Serving of copy of applications to the Board, as mandated under Rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as amended vide notification No. G.S.R. 583(E) dated 24th September, 2020 published in the Gazette of India, Part II, Section 3, Sub-section (i), No. 474 dated 24th September, 2020 obligates an applicant to provide a copy of the application for initiating corporate insolvency resolution process (CIRP) against a corporate debtor, inter alia, to the Board, before filing the same with the Adjudicating Authority.
- Accordingly, for convenience of applicants, the Board has made available a facility on its website at https://ibbi.gov.in/en/intimation-applications/apply-iaa for serving a copy of the application online to the Board vide Circular No. IBBI/IU/35/2020 dated 29th October 2020.
- Recently, IBBI has, vide Circular No. IBBI/IU/51/2022 dated 15th June 2022 decided to forward all the applications received for initiating insolvency to the Information Utility (IU) and, the IU is required to (a) inform other creditors of the CD by sharing the application; (b) issue notice to the applicant, requiring it to file ‘information of default’ as per IU Regulations; and (c) process the ‘information of default’ for the purpose of issuing ROD as per the IU.
- Accordingly, to ensure filing of authentic information with the Board and further enable Board to share information relating to the application for initiation of CIRP with the IU efficiently, the format has been revised. The revised format is at Annexure A. A step-by-step guide for submission of the application is at Annexure B. On submission of the application online, the applicant shall get an acknowledgment. The applicants are encouraged to avail of this facility.
- The provisions of this circular shall supersede IBBI’s Circular No. IBBI/IU/35/2020 dated 29th October 2020. This is issued in exercise of the powers under clause (k) of sub-section (1) of section 196 of the Insolvency and Bankruptcy Code, 2016.
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