Section 36A in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
36A. [ Invitation for expression of interest. [Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).]
(1)The resolution professional shall publish brief particulars of the invitation for expression of interest in Form G of the Schedule at the earliest, not later than seventy-fifth day from the insolvency commencement date, from interested and eligible prospective resolution applicants to submit resolution plans.(2)The resolution professional shall publish Form G -(i)in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the resolution professional, the corporate debtor conducts material business operations;(ii)on the website, if any, of the corporate debtor;(iii)on the website, if any, designated by the Board for the purpose; and(iv)in any other manner as may be decided by the committee.(3)The Form G in the Schedule shall -(a)state where the detailed invitation for expression of interest can be downloaded or obtained from, as the case may be; and(b)provide the last date for submission of expression of interest which shall not be less than fifteen days from the date of issue of detailed invitation.(4)The detailed invitation referred to in sub-regulation (3) shall -(a)specify the criteria for prospective resolution applicants, as approved by the committee in accordance with clause (h) of sub-section (2) of section 25;(b)state the ineligibility norms under section 29A to the extent applicable for prospective resolution applicants;(c)provide such basic information about the corporate debtor as may be required by a prospective resolution applicant for expression of interest; and(d)not require payment of any fee or any non-refundable deposit for submission of expression of interest.(5)A prospective resolution applicant, who meet the requirements of the invitation for expression of interest, may submit expression of interest within the time specified in the invitation under clause (b) of sub-regulation (3).(6)The expression of interest received after the time specified in the invitation under clause (b) of sub-regulation (3) shall be rejected.(7)An expression of interest shall be unconditional and be accompanied by -(a)an undertaking by the prospective resolution applicant that it meets the criteria specified by the committee under clause (h) of sub-section (2) of section 25;(b)relevant records in evidence of meeting the criteria under clause (a);(c)an undertaking by the prospective resolution applicant that it does not suffer from any ineligibility under section 29A to the extent applicable;(d)relevant information and records to enable an assessment of ineligibility under clause (c);(e)an undertaking by the prospective resolution applicant that it shall intimate the resolution professional forthwith if it becomes ineligible at any time during the corporate insolvency resolution process;(f)an undertaking by the prospective resolution applicant that every information and records provided in expression of interest is true and correct and discovery of any false information or record at any time will render the applicant ineligible to submit resolution plan, forfeit any refundable deposit, and attract penal action under the Code; and(g)an undertaking by the prospective resolution applicant to the effect that it shall maintain confidentiality of the information and shall not use such information to cause an undue gain or undue loss to itself or any other person and comply with the requirements under sub-section (2) of section 29.(8)The resolution professional shall conduct due diligence based on the material on record in order to satisfy that the prospective resolution applicant complies with -(a)the provisions of clause (h) of sub-section (2) of section 25;(b)the applicable provisions of section 29A, and(c)other requirements, as specified in the invitation for expression of interest.(9)The resolution professional may seek any clarification or additional information or document from the prospective resolution applicant for conducting due diligence under sub-regulation (8).(10)The resolution professional shall issue a provisional list of eligible prospective resolution applicants within ten days of the last date for submission of expression of interest to the committee and to all prospective resolution applicants who submitted the expression of interest.(11)Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list referred to in sub-regulation (10) may be made with supporting documents within five days from the date of issue of the provisional list.(12)On considering the objections received under sub-regulation (11), the resolution professional shall issue the final list of prospective resolution applicants within ten days of the last date for receipt of objections, to the committee.]
