Circular on Filing of list of stakeholders
Circular on Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the IBBI (Liquidation Process) Regulations, 2016
The Insolvency and Bankruptcy Code read with the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Process Regulations) require that the liquidator shall verify every claim as on the liquidation commencement date, and thereupon
prepare a list of stakeholders, with specified details. The list of stakeholders shall be filed with the Adjudicating Authority and the same may be modified, with its approval. The list of stakeholders shall, inter-alia, be displayed on the website, if any, of the corporate debtor.
- Clause (d) of sub-regulation (5) of regulation 31 of the Liquidation Process Regulations inserted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021 requires that the liquidator shall file the list of stakeholders on the electronic platform of the Board for dissemination on its website. The purpose of this requirement is to improve transparency and enable stakeholders to ascertain the details of their claims at a central platform. This requirement is applicable to every liquidation process (a) ongoing as on the date of notification of Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021, and (b) commencing on or after the said date.
- In pursuance of the above, the Board has made available an electronic platform at http://www.ibbi.gov.in for filing of list of stakeholders as well as updating it thereof. The platform permits multiple filings by the liquidator as and when the list of stakeholders is updated by him. The format of list of stakeholders, as finalised in consultation with the insolvency professional agencies, is placed as Annexure.
- The insolvency professionals are directed to file the list of stakeholders of the respective corporate debtor under liquidation and modification thereof, in the aforesaid format, within three days of the preparation of the list or modification thereof, as the case may be. The filings due as on the date of circular shall be filed within 15 days of this circular.
- The insolvency professionals are further advised to use the aforesaid format for filing the list of stakeholders with the Adjudicating Authority under sub-regulation (2) of regulation 31 of the Liquidation Process Regulations.
- This Circular is issued in exercise of the powers under clause (aa) of sub-section (1) of section 196 of the Insolvency and Bankruptcy Code, 2016.
