TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021
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....d insolvency resolution process under section 54C; (b) "class of creditors" means a class with at least ten financial creditors under clause (b) of sub-section (6A) of section 21 and the expression, "creditors in a class" shall be construed accordingly; (c) "Code" means the Insolvency and Bankruptcy Code, 2016; (d) "committee" means the committee of creditors constituted under section 54I; (e) "electronic form" shall have the meaning assigned to it in the Information Technology Act, 2000 (21 of 2000); (f) "electronic means" means an authorised and secured computer programme which is capable of producing confirmation of sending communication to the participant entitled to receive such communication at the latest electronic mail address as made available by such participant and keeping record of such communication; (g) "fair value" means the estimated realisable value of the assets of the corporate debtor, if they were to be exchanged on the pre-packaged insolvency commencement date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had acted knowledgeably, prudently and without compulsion; (h) "Form" means....
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....section 50 where the terms- (a) require the corporate debtor to make exorbitant payments in respect of the credit provided; or (b) are unconscionable under the principles of law relating to contracts. 6. Pre-packaged insolvency resolution process costs. For the purposes of sub-clause (e) of clause (23C) of section 5, pre-packaged insolvency resolution process costs shall mean- (a) fee payable to authorised representative under sub-regulation (5) of regulation 34; (b) out of pocket expenses of authorised representative for discharge of his functions under section 25A; and (c) any other cost directly relating to the process and approved by the committee. CHAPTER III RESOLUTION PROFESSIONAL 7. Eligibility for resolution professional. (1) Subject to consent in Form P1, an insolvency professional shall be eligible to be appointed as an interim resolution professional or resolution professional, as the case may, if he, and all partners and directors of the insolvency professional entity of which he is a partner or director, are independent of the corporate debtor. Explanation.- A person shall be considered independent of the corporate debtor, if he- (a) is eligible to ....
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....n concerned; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the five years preceding the pre-packaged insolvency commencement date; (d) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director; or (e) a relative of the resolution professional or of a partner or director of the insolvency professional entity of which the resolution professional is a partner or director. 11. Disclosure of costs. (1) A resolution professional shall make disclosures at the time of his appointment and, thereafter, in accordance with the code of conduct as set out in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. (2) The resolution professional shall disclose item wise process costs in such manner as may be required by the Board. 12. Preservation of records. The resolution professional shall preserve a physical as well as an electronic copy of the records relating to the process of the corporate debtor as per the record retention schedule, as may be required by the Board in consultation with insolvency professional agencies. 13.....
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.... class ascertained under sub-regulation (1) in the committee, identify three insolvency professionals who are- (a) not relatives or related parties of the applicant or the resolution professional; (b) having their addresses, as registered with the Board, in the State or Union territory, as the case may be, which has the highest number of creditors in the class as per their addresses in the records of the corporate debtor: Provided that where such State or Union territory does not have adequate number of insolvency professionals, the insolvency professionals having addresses in a nearby State or Union territory, as the case may be, shall be considered; (c) eligible to be appointed under regulation 7; and (d) willing to act as authorised representative of creditors in the class; (iii) obtain the consent of the insolvency professionals identified under sub-regulation (2) to act as the authorised representative of creditors in the class in Form P5; (iv) seek choice of the creditors in the class for an insolvency professional, who has consented under sub-regulation (3): Provided that the creditors shall communicate their choice to the resolution professional within three....
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....r for substantiating the whole or part of its claim. (6) The resolution professional shall consider every objection received under sub-regulation (4) and modify the claim of the creditor, if required. (7) A creditor shall update its claim, as and when the claim is satisfied, partly or fully, from any source in any manner, after the pre-packaged insolvency commencement date. (8) The resolution professional shall maintain a list of claims in Form P10 and update it as and when required. (9) Form P10 shall be - (a) available for inspection by the creditors, members, partners, directors and guarantors of the corporate debtor; (b) displayed on the website, if any, of the corporate debtor; (c) filed with the Board on electronic platform; and (d) presented at the meetings of the committee, as and when updated. 21. Determination of amount of claim. (1) Where the amount of claim of a creditor is not precise due to any contingency or other reason, the resolution professional shall make the best estimate of the amount of the claim based on the information available with him. (2) The resolution professional shall revise the amount of claims confirmed, including the estimates of c....
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....egulation 25, as the case may be, and its members shall have the same rights, powers, duties and obligations as a committee comprising financial creditors and its members. 26. Change in committee. Any change in the composition of committee of creditors shall be intimated to all the members of the committee within two days of such change. CHAPTER VII MEETINGS OF THE COMMITTEE 27. Meetings of the committee. (1) A resolution professional may convene a meeting of the committee as and when he considers necessary. (2) A resolution professional shall convene a meeting, if a request to that effect is made by members of the committee representing thirty-three per cent of voting share. 28. Notice for meetings of the committee. (1) A meeting of the committee shall be convened by giving not less than three days' notice in writing to every participant, at the address provided to the resolution professional by the creditor. (2) The committee may reduce the notice period from three days to such other period of not less than twenty-four hours, as it deems fit: Provided that the committee may reduce the period to such other period of not less than forty-eight hours if there is any autho....
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....a related party of the corporate debtor: Provided that such participant shall inform the resolution professional, in advance of the meeting, of the identity of the representative who will attend and vote at the meeting on its behalf and shall forward an authorisation in favour of the representative. (3) The notice of the meeting shall contain the following:- (a) a list of the matters to be discussed at the meeting; (b) a list of the issues to be voted upon at the meeting; and (c) copies of all documents relevant to the matters to be discussed and the issues to be voted upon at the meeting. (4) The notice of the meeting shall- (a) state the process and manner for voting by electronic means and the time schedule, including the time period during which the votes may be cast; (b) provide the login ID and the details of a facility for generating password and for keeping security and casting of vote in a secure manner; and (c) provide contact details of the person who will address the queries connected with the electronic voting. 31. Quorum. (1) A meeting of the committee shall quorate if members of the committee representing at least thirty three percent of the voting ....
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....(1) The resolution professional shall act as the chairperson of meetings of the committee. (2) At the commencement of a meeting, the resolution professional shall take a roll call of every participant attending the meeting at the venue or participating through video conferencing or other audio and visual means and shall state, for record, the following: - (a) his name; (b) whether he is attending in the capacity of a member of the committee or any other participant; (c) whether he is representing a member or group of members; (d) the location from where he is participating; (e) that he has received the agenda and all the relevant material for the meeting; and (f) that no one other than him is attending or has access to the proceedings of the meeting at the location of that person. (3) After the roll call, the resolution professional shall inform the participants of the names of all persons who are present for the meeting and confirm if the required quorum is complete. (4) The resolution professional shall ensure that the required quorum is present throughout the meeting. (5) From the commencement of the meeting till its conclusion, no person other than the participa....
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....2) The resolution professional shall take a vote of the members of the committee present in the meeting, on any item listed for voting after discussion on the same. (3) At the conclusion of a vote at the meeting, the resolution professional shall announce the decision taken by the members present in the meeting, on items along with the names of the members of the committee who voted for or against the decision or abstained from voting. (4) The resolution professional shall- (a) circulate the minutes of the meeting by electronic means to all members of the committee and authorised representative, within twenty-four hours of the conclusion of the meeting; and (b) seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting system in accordance with regulation 37 where the voting shall be kept open for at least twenty-four hours from the circulation of the minutes. (5) The authorised representative shall circulate the minutes of the meeting received under sub-regulation (4) to creditors in a class and announce the voting window at least twenty-four hours before the window opens for voting instructions and keep the voting wind....
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.... (a) a related party of the corporate debtor; (b) an auditor of the corporate debtor at any time during the five years preceding the pre-packaged insolvency commencement date; (c) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director; or (d) a relative of the resolution professional or of a partner or director of the insolvency professional entity of which the resolution professional is a partner or director. 39. Fair value and liquidation value. (1) Fair value and liquidation value shall be determined in the following manner:- (a) the registered valuers appointed under regulation 38 shall submit to the resolution professional an estimate of the fair value and of the liquidation value computed in accordance with internationally accepted valuation standards, after physical verification of the inventory and fixed assets of the corporate debtor; (b) the average of the value determined by the two registered valuers shall be considered the fair value or the liquidation value, as the case may be. (2) After the receipt of resolution plans in accordance with the Code and these Regulations, the resolution pro....
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....ndertaking from a member of the committee to the effect that such member or resolution applicant 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. (4) A member of the committee may request the resolution professional or corporate debtor for further information of the nature described in this regulation and the resolution professional or the corporate debtor, as the case may be, shall provide such information to all members within reasonable time if such information has a bearing on the resolution plan. 41. Preferential and other transactions. (1) On or before the thirtieth day of the pre-packaged insolvency commencement date, the resolution professional shall form an opinion whether the corporate debtor has been subjected to any transaction covered under sections 43, 45, 50 or 66. (2) Where the resolution professional is of the opinion that the corporate debtor has been subjected to any transactions covered under sections 43, 45, 50 or 66, he shall make a determination on or before the forty-fifth day of the prepackaged insolvency commencement date, under intimation to the Boa....
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.... is not significantly better than 'A'. Illustration 2 The committee may consider a resolution plan to be significantly better than another resolution plan, if the score of the former is higher than that of the latter by 5 per cent. Where resolution plans 'A' and 'B' have scores of 100 and 107 respectively, 'B' is significantly better than 'A'. Where resolution plans 'A' and 'B' have scores of 100 and 104 respectively, 'B' is not significantly better than 'A'. (iii) "tick size" means minimum improvement over another resolution plan in terms of score, as approved by the committee and disclosed in the invitation for resolution plans. Illustration 1 On the basis for evaluation, resolution plans 'A' and 'B' have scores of 105 and 108, respectively. Resolution applicant of 'A' may wish to improve 'A' over 'B'. It must improve 'A' such that the score of 'A' exceeds that of 'B' at least by tick size. If tick size is 5, resolution applicant of 'A' must improve 'A' such that the score of 'A' is at least 108 + 5 = 113. Illustration 2 In the example under Illustration 1, if tick size is 5 per cent., resolution applicant of 'A' must improve 'A' such that the score of 'A' is at least 108 ....
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.... in relation to one or more variables such as the term of the resolution plan, amount payable to creditors under the resolution plan, etc. 44. Resolution plan. A resolution plan shall provide for the measures, as may be necessary, for maximisation of value of its assets, including the following:- (a) transfer of all or part of the assets of the corporate debtor to one or more persons; (b) sale of all or part of the assets whether subject to any security interest or not; (c) restructuring of the corporate debtor, by way of merger, amalgamation and demerger; (d) the substantial acquisition of shares of the corporate debtor; (e) cancellation or delisting of any shares of the corporate debtor, if applicable; (f) satisfaction or modification of any security interest; (g) curing or waiving of any breach of the terms of any debt due from the corporate debtor; (h) reduction in the amount payable to the creditors; (i) extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor; (j) amendment of the constitutional documents of the corporate debtor; (k) issuance of securities of the corporate debtor, for cash, proper....
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....the Code and these Regulations to the resolution professional through electronic means within the time given in the invitation for resolution plan. (2) A resolution plan which does not comply with the provisions of sub-regulation (1) shall be rejected. 47. Evaluation of resolution plans. (1) The resolution plans received under regulation 46, which comply with the requirements of the Code and these Regulations, shall be evaluated on the basis for evaluation. (2) The resolution plan which gets the highest score under sub-regulation (1) shall be selected for competition with the base resolution plan. 48. Approval of resolution plan. (1) The resolution plan selected under regulation 47 shall be considered by the committee for approval, if it is significantly better than the base resolution plan. (2) Where no resolution plan is received under regulation 46, which complies with the requirements of the Code and these Regulations, the base resolution plan may be considered by the committee for approval. (3) In cases not covered under sub-regulations (1) and (2), the resolution professional shall disclose the scores of the resolution plan selected under regulation 46 and the base re....
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.... debtor or in a fraudulent manner. (2) The corporate debtor shall not undertake any of the following actions without obtaining prior approval of the committee, namely:- (a) transaction above a threshold as decided by the committee; and (b) any other matter as decided by the committee and not covered under section 28. (3) The corporate debtor in consultation with the resolution professional shall prepare a monthly report and forward it to the members of the committee with the following details:- (a) details of legal proceedings having a material impact on the business of the corporate debtor; (b) details of key contracts executed during the reporting period; and (c) any other relevant matter(s) that may have a material impact on the business of the corporate debtor. (4) The resolution professional may- (a) call for information related to operations of the corporate debtor, including payments made; (b) visit premise(s) of the corporate debtor; (c) inspect the assets of the corporate debtor; (d) call for information related to compliances applicable to the corporate debtor and its status; (e) ask for details related to litigation initiated by or against corporat....
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....plicable provisions of the Code and the Regulations. d. I shall make the disclosures in accordance with the code of conduct for insolvency professionals set out in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Date: Place: (Signature of the insolvency professional) Registration No.________ Authorisation for assignment (AFA)No. ______ Date of expiry of AFA________ (Name in block letters) (Name of insolvency professional entity, if applicable) FORM P2 LIST OF CREDITORS OF [NAME OF CORPORATE DEBTOR] (Under regulation 14 of the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021) AS ON [DATE] (Amount in ₹) List of financial creditors (unrelated) I II III IV Sl. No. Name of creditor Amount of claim % of claim 1 2 3 List of financial creditors (related) Sl. No. Name of creditor Amount of claim % of claim 1 2 3 List of operational creditors (unrelated) Sl. No. Name of creditor Amount of claim % of claim 1 2 3 List of operational creditors (related) Sl. No. Name of creditor Amount of claim % of claim 1 2 3 List of o....
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.... / assenting creditor(s) mentioned in Table in para 5. [Name of creditor] (Signature) [NAME IN BLOCK LETTERS] [Designation] *Debt means aggregate financial debt owed to the financial creditors who are not related parties of the corporate debtor. (Please modify the form suitably where the creditors are operational creditor(s)) FORM P4 APPROVAL FOR INITIATING PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS OF [NAME OF CORPORATE DEBTOR] (Under regulation 14(7) of the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021) 1. The meeting of financial creditors, who are not related parties of the corporate debtor, was held on [date of meeting] at [time of meeting] at [venue of meeting] for approving the initiation of pre-packaged insolvency resolution process in respect of [Name of corporate debtor]. 2. Following document(s) was/were enclosed with the notice of said meeting:- a. list of creditors in Form P2; b. copy of declaration by members/partners in Form P6; c. copy of members' special resolution or partners' resolution, as the case may be; d. base resolution plan; and e. other relevant information or document, if any.....
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....cy Professional Agency. b. I do not suffer from any disability to act as an authorised representative. c. I shall not canvass with the creditors to indicate their choice in my favour. Date: Place: (Signature of the insolvency professional) Registration No.________ Authorisation for assignment (AFA) No. ________ Date of expiry of AFA________ (Name in block letters) (Name of insolvency professional entity, if applicable) FORM P6 DECLARATION BY DIRECTOR/PARTNERS (Under regulation 16(1) of the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021) [Date] To The Adjudicating Authority [ ________ Bench] Subject: Declaration for initiating pre-packaged insolvency resolution process in respect of [name of corporate debtor]. We,- Sl. No. Name and Designation Director Identification Number Address I II III IV 1 2 3 representing majority among the directors/partners of the [name of the corporate debtor] "Corporate Debtor") having [Identification Number] and having registered office at [Address], declare and affirm as under:- i. The corporate debtor shall file an application for initiating pre-packaged inso....
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....volved (in Rs.) Remarks, if any I II III IV V 1 2 3 A note providing detail(s) of above-mentioned transaction(s) along-with relevant document(s) is enclosed as Annexure-A. Place: Date: (Signature) Name Designation DIN Address FORM P8 REPORT OF THE INSOLVENCY PROFESSIONAL (Under regulation 17 of the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021) I [name of insolvency professional], proposed for appointment as resolution professional of [name of corporate debtor] in respect of pre-packaged insolvency resolution process of [name of corporate debtor] hereby declare and affirm as under:- 1. I have sought and obtained all the information and explanations which to the best of my knowledge and belief are necessary for the purposes of preparation of report under section 54B of the Insolvency and Bankruptcy Code, 2016 (Code) and Regulations thereunder. 2. I have examined the relevant documents and information required to ascertain the status of the corporate debtor and I hereby confirm that [name of corporate debtor] is a micro/ small/medium enterprise under sub-section (1) of section 7 of the Micro, Small and M....
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....___Bench has ordered for the commencement of prepackaged insolvency resolution process for [name of the corporate debtor] on [pre-packaged insolvency commencement date]. RELEVANT PARTICULARS I II III 1 Name of corporate debtor 2 Former name(s), if changed in last two years 3 Date of incorporation of corporate debtor 4 Authority under which corporate debtor is incorporated / registered 5 Identification number 6 Address of the registered office and principal office (if any) of corporate debtor 7 Pre-packaged insolvency commencement date 8 Name and registration number of the resolution professional 9 Address and e-mail of the resolution professional, as registered with the Board 10 Address and e-mail to be used for correspondence with the resolution professional 11 List of claims shall be made available from [insert date] at: (Signature) Name and of resolution professional: Date: Place: FORM P10 LIST OF CLAIMS (Under regulation 20 of the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021) As on________________ (Amount in ₹) Sl. No. Category of creditor Summary of claims Amount of continge....
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....rate debtor: …………… Date of commencement of PPIRP:….. List of creditors as on: ……………………… List of secured financial creditors (other than financial creditors belonging to any class of creditors) (Amount in ₹) Sl. No. Name of creditor Identification No. Details of claims Amount of contingent claim Amount of any mutual dues, that may be set- off Remarks, if any Amount of claim Nature of claim Amount covered by security interest Amount covered by guarantee Whether related party. % of voting share in committee I II III IV V VI VII VIII IX X XI XII 1 2 3 Annexure - 4 Name of the corporate debtor: …………… Date of commencement of PPIRP:………. List of creditors as on: ……………………… List of unsecured financial creditors (other than financial creditors belonging to any class of creditors) (Amount in ₹) Sl. No. Name of creditor Identification No. Details of claims Amount of contingent claim Amount of any mutual dues, ....
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....perational creditors (Other than Workmen and Employees and Government dues) (Amount in ₹) Sl.No. Name of creditor Identification No. Details of claim Amount of contingent claim Amount of any mutual dues, that may be set-off Remarks, if any Amount of claim Nature of claim Amount covered by security interest Amount covered by guarantee Whether related party. % of voting share in committee I II III IV V VI VII VIII IX X XI XII 1 2 3 Annexure - 9 Name of the corporate debtor: …………… Date of commencement of PPIRP:………. List of creditors as on: ……………………… List of other creditors (Other than financial creditors and operational creditors) (Amount in₹) Sl.No. Name of creditor Identification No. Details of claim Amount of contingent claim Amount of any mutual dues, that may be set- off Remarks, if any Amount of claim Nature of claim Amount covered by security interest Amount covered by guarantee Whether related party. I II III IV V VI VII VIII IX X XI 1 2 3 FORM P11 INVITATION FOR RESOLUTION PLANS Unde....
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....9 Date of invitation of resolution plans from third party resolution applicant, if applicable 10 Date of inviting corporate debtor to improve its resolution plan, if applicable 11 Date of issue of invitation for resolution plan (if applicable) 12 Last date of submission of resolution plan 13 Date of approval of resolution plan by committee 14 Date of filing of resolution plan with Adjudicating Authority 15 Date of expiry of one hundred and twenty days of PPIRP 16 Fair value 17 Liquidation value 18 Number of meetings of committee held 3. I have examined the resolution plan received from corporate debtor/third party resolution applicant (………………………………..) and approved by the committee of [Name of the corporate debtor]. 4. I hereby certify that- a. the said resolution plan complies with all the provisions of the Insolvency and Bankruptcy Code 2016 (Code), the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 and does not contravene any of the provisions of the law for the time being in force. b. the corporate debtor/third p....
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....Debtor (b) Other than (a) above - (i) Government (ii) Workmen (iii) Employees (iv) ……… Total[(a) + (b)] 4 Other debts and dues Grand Total *If there are sub-categories in a category, please add rows for each sub-category. # Amount provided over time under the resolution plan and includes estimated value of non-cash components. It is not Net Present Value. 8. The interests of existing shareholders have been altered by the resolution plan Sl.No. Category of shareholder No. of shares held before PPIRP No. of shares held after the PPIRP Voting share (%) held before PPIRP Voting share (%) held after PPIRP I II III IV V VI 1 Equity 2 Preference 3 9. The compliance of the resolution plan Section of the Code / regulation No. Requirement with respect to resolution plan Clause of resolution plan Compliance (Yes / No) I II III IV section 29A Whether the resolution applicant is eligible to submit resolution plan as per final list of Resolution Professional or Order, if any, of the Adjudicating Authority. (whereas applicable) Section 30 (1c) Whether the Resolution Applicant has submitted an affidavit stating that it is el....
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....termined by him. regulation 43(5) Provide details of performance security received, as referred to in sub-regulation (5) of regulation 43. section 54K Where the base resolution plan has been approved by committee,- (i) whether such resolution plan provides for impairment of any claims owed by the corporate debtor; (ii) if the base resolution plan provides for impairment of any claims owed by the corporate debtor, whether the such resolution plan provides for dilution of promoter shareholding or voting or control rights in the corporate debtor. If no, has the committee recorded the reasons for the same prior to approval of such base plan. 10. The time frame proposed for obtaining relevant approvals Sl. No. Nature of approval Name of applicable law Name of authority who will grant approval When to be obtained I II III IV V 1 2 3 11. The resolution plan is not subject to any contingency; or the resolution plan is subject to the following contingencies (Elaborate the contingencies):- i…………………………………………………………&hell....
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....had filed an application bearing [particulars of application, having, [diary number/ case number] on [date of filing] before the Adjudicating Authority under [under section 54C,] of the Insolvency and Bankruptcy Code, 2016. The said application was admitted by the Adjudicating Authority on [date] bearing [case number]. 2. The committee of creditors has, in its meeting held on _______________, decided to terminate the aforementioned pre-packaged insolvency resolution process filed by the [name of the corporate debtor] under sub-section (2) of section 54N. OR No resolution plan was submitted within the period permitted for approval of resolution plan under sub-section (3) of section 54D. OR The resolution plan selected under sub-section (11) of section 54K has not been approved by the committee of creditors under sub-section (12) of section 54K {strike off the part which is not relevant} 3. I hereby attach the report of termination of the pre-packaged insolvency resolution process. (Signature) Name of the resolution professional: IP Registration No: Address as registered with the Board: Email Id as registered with the Board: Date: Place: FORM P14 APPLICATION FOR VESTING....