| Form No. |
Period covered and scope |
To be filed by |
Timeline |
| (1) |
(2) |
(3) |
(4) |
| IP 1 |
Pre-Assignment:This includes consent toaccept assignment as IRP / RP, the details of IP and theApplicant, the details of the person which will undergo theprocess, terms of consent, terms of engagement, etc.
|
IP |
Within three days of signing of Form-2 of theInsolvency and Bankruptcy (Application to Adjudicating Authority)Rules, 2016 or Form-AA of the Regulations, as the case may be.
|
| CIRP 1 |
From Commencement of CIRP till Issue ofPublic Announcement:This includes details of IRP, CD, andthe Applicant; admission of application by AA; publicannouncement; details of suggested Authorised Representatives;non-compliances with the provisions of the Code and other lawsapplicable to the CD; etc.
|
IRP |
Within seven days of making the PublicAnnouncement under section 13.
|
| CIRP 2 |
From Public Announcement till confirmation /replacement of IRP:This includes details of AuthorisedRepresentative selected by IRPs for a class of creditors; takingover management of the CD; receipt and verification of claims;constitution of CoC, first meeting of CoC; confirmation /replacement of IRP; applications seeking cooperation ofmanagement (if any); expenses incurred on or by IRP; relationshipof IRP with the CD, Financial Creditors and Professionals;support services taken from IPE; non-compliances with theprovisions of the Code and other laws applicable to the CD; etc.
|
IRP |
Within seven days of confirmation/ replacementof IRP under section 22.
|
| CIRP 3 |
From Appointment of RP till issue of IM toMembers of CoC:This includes details of RP; details ofregistered valuers; handing over of records of CD by IRP to RP;taking over management of the CD; applications seekingcooperation of management (if any); details in IM;non-compliances with the provisions of the Code and other lawsapplicable to the CD; etc.
|
RP |
Within seven days of issue of IM to members ofCoC under regulation 36.
|
| CIRP 4 |
From Issue of IM till issue of RFRP:Thisincludes expression of interest; RFRP and modification thereof;evaluation matrix and modification thereof; non-compliances withthe provisions of the Code and other laws applicable to the CD;etc.
|
RP |
Within seven days of the issue of RFRP underregulation 36B.
|
| CIRP 5 |
From Issue of RFRP till completion of CIRP:This includes updated list of claimants; updated CoC; details ofthe resolution applicants; details of resolution plans received;details of approval or rejection of resolution plans by CoC;application filed with AA for approval of resolution plan;details of resolution plan approved by the AA; initiation ofliquidation, if applicable; expenses incurred on or by RP;appointment of professionals and the terms of appointment;relationship of the RP with the CD, Financial Creditors, andProfessionals; support services taken from IPE; noncomplianceswith the provisions of the Code and other laws applicable to theCD; etc.
|
RP |
Within seven days of the approval or rejectionof the resolution plan under section 31 or issue of liquidationorder under section 33, as the case may be, by the AA.
|
| CIRP 6 |
Event Specific:This includes:a. Filing ofapplication in respect of preferential transaction, undervaluedtransaction, fraudulent transaction, and extortionatetransaction;b. Raising interimfinance;c. Commencement ofinsolvency resolution process of guarantors of the CD;d. Extension ofperiod of CIRP and exclusion of time; e. Premature closure of CIRP (appeal,settlement, withdrawal, etc.);f. Request forliquidation before completion of CIRP; andg. Non implementation of resolution plan, asapproved by the AA.
|
IRP or RP, as the case may be. |
Within seven days of the occurrence of therelevant event.
|
