Filing of creditor list on central electronic platform required to enhance transparency and enable stakeholder claim verification.
The circular requires the interim resolution professional or resolution professional to file, maintain and update the list of creditors on the IBBI electronic platform under clause (ca) of sub regulation (2) of regulation 13 of the CIRP Regulations, 2016, for dissemination on the Board's website. The obligation applies to CIRPs ongoing as on 13 November 2020 and to those commencing thereafter. The Board's website provides for multiple filings and the circular annexes prescribed formats and category wise templates specifying identification, claim details, admitted amounts, security or guarantee coverage, related party status and voting share details.

Serving copy of application to the Board required; online submission issues an acknowledgement to be quoted when filing.
Applicants initiating corporate insolvency resolution must serve a copy of the application on the Insolvency and Bankruptcy Board of India prior to filing with the Adjudicating Authority. The Board's website provides an online submission facility using the Annexure A format and Annexure B guide; applicants upload a scanned PDF of the application and, on submission, receive an acknowledgement ID which must be quoted when filing and for all references with the Board.

Advisory Committee reconstitution: committee to advise on corporate insolvency resolution and liquidation and support Board functions.
The Board reconstitutes the Advisory Committee on Corporate Insolvency and Liquidation by appointing a Chairperson and members from banking, industry, credit information, rating, stock exchange, legal and insolvency professional sectors. Three named members have terms expiring on a near-term date; other members serve three-year terms from the order date. The Committee is charged to advise and provide professional support to the Board, on request or on its own motion, concerning corporate insolvency resolution and liquidation matters under the Code. A General Manager is designated Secretary to the Committee.

Independent director eligibility clarified: promoter members cannot serve as independent directors and RVOs must reconstitute boards.
The Authority clarifies that members of a promoter organisation-shareholder members of a promoter company, trustees of a promoter trust/association, or professional members of a promoter professional body-shall not be regarded as independent directors of a Registered Valuer Organisation; RVOs whose Governing Board composition does not reflect this clarification are required to reconstitute their Governing Board within three months.

Online delivery of valuation education permitted temporarily for registered valuer organisations, relaxing classroom delivery requirement.
Rule 12 of the Companies (Registered Valuers and Valuation) Rules, 2017 requires RVOs to deliver educational courses and continuing education per the Authority syllabus, previously specified as not less than fifty classroom hours. Due to COVID 19 advisories, the Authority permits that educational courses completed online and continuing education undertaken online by Registered Valuer Organisations be treated as valid and encourages RVOs to deliver these programmes online. The dispensation is available until 30th September 2020.

Pre-registration educational course acceptance: online completion permitted for insolvency professional registration, subject to specified submission deadlines.
The Board permits pre-registration educational courses delivered online to qualify as meeting the eligibility requirement for registration as an insolvency professional, endorsing online delivery by insolvency professional agencies and linking acceptance to completion of the online course by the prescribed cut off and submission of the registration application to the Board by the prescribed submission cut off.

Modification of CIRP Forms permitted via online platform; fee waived for an initial period, IPs must ensure accuracy and timeliness.
Feature enables online modification of CIRP Forms (including IP-1) by an insolvency professional under regulation 40B. Sub-regulation (3) requires accuracy and completeness of filed Forms; sub-regulation (4) permits correction or updating by submitting a modified Form on the platform on payment of the applicable fee. The Board has enabled this platform feature and has waived the modification fee until 31st March, 2020. Insolvency professionals are advised to exercise due care and diligence in submissions and file Forms in time to avoid non-compliance consequences.

Transfer of membership regulated by prescribed RVO and Board procedures, with timelines, fees and mandatory email communications.
Transfer of membership between RVOs and transfer by Registered Valuers are governed by a structured procedure: applicants must submit prescribed documents and a capped transfer fee; RVO-1 must issue a no-objection or notify deficiencies within a fixed period, failing which no-objection is deemed; rectified applications trigger the same response timeline or deemed no-objection; RVO-2 processes enrolment per the Rules and notifies RVO-1 and the Board, after which membership in RVO-1 ceases.