . . . . . . . . . . . .

31. Insolvency resolution process costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32. Essential supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

33. Costs of the interim resolution professional . . . . . . . . . . . . . . . . . . . . . . .

34. Resolution professional costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34A. Disclosure of Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-10.23 R-10.23 R-10.23 R-10.24 R-10.24 R-10.25

Chapter X Resolution Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35. Fair Value and Liquidation value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35A. Preferential and other transactions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36. Information memorandum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36A. Invitation for expression of interest.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36B. Request for resolution plans.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37. Resolution plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38. Mandatory contents of the resolution plan . . . . . . . . . . . . . . . . . . . . . . . .

39. Approval of resolution plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39A. Preservation of records.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

40. Extension of the corporate insolvency resolution process period. . . . . . .

40A. Model time-line for corporate insolvency resolution process. . . . . . . . . .

Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form A Public Announcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form AA Written consent to act as resolution professional . . . . . . . . . . . . . . . .

Form AB Written consent to act as authorised representative . . . . . . . . . . . . . .

Form B Proof of claim by operational creditors except workmen and employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[Form C Submission of claim by financial creditors . . . . . . . . . . . . . . . . . . . . .

Form CA Submission of claim by financial creditors in a class . . . . . . . . . . . . .

Form D Proof of claim by a workman or an employee. . . . . . . . . . . . . . . . . . .

Form E Proof of claim submitted by authorised representative of workmen and employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form F Proof of claim by creditors (other than financial creditors and operational creditors). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[Form FA Application for withdrawal of corporate insolvency resolution process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[Form G Invitation for expression of interest. . . . . . . . . . . . . . . . . . . . . . . . . . .

Form H Compliance Certificate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-10.25 R-10.25 R-10.26 R-10.27 R-10.29 R-10.31 R-10.33 R-10.34 R-10.35 R-10.38 R-10.39 R-10.39 R-10.42 R-10.42 R-10.43 R-10.45 R-10.46 R-10.49 R-10.51 R-10.54 R-10.56 R-10.58 R-10.61 R-10.62 R-10.63

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IBBI (Liquidation Process) Regulations, 2016 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.1 Chapter II Appointment and Remuneration of Liquidator . . . . . . . . . . . . . R-11.3 3.

Eligibility for appointment as liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.3 4.

Liquidator’s fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.3 Chapter III Powers and Functions of Liquidator . . . . . . . . . . . . . . . . . . . . . .

5. Reporting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Registers and books of account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Appointment of professionals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Consultation with stakeholders.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Personnel to extend cooperation to liquidator. . . . . . . . . . . . . . . . . . . . . . .

10. Disclaimer of onerous property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Extortionate credit transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-11.4 R-11.4 R-11.5 R-11.6 R-11.6 R-11.7 R-11.7 R-11.8

Chapter IV General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.8 12. Public announcement by liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.8 13. Preliminary report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.9 14. Early dissolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.9 15. Progress reports. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-11.10 Chapter V Claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Proof of claim . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17. Claims by operational creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Claims by financial creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Claims by workmen and employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Claims by other stakeholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21. Proving security interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22. Production of bills of exchange and promissory notes. . . . . . . . . . . . . . .

23. Substantiation of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24. Cost of proof. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25. Determination of quantum of claim. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26. Debt in foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27. Periodical payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28. Debt payable at future time. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29. Mutual credits and set-off. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30. Verification of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31. List of stakeholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-11.12 R-11.12 R-11.12 R-11.12 R-11.13 R-11.13 R-11.14 R-11.14 R-11.14 R-11.14 R-11.15 R-11.15 R-11.15 R-11.15 R-11.15 R-11.16 R-11.16

Chapter VI Realisation of Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32. Sale of Assets, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

33. Mode of sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34. Asset memorandum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-11.17 R-11.17 R-11.17 R-11.18

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35.

36.

37.

38.

39.

40.

Valuation of assets or business intended to be sold. . . . . . . . . . . . . . . . . .

Asset sale report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Realization of security interest by secured creditor. . . . . . . . . . . . . . . . . .

Distribution of unsold assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Recovery of monies due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liquidator to realize uncalled capital or unpaid capital contribution. . . .

R-11.19 R-11.20 R-11.20 R-11.21 R-11.21 R-11.22

Chapter VII Proceeds of Liquidation and Distribution of Proceeds. . . . . . .

41. All money to be paid in to bank account. . . . . . . . . . . . . . . . . . . . . . . . . .

42. Distribution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43. Return of money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

44. Completion of liquidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

45. Final report prior to dissolution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

46. Unclaimed proceeds of liquidation or undistributed assets. . . . . . . . . . . .

Mode of Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule I Schedule II [Forms as below]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form A Proforma for Reporting Consultations with Stakeholders. . . . . . . . . .

Form B Public Announcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form C Proof of Claim by Operational Creditors except Workmen and Employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form D Proof of Claim by Financial Creditors . . . . . . . . . . . . . . . . . . . . . . . .

Form E Proof of Claim by a Workman or Employee . . . . . . . . . . . . . . . . . . . .

Form F Proof of Claim by Authorised Representative of Workmen or Employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form G Proof of Claim by Any Other Stakeholder. . . . . . . . . . . . . . . . . . . . . .

Schedule III Formats of registers and books to be maintained under regulation 6(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-11.22 R-11.22 R-11.23 R-11.23 R-11.23 R-11.23 R-11.23 R-11.25 R-11.27 R-11.27 R-11.28 R-11.30 R-11.32 R-11.35 R-11.37 R-11.40 R-11.43

IBBI (Engagement of Research Associates and Consultants) Regulations, 2017 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Research Associates and Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Functions of Research Associates and Consultants. . . . . . . . . . . . . . . . . . .

5.

Qualifications, experience and remuneration . . . . . . . . . . . . . . . . . . . . . . .

6.

Evaluation of performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Selection of Research Associates and Consultants. . . . . . . . . . . . . . . . . . .

8.

Terms and condition of engagement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Power to relax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule I Eligibility for Research Associates and Consultants for different disciplines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule II Levels for Research Associates and Consultant. . . . . . . . . . . . . . .

R-12.1 R-12.1 R-12.1 R-12.2 R-12.2 R-12.2 R-12.2 R-12.3 R-12.4 R-12.5 R-12.6

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IBBI (Procedure for Governing Board Meetings) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.1 Chapter II Businesses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.2 Governing Board Businesses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.2 3.

Chapter III Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Convening of Meetings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. Notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. Quorum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Leave of absence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Minutes of the meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9. Secretary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-13.3 R-13.3 R-13.3 R-13.3 R-13.4 R-13.4 R-13.4

Chapter IV Charter of Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. Member not to participate in meetings in certain cases. . . . . . . . . . . . . . . .

11. Obligation of a Member to give information of disqualification. . . . . . . . .

12. Declaration of fidelity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-13.4 R-13.4 R-13.5 R-13.5

Chapter V Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.5 13. Manner and form in which contracts may be executed. . . . . . . . . . . . . . . . R-13.5 14. Affixation of Common Seal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.5 Chapter VI Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.6 15. Power to regulate procedure in certain circumstances . . . . . . . . . . . . . . . . R-13.6 16. Effect of any irregularity of procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.6 17. Meetings of Committees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.6 18. Relaxation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.6 Schedule I Oath of Office and Secrecy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.7 Schedule II Charter of Conduct for Members of Board. . . . . . . . . . . . . . . . . . R-13.7 1. Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.7 3. Charter in addition to other provisions.. . . . . . . . . . . . . . . . R-13.8 4. General principles.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.8 5. Outside or private activities.. . . . . . . . . . . . . . . . . . . . . . . . . R-13.8 6. Conflict in respect of agenda.. . . . . . . . . . . . . . . . . . . . . . . . R-13.8 7. Members not to hear or decide in certain cases. . . . . . . . . . R-13.8 8. Availing services of regulated entities.. . . . . . . . . . . . . . . . . R-13.8 9. Acceptance of gifts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.8 10. Other disclosures.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-13.9 11. Procedure for managing the conflict.. . . . . . . . . . . . . . . . . . R-13.9 12. Procedure for public to raise conflict of interests.. . . . . . . . R-13.9 13. Maintenance of disclosures.. . . . . . . . . . . . . . . . . . . . . . . . R-13.10 xxiv

Detailed Table of contents

IBBI (Advisory Committee) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-14.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-14.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-14.1 Chapter II Constitution of Advisory Committee . . . . . . . . . . . . . . . . . . . . . . R-14.2 Constitution of Advisory Committee.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-14.2 3.

4.

Composition of Advisory Committee.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-14.2 Chapter III Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. Meetings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. Conduct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-14.3 R-14.3 R-14.3 R-14.3

IBBI (Information Utilities) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.1 Chapter II Registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Eligibility for registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Application for registration or renewal thereof. . . . . . . . . . . . . . . . . . . . . .

5.

Disposal of application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Conditions of registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

In-principle approval. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-15.3 R-15.3 R-15.3 R-15.4 R-15.5 R-15.6

Chapter III Shareholding and Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.6 8. Shareholding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.6 9.

Composition of the Governing Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.8 9A. Managing Director.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.9 9B. Compliance.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.10 10. Regulatory Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.10 11. Compliance officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.10 12. Grievance Redressal Policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.11 Chapter IV Technical Standards and Bye-Laws. . . . . . . . . . . . . . . . . . . . . .

13. Technical Standards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. Technical Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. Bye-laws of information utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Amendment to bye-laws. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-15.12 R-15.12 R-15.12 R-15.13 R-15.13

Chapter V Core Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.13 17. Provision of services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.13 18. Registration of users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-15.14 xxv

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19.

20.

21.

22.

23.

24.

25.

26.

27.

Use of different information utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acceptance and receipt of information. . . . . . . . . . . . . . . . . . . . . . . . . . .

Information of default. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Storage of information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Access to information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accessing information stored with other information utilities. . . . . . . . .

Annual statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Porting information from registries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Duties of the user. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-15.14 R-15.15 R-15.15 R-15.15 R-15.15 R-15.16 R-15.16 R-15.16 R-15.16

Chapter VI Duties of Information Utilities . . . . . . . . . . . . . . . . . . . . . . . . . .

28. General duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29. Non-discrimination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30. Other duties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31. Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32. Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

33. Risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34. Audit of information technology framework. . . . . . . . . . . . . . . . . . . . . . .

35. Preservation Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36. Provision of information to the Board. . . . . . . . . . . . . . . . . . . . . . . . . . . .

37. Inspection. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-15.17 R-15.17 R-15.17 R-15.17 R-15.17 R-15.18 R-15.18 R-15.18 R-15.18 R-15.19 R-15.19

Chapter VII Services to Insolvency Professionals. . . . . . . . . . . . . . . . . . . . . . R-15.19 38. Storing information submitted by insolvency professionals. . . . . . . . . . . R-15.19 Chapter VIII Surrender or Cancellation of Registration. . . . . . . . . . . . . . . .

39. Exit management plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

40. Surrender of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41. Disciplinary proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

42. Appeal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form A Application for Certificate of Registration . . . . . . . . . . . . . . . . . . . . .

Form B The Insolvency and Bankruptcy Board of India certificate of Registration No__.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form C Format of information under regulation 20. . . . . . . . . . . . . . . . . . . . .

R-15.20 R-15.20 R-15.20 R-15.20 R-15.22 R-15.23 R-15.23 R-15.27 R-15.28

IBBI (Voluntary Liquidation Process) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.1 Chapter II Commencement of Liquidation. . . . . . . . . . . . . . . . . . . . . . . . . . R-16.2 3.

Initiation of Liquidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.2 4.

Effect of liquidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.3 xxvi

Detailed Table of contents

Chapter III Appointment and Remuneration of Liquidator . . . . . . . . . . . . .

5.

Appointment of Liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Eligibility for appointment as liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Liquidator’s remuneration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-16.3 R-16.3 R-16.3 R-16.4

Chapter IV Powers and Functions of the Liquidator. . . . . . . . . . . . . . . . . . .

8.

Reporting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Preliminary Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. Registers and books of account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Engagement of professionals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Consultation with stakeholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13. Extortionate credit transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. Public announcement by the liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. Proof of claim . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-16.4 R-16.4 R-16.5 R-16.5 R-16.6 R-16.6 R-16.7 R-16.7 R-16.7

Chapter V Claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.7 16. Claims by operational creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.7 17. Claims by financial creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.8 18. Claims by workmen and employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.8 19. Claims by other stakeholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.9 20. Proving security interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.9 21. Production of bills of exchange and promissory notes. . . . . . . . . . . . . . . R-16.10 22. Substantiation of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.10 23. Cost of proof. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.10 24. Determination of quantum of claim. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.10 25. Debt in foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.10 26. Periodical payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.10 27. Debt payable at future time. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.10 28. Mutual credits and set-off. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.11 29. Verification of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.11 30. List of stakeholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-16.11 Chapter VI Realisation of Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31. Manner of sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32. Recovery of monies due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

33. Liquidator to realize uncalled capital or unpaid capital contribution. . . .

R-16.12 R-16.12 R-16.12 R-16.12

Chapter VII Proceeds of Liquidation and Distribution of Proceeds. . . . . . .

34. All money to be paid in to bank account. . . . . . . . . . . . . . . . . . . . . . . . . .

35. Distribution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36. Return of money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37. Completion of liquidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38. Final Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39. Unclaimed proceeds of liquidation or undistributed assets. . . . . . . . . . . .

40. Detection of Fraud or Insolvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41. Preservation of records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-16.13 R-16.13 R-16.13 R-16.13 R-16.13 R-16.14 R-16.15 R-16.15 R-16.16 xxvii

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Schedule I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form A Public Announcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form B Proof of claim by operational creditors except workmen and employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form C Proof of claim by financial creditors. . . . . . . . . . . . . . . . . . . . . . . . . .

Form D Proof of claim by a workman or employee . . . . . . . . . . . . . . . . . . . . .

Form E Proof of claim by authorised representative of workmen or employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form F Proof of claim by any other stakeholder. . . . . . . . . . . . . . . . . . . . . . .

Schedule II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-16.17 R-16.17 R-16.18 R-16.20 R-16.23 R-16.25 R-16.27 R-16.30

IBBI (Inspection and Investigation) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-17.1 1.

Short title, commencement and application . . . . . . . . . . . . . . . . . . . . . . . . R-17.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-17.1 Chapter II Inspection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Inspection by the Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Conduct of Inspection. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Interim Inspection Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.

Inspection Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-17.2 R-17.2 R-17.3 R-17.4 R-17.4

Chapter III Investigation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Investigation by the Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Conduct of Investigation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Interim Investigation Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. Investigation Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-17.5 R-17.5 R-17.5 R-17.7 R-17.7

Chapter IV Consideration of Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Consideration of Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Show-cause notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13. Disposal of Show-cause notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-17.8 R-17.8 R-17.8 R-17.9

Chapter V Restitution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-17.10 14. Restitution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-17.10 Form A Format of submission of claims under regulation 14(3). . . . . . . . . . . R-17.10

IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.1 1.

Short title and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.1 xxviii

Detailed Table of contents

Chapter II General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Eligibility for resolution professional. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Access to books. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Extortionate credit transaction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-18.3 R-18.3 R-18.4 R-18.4

Chapter III Public Announcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.5 6.

Public announcement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.5 Chapter IV Proof of Claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Claims by operational creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Claims by financial creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Claims by workmen and employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9A. Claims by other creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. Substantiation of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Cost of proof proving the debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Submission of proof of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13. Verification of claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. Determination of amount of claim. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. Debt in foreign currency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-18.5 R-18.5 R-18.6 R-18.6 R-18.7 R-18.7 R-18.8 R-18.8 R-18.8 R-18.8 R-18.9

Chapter V Committee of Creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.9 16. Committee with only operational creditors. . . . . . . . . . . . . . . . . . . . . . . . . R-18.9 17. Filings by the interim resolution professional. . . . . . . . . . . . . . . . . . . . . . R-18.10 Chapter VI Meetings of the Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Meetings of the committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Notice for meetings of the committee. . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Service of notice by electronic means. . . . . . . . . . . . . . . . . . . . . . . . . . . .

21. Contents of the notice for meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22. Quorum at the meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23. Participation through video conferencing. . . . . . . . . . . . . . . . . . . . . . . . .

24. Conduct of meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-18.10 R-18.10 R-18.10 R-18.10 R-18.11 R-18.12 R-18.12 R-18.13

Chapter VII Voting by the Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.14 25. Voting by the committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-18.14 Chapter VIII Conduct of the Fast Track Process. . . . . . . . . . . . . . . . . . . . . . .

26. Appointment of registered valuers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27. Transfer of debt due to creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28. Sale of assets outside the ordinary course of business . . . . . . . . . . . . . . .

29. Assistance of local district administration. . . . . . . . . . . . . . . . . . . . . . . . .

R-18.15 R-18.15 R-18.16 R-18.16 R-18.16

Chapter IX Fast Track Process Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30. Fast track process costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31. Essential supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32. Costs of the interim resolution professional . . . . . . . . . . . . . . . . . . . . . . .

33. Resolution professional costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-18.17 R-18.17 R-18.17 R-18.17 R-18.18 xxix

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Chapter X Resolution Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34. Fair value and Liquidation value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35. Information memorandum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35A Invitation of Resolution Plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36. Resolution plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37. Mandatory contents of the resolution plan . . . . . . . . . . . . . . . . . . . . . . . .

38. Approval of resolution plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39. Extension of the fast track process period. . . . . . . . . . . . . . . . . . . . . . . . .

Form A Public Announcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form B Proof of Claim by Operational Creditors except Workmen and Employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Form C Proof of Claim by Financial Creditors . . . . . . . . . . . . . . . . . . . . . . . .

Form D Proof of Claim by a Workman or an Employee. . . . . . . . . . . . . . . . . .

Form E Proof of Claim Submitted by Authorised Representative of Workmen and Employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-18.18 R-18.18 R-18.19 R-18.21 R-18.22 R-18.23 R-18.24 R-18.26 R-18.27 R-18.28 R-18.31 R-18.34 R-18.36

IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-19.1 1.

Short title, commencement and application.. . . . . . . . . . . . . . . . . . . . . . . . R-19.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-19.1 Chapter II Filing of Grievance and Complaint . . . . . . . . . . . . . . . . . . . . . . .

3.

Filing of grievance and complaint. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Identity of the stakeholder. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Registration number.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-19.2 R-19.2 R-19.3 R-19.3

Chapter III Disposal of Grievance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-19.4 6.

Disposal of grievance.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-19.4 Chapter IV Disposal of Complaint. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-19.4 7.

Disposal of complaint.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-19.4 Chapter V Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-19.5 8.

The Board shall periodically disclose summary statistics about receipt and disposal of grievances and complaints on its web site.. . R-19.5 Form A Format of filing complaint under regulation 3(3). . . . . . . . . . . . . . . . . R-19.5

IBBI (Employees’ Service) Regulations, 2017 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.1 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.1 xxx

Detailed Table of contents

Chapter II Appointment, Probation and Termination of Service. . . . . . . . .

3.

Classification and appointment of employees. . . . . . . . . . . . . . . . . . . . . . .

4. Recruitment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.

Initial Appointments to be made on minimum pay.. . . . . . . . . . . . . . . . . . .

6. Probation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

Commencement of service.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.

Resignation from service. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

Superannuation and retirement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. Liquidated damages.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-20.2 R-20.2 R-20.3 R-20.3 R-20.3 R-20.3 R-20.3 R-20.4 R-20.4

Chapter III Record of Service, Seniority and Promotion. . . . . . . . . . . . . . . .

11. Record of service. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Seniority.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13. Promotion.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-20.5 R-20.5 R-20.5 R-20.5

Chapter IV Pay, Allowances and other Beneffits. . . . . . . . . . . . . . . . . . . . . . .

14. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. Pay, allowances and other benefits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Gratuity.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17. Pension.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Cessation of pay and allowances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Increments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Fixation of pay on promotion.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21. Hometown. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-20.6 R-20.6 R-20.6 R-20.6 R-20.6 R-20.7 R-20.7 R-20.7 R-20.7

Chapter V Leave and Joining Time. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.7 22. Leave not a matter of right.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.7 23. Kinds of leave.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.8 24. Lapse of leave on cessation of service.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.8 25. Obligation to furnish Leave address.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.8 26. Leave not admissible to an employee under suspension. . . . . . . . . . . . . . . R-20.8 27. Casual leave.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.8 28. Special casual leave. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.9 29. Ordinary leave. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.10 30. Sick leave.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.10 31. Maternity leave and paternity leave.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.11 32. Accident leave. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.11 33. Extraordinary leave.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.12 34. Joining time. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-20.12 Chapter VI Conduct, Discipline and Appeals . . . . . . . . . . . . . . . . . . . . . . . .

35. Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36. Scope of an employee’s service.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37. Liability to abide by regulations and directions.. . . . . . . . . . . . . . . . . . . .

38. Obligation to maintain secrecy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39. Employees to promote Board’s interest.. . . . . . . . . . . . . . . . . . . . . . . . . .

R-20.12 R-20.12 R-20.13 R-20.13 R-20.13 R-20.13 xxxi

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40. Prohibition against participation in politics and standing for election.. . .

41. Prohibition against joining certain associations and strikes.. . . . . . . . . . .

42. Contributions to the press.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43. Employee not to seek outside employment. . . . . . . . . . . . . . . . . . . . . . . .

44. Employment after retirement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

45. Employment with a service provider. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

46. Giving evidence.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

47. Acceptance of gifts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

48. Movable, immovable and valuable property. . . . . . . . . . . . . . . . . . . . . . .

49. Conviction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50. Prohibition of sexual harassment of women employee at work place.. . .

51. Penalties.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52. Procedure for imposing major penalties.. . . . . . . . . . . . . . . . . . . . . . . . . .

53. Action on the inquiry report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

54. Procedure for imposing minor penalties.. . . . . . . . . . . . . . . . . . . . . . . . . .

55. Communication of orders.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

56. Common proceedings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57. Special procedure in certain cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

58. Suspension. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59. Subsistence allowance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

60. Vigilance cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

61. Appeal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-20.15 R-20.15 R-20.15 R-20.15 R-20.15 R-20.16 R-20.16 R-20.16 R-20.17 R-20.17 R-20.18 R-20.18 R-20.20 R-20.24 R-20.24 R-20.25 R-20.25 R-20.25 R-20.25 R-20.27 R-20.27 R-20.28

Chapter VII Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62. Deputation of employees to other services.. . . . . . . . . . . . . . . . . . . . . . . .

63. Redressal of grievances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule I Method of recruitment to and eligibility for various Grades and Positions under regulation 4 . . . . . . . . . . . . . . . . . .

Schedule II Process to be followed to decide retirement of an employee under regulation 9(2). . . . . . . . . . . . . . . . . . . . . . . . . .

R-20.29 R-20.29 R-20.29 R-20.30 R-20.34

IBBI (Mechanism for Issuing Regulations) Regulations, 2018 Chapter I Preliminary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.1 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.1 2.

Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.1 Chapter II Making of Regulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

Making regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Public Consultation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

5.

Economic Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-21.2 R-21.2 R-21.2 R-21.3

Chapter III Amendment and Review of Regulations . . . . . . . . . . . . . . . . . . . R-21.3 6.

Amendment of Regulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.3 7.

Review of Regulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.3 xxxii

Detailed Table of contents

Chapter IV Miscellanous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.3 8.

Urgent regulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.3 9.

Guidance on law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R-21.4

NOTIFICATIONS, CIRCULARS, ORDERS, GUIDELINES AND LIST OF PRESS RELEASES

Notifications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not-1.1 Circulars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cir-1.1 Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ord-1.1 Guidelines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guide-1.1 List of Press releases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PR-1.1

Panel of IPs for appointment as Administrator for a period from 10/04/2019 to 30/09/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IP-1 Charter of Responsibilities of IRP/RP and CoC in a CIRP. . . . . . COR-1

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