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Section 40A in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
40A. [ Model time-line for corporate insolvency resolution process. [Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).]
- The following Table presents a model timeline of corporate insolvency resolution process on the assumption that the interim resolution professional is appointed on the date of commencement of the process and the time available is hundred and eighty days:| Section /Regulation | Description of Activity | Norm | Latest Timeline |
| Section 16(1) | Commencement of CIRP and appointment of IRP | …. | T |
| Regulation 6(1) | Public announcement inviting claims | Within 3 Days of Appointment of IRP | T+3 |
| Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) | Submission of claims | For 14 Days from Appointment of IRP | T+14 |
| Regulation 12(2) | Submission of claims | Up to 90th day of commencement | T+90 |
| Regulation 13(1) | Verification of claims received under regulation12(1) | With 7 days from the reciept of the claim | T+21 |
| T+97 | |||
| Regulation 13(2) | Verification of claims received under regulation12(2) | ||
| Section 21(6A) (b)/ Regulation 16A | Application for appointment of AR | Within 2 days from verification of claimsreceived under regulation 12(1) | T+23 |
| Regulation 17(1) | Report certifying constitution of CoC | T+23 | |
| Section 22(1) /Regulation 19(1) | 1st meeting of the CoC | Within 7 days of the constitution of the CoC,but with seven days’ notice | T+30 |
| Section 22(2) | Resolution to appoint RP by the CoC | In the first meeting of the CoC | T+30 |
| Section 16(5) | Appointment of RP | On approval by the AA | …… |
| Regulation 17(3) | IRP performs the functions of RP till the RP isappointed. | If RP is not appointed by 40th day ofcommencement | T+40 |
| Regulation 27 | Appointment of valuer | Within 7 days of appointment of RP, but notlater than 40th day of commencement | T+47 |
| Section 12(A) / Regulation 30(A) | Submission of application for withdrawal ofapplication admitted | Before issue of EoI | w |
| CoC to dispose of the application | Within 7 days of its receipt or 7 days ofconstitution of CoC, whichever is later. | w+7 | |
| Filing application of withdrawal, if approved byCoC with 90% majority voting, by RP to AA | Within 3 days of approval by CoC | W+10 | |
| Regulation 35A | RP to form an opinion on preferential and othertransactions | Within 75 days of the commencement | T+75 |
| RP to make a determination on preferential andother transactions | Within 115 days of commencement | T+115 | |
| RP to file applications to AA for appropriaterelief | Within 135 days of commencement | T+135 | |
| Regulation 36 (1) | Submission of IM to CoC | Within 2 weeks of appointment of RP, but notlater than 54th day of commencement | T+54 |
| Regulation 36A | Publish Form G | Within 75 days of commencement | T+75 |
| Invitation of EoI | |||
| Submission of EoI | At least 15 days from issue of EoI (Assume 15days) | T+90 | |
| Provisional List of RAs by RP | Within 10 days from the last day of receipt ofEoI | T+100 | |
| Submission of objections to provisional list | For 5 days from the date of provisional list | T+105 | |
| Final List of RAs by RP | Within 10 days of the receipt of objections | T+115 | |
| Regulation 36B | Issue of RFRP, including Evaluation Matrix andIM | Within 5 days of the issue of the provisionallist | T+105 |
| Receipt of Resolution Plans | At least 30 days from issue of RFRP (Assume 30days) | T+135 | |
| Regulation 39(4) | Submission of CoC approved Resolution Plan to AA | As soon as approved by the CoC | T+165 |
| Section 31(1) | Approval of resolution pnla by AA | T+180 |