TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021
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....lication for initiation of pre-packaged 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, p....
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....ity. 5. Extortionate credit transaction. A transaction shall be considered extortionate under sub-section (2) of 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 partn....
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....n professional may appoint a professional under clause (e) of sub-section (3) of section 54F: Provided that the following persons shall not be appointed as a professional, namely:- (a) a person who is not registered with the regulator of the profession 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. Pre....
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....f operational creditors, who are not related parties of the corporate debtor and provisions of sub-regulations (1) to (7) shall mutatis mutandis apply. 15. Choice of authorised representative. On examination of Form P2, the resolution professional shall- (i) ascertain class(es) of creditors, if any; (ii) for representation of creditors in a 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; ....
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....ble on record, the resolution professional shall confirm the details received in Form P10. (3) The resolution professional shall inform every creditor regarding its claims, as confirmed by him, and seek objections, if any. (4) A creditor may submit objection along with supporting documents to the resolution professional within seven days from the receipt of communication under sub-regulation (3). (5) The resolution professional may call for such other evidence or clarification as he deems fit from a creditor 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....
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.... this regulation shall have voting rights in proportion of the debt due to such creditor or debt represented by such representative, as the case may be, to the total debt. Explanation.- For the purposes of this sub-regulation, 'total debt' is the sum of- (a) the amount of debt due to the creditors listed in clause (a) of sub-regulation (1); (b) the amount of the aggregate debt due to workmen under clause (b) of sub-regulation (1); and (c) the amount of the aggregate debt due to employees under clause (c) of sub-regulation (1). (3) A committee formed in accordance with regulation 24 or regulation 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 con....
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....sional, the non-receipt of such notice by such participant of any meeting shall not invalidate the decisions taken at such meeting. 30. Contents of the notice for meeting. (1) The notice shall inform the participants of the venue, the time and date of the meeting and of the option available to them to participate through video conferencing or other audio and visual means and shall also provide all the necessary information to enable participation through video conferencing or other audio and visual means. (2) The notice of the meeting shall provide that a participant may attend and vote in the meeting either in person or through a representative, who is not 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) c....
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....chanism as part of the records of the corporate debtor; and (e) to ensure that no person other than the intended participants attends or has access to the proceedings of the meeting through video conferencing or other audio and visual means: Provided that the persons, who are differently abled, may make a request to the resolution professional to allow a person to accompany them at the meeting. (4) Where a meeting is conducted through video conferencing or other audio and visual means, the scheduled venue of the meeting as set forth in the notice convening the meeting, which shall be in India, shall be deemed to be the place of the said meeting and all recordings of the proceedings at the meeting shall be deemed to be made at such place. 33. Conduct of meeting. (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) whet....
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.... in the following manner, namely:- Number of creditors in the class Fee per meeting of the committee (Rs.) 10-100 15,000 101-1000 20,000 More than 1000 25,000 (6) The authorised representative shall circulate the agenda to creditors in a class and may seek their preliminary views on any item in the agenda to enable him to effectively participate in the meeting of the committee: Provided that creditors shall have a time window of at least twelve hours to submit their preliminary views, and the said window opens at least twenty-four hours after the authorised representative seeks preliminary views: Provided further that such preliminary views shall not be considered as voting instructions by the creditors. 35. Voting by the committee. (1) Any action requiring approval of the committee shall be considered in the meetings of the committee. (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 pres....
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....ity procedures. (2) At the end of the voting period, the voting portal shall forthwith be blocked. (3) At the conclusion of a vote held under this regulation, the resolution professional shall announce and make a written record of the summary of the decision taken on a relevant agenda item 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 circulate a copy of the record made under sub-regulation (3) to all participants by electronic means within twenty-four hours of the conclusion of the voting. CHAPTER VIII VALUATION AND INFORMATION MEMORANDUM 38. Appointment of registered valuers. The resolution professional shall within three days of his appointment, appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor: Provided that the following persons shall not be appointed as registered valuers, namely:- (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; (....
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....e amounts of their claims and the security interest, if any, in respect of such claims; (e) particulars of a debt due from or to the corporate debtor with respect to related parties; (f) details of guarantees that have been given in relation to the debts of the corporate debtor by other persons, specifying which of the guarantors is a related party; (g) the names and addresses of the members or partners holding at least one per cent stake in the corporate debtor along with the size of stake; (h) details of all material litigation and an ongoing investigation or proceeding initiated by Government and statutory authorities; (i) the number of workers and employees and liabilities of the corporate debtor towards them; and (j) other information, which the corporate debtor or resolution professional deems relevant to the committee. (3) The resolution professional shall finalise the information memorandum with details under sub-regulation (2) and submit to members of the committee within fourteen days of the pre-packaged insolvency commencement after receiving an undertaking from a member of the committee to the effect that such mem....
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.... are 20, 25, and 30 respectively, the score of the resolution plan is 1.5 (20) + 2 (25) + 2.5 (30) = 155. It may apply these parameters in the form of a formula, namely, 2 Y + 2.5 Z, subject to X being not less than 20. Where the values of X, Y and Z are 20, 25, and 30 respectively, the score of the resolution plan is 2 (25) + 2.5 (30) = 125. Where the values of X, Y and Z are 15, 40, and 50 respectively, the resolution plan does not meet the minimum value of X and hence this plan will not be evaluated; (ii) "significantly better" in relation to resolution plan, means that the score of the resolution plan is higher than that of another resolution plan by a certain number or percentage, as approved by the committee and disclosed in the invitation for resolution plans. Illustration 1 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 10. Where resolution plans 'A' and 'B' have scores of 100 and 110 respectively, 'B' is significantly better than 'A'. Where resolution plans 'A' and 'B' have scores of 100 and 108 respectively, 'B' is not significantly better than '....
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....ion; (ii) basis for considering a resolution plan significantly better than another resolution plan; (iii) tick size; and (iv) the manner of improving a resolution plan; and (c) not require any non-refundable deposit for submission of or along with resolution plan. (5) The resolution professional shall require the resolution applicant, in case its resolution plan is approved under subsection (13) of section 54K, to provide a performance security within the time specified therein and such performance security shall stand forfeited if the resolution applicant of such plan, after its approval by the Adjudicating Authority, fails to implement or contributes to the failure of implementation of that plan in accordance with the terms of the plan and its implementation schedule. Explanation 1.- For the purposes of this sub-regulation, "performance security" shall mean security of such nature, value, duration and source, as may be specified in the invitation for resolution plans with the approval of the committee, having regard to the nature of resolution plan and business of the corporate debtor. Explanation 2.- A performance security may be spe....
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....ny time will render the resolution applicant ineligible to participate in any resolution process under the Code. (2) A resolution plan shall provide for- (a) the term of the plan and its implementation schedule; (b) the management and control of the business of the corporate debtor during its term; and (c) adequate means for supervising its implementation. (3) A resolution plan shall demonstrate that - (a) it addresses the cause of default; (b) it is feasible and viable; (c) it has provisions for its effective implementation; (d) it has provisions for approvals required and the timeline for the same; and (e) the resolution applicant has the capability to implement the resolution plan. (4) A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor. (5) The amount payable under a resolution plan - (a) to the operational creditors shall be paid in priority over financial creditors; and (b) to the financial creditors, who have a right to vote under sub-sectio....
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....s to use the option within the time specified in the invitation for resolution plans. (5) The process under sub-regulations (3) and (4) shall be completed within a time-window of forty-eight hours. (6) The resolution plan having higher score on completion of process of improvement under sub-regulation (4) shall be considered by the committee for approval. 49. Application to Adjudicating Authority. (1) Where a resolution plan is approved by the committee, the resolution professional shall submit an application, along with a compliance certificate in Form P12, to the Adjudicating Authority for approval. (2) The resolution professional shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and the resolution applicant. (3) The resolution professional shall, within seven days of the order of the Adjudicating Authority approving a resolution plan, intimate each claimant, the principle or formula, as the case may be, for payment of debts under such resolution plan. (4) Where no resolution plan is approved by the committee or where the committee has approved the termination of process, the re....
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.... of corporate debtor] 1. I, [name], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board. I have been proposed for appointment- (i) as the interim resolution professional under section 54O of the Insolvency and Bankruptcy Code, 2016 for corporate insolvency resolution process of [name of the corporate debtor]. OR (ii) resolution professional under sections 54A or 27 of the Insolvency and Bankruptcy Code, 2016 for the prepackaged insolvency resolution process of [name of the corporate debtor]. {strike off the part which is not relevant} 2. I hereby give consent to the proposed appointment. 3. I have the following processes in hand:- Sl. No. Role as Number of processes on the date of consent I II III 1 Interim Resolution Professional 2 Resolution Professional in- a. Insolvency resolution processes for corporate persons b. Pre-packaged insolvency resolution processes c. Insolvency resolution processes for individuals 3 Liquidator of- a. Liquidation Processes b. Voluntary Liquidation Processes ....
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....r Amount of claim % of claim 1 2 3 List of other creditors (related) Sl. No. Name of creditor Amount of claim % of claim 1 2 3 [For Corporate Applicant] (Signature) Name of person submitting information Relationship with corporate debtor FORM P3 APPROVAL OF TERMS OF APPOINTMENT OF RESOLUTION PROFESSIONAL (Under regulation 14(5) 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 proposing and approving the name of resolution professional for pre-packaged insolvency resolution process of [name of corporate debtor]. 2. The list of creditors in Form P2 was provided with the notice of said meeting. 3. The details of creditor(s) present in the said meeting are enclosed as Annexure-A. 4. [Name of creditor(s)], havin....
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....tors, 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. 3. The details of creditor(s) present in the said meeting are enclosed herewith as Annexure-A. 4. The following creditor(s) have approved the initiation of pre-packaged insolvency resolution process in respect of [name of corporate debtor]. Sl.No. Name of creditor(s) Amount of debt* Percent of debt* Vote Assent Dissent Abstain I II III IV V VI VII 1 2 3  ....
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.... 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 register....
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....rate debtor has not been subject to any transaction within the meaning and scope of Chapter III or Chapter VI of the Insolvency and Bankruptcy Code, 2016 (Code). OR ii. the corporate debtor has been subject to following transaction(s) within the meaning and scope of Chapter III or Chapter VI of the Code:- Sl.No. Transaction with Section (43/45/ 50/66) Amount involved (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 ....
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....uptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 and all other applicable provisions. Place: Date: (Signature) Name of insolvency professional Registration number *Debt means aggregate financial debt owed to the financial creditors who are not related parties of the corporate debtor. FORM P9 PUBLIC ANNOUNCEMENT (Under regulation 19(2) of the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021) FOR THE ATTENTION OF THE CREDITORS OF [NAME OF CORPORATE DEBTOR] Notice is hereby given that the Adjudicating Authority, ____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 of....
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....btor: ............... Date of commencement of PPIRP:.......... List of creditors as on: ........................... List of secured financial creditors belonging to any class of creditors (Amount in Rs.) 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-2 Name of the corporate debtor: .....
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....ed financial creditors (other than financial creditors belonging to any class of creditors) (Amount in Rs.) Sl. No. Name of creditor Identification No. Details of claims Amount of contingent claim Amount of any mutual dues, that may beset- off Remarks, if any Amount of claim Nature of claim Amount covered by guarantee Whether related party. % of voting share in committee I II III IV V VI VII VIII IX X XI 1 2 3 Annexure - 5 Name of the corporate debtor: ............... Date of commencement of PPIRP:......... List of creditors as on: ........................... List of operational creditors (Workmen) (Amount inRs.) Sl. No. Name of workman Identification ....
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.... 2 3 Annexure - 8 Name of the corporate debtor: ............... Date of commencement of PPIRP:.......... List of creditors as on: ........................... List of operational creditors (Other than Workmen and Employees and Government dues) (Amount in Rs.) 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 ....
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.... 6 Address of the registered office and principal office (if any) of corporate debtor 7 Pre-packaged insolvency commencement date 8 Date of invitation for resolution plans 9 Eligibility for resolution applicants 10 Norms of ineligibility applicable under section 29A 11 Basis for evaluation (including details related to significant improvement and tick size) 12 Manner of obtaining 'invitation of resolution plan', basis for evaluation (including details related to significant improvement and tick size), information memorandum and further information 13 &....
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....ty 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 bei....
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.... Unsecured Financial Creditors (a) Creditors not having a right to vote under sub-section (2) of section 21 (b) Other than (a) above - (i) who did not vote in favour of the resolution plan (ii) who voted in favour of the resolution plan Total[(a) + (b)] 3 Operational Creditors (a) Related Party of Corporate 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 p....
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....oard. regulation 45(5) Whether the amount due to the operational creditors under the resolution plan has been given priority in payment over financial creditors. regulation 45(4) Whether the resolution plan includes a statement as to how it has dealt with the interests of all stakeholders. regulation 45(1) (i) Whether the Resolution Applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any resolution plan approved under the Code. (ii) If so, whether the Resolution Applicant has submitted the statement giving details of such non-implementation. regulation 45(2) Whether the resolution plan provides for - (a) the term of the plan and its implementation schedule; (b) the management and control of the business of the corporate debtor during its term; (c) adequate means for supervising its implementation. regulation 45(3) Whether the resolution plan demonstrates that - (a) it addresses the cause of default; (b) it is feasible and viable; (c) it has provisions for its ....
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.... 14. Provide details of section 66 or avoidance application filed /pending, if any. Sl.No. Type of transaction Date of filing with Adjudicating Authority Date of order of the Adjudicating Authority Brief of the order I II III IV V 1 Preferential transactions under section 43 2 Undervalued transactions under section 45 3 Extortionate credit transactions under section 50 4 Fraudulent transactions under section 66 15. I (name of resolution professional (hereby certify that the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom. (Signature) Name of the resolution professional: IP Registration No: Address as registered with the Board: Email Id as registered with the Board: AA: Adjudicating Authority; Committee: Committee of Creditors; IFRP: Invitation for Resolution Plan; IM: Information Memorandum; PPIRP: Pre-packaged insolvency resolution process; RA: Resolution Applicant; RP: Resolution Professional. ....