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TaxTMI 
TaxTMI 
Retention of records relating to Corporate Insolvency Resolution Process
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....ognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Sub: Retention of records relating to Corporate Insolvency Resolution Process The Insolvency and Bankruptcy Code, 2016 (Code) read with various Regulations require an insolvency professional (IP) to maintain several recor....
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....s, 2017 (Inspection Regulations) provides that the Board may conduct inspection, inter alia, to ensure that the records are being maintained by an IP in the manner required under the relevant regulations. Sub-regulation (2) of regulation 4 and sub-regulation (2) of regulation 8 of the Inspection Regulations empower the Inspecting Authority / Investigating Authority to direct the IP to submit recor....
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....all preserve - (a) an electronic copy of all records (physical and electronic) for a minimum period of eight years, and (b) a physical copy of physical records for minimum period of three years, from the date of completion of the CIRP or the conclusion of any proceeding relating to the CIRP, before the Board, the Adjudicating Authority (AA), Appellate Authority or any Court, whichever is lat....
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.... CoC meetings; f. claims, verification of claims, and list of creditors; g. engagement of professionals, registered valuers, and insolvency professional entity, including work done, reports etc., submitted by them; h. information memorandum; i. all filings with the AA, Appellate Authority and their orders; j. invitation, consideration and approval of resolution plan; k. statutory filin....