Uploading of judicial orders related to insolvency proceedings
Uploading of judicial orders related to insolvency proceedings by Insolvency Professionals
Insolvency Professionals (IPs) have been uploading information related to the public announcement, claims, invitation for resolution plan and auction notice on the website of Insolvency and Bankruptcy Board of India (IBBI). Additionally, to enhance facilitation of various stakeholders, IBBI also hosts judicial orders passed by different courts and tribunals related to insolvency proceedings on its website at https://ibbi.gov.in/en/orders. It all forms part of facilitation of stakeholders in the IBC ecosystem.
- As IPs have the first-time access and information of all the important judicial orders affecting the processes handled by them under the Insolvency and Bankruptcy Code, 2016 (Code), it has been decided that the IPs shall upload below mentioned judicial orders pertaining to their respective assignments on their dashboard. This would also ensure that the important judicial orders which have significant impact on the ongoing processes under the Code are available for facilitation of stakeholders in a timely manner.
- Specifically, the IPs are directed to upload the following types of orders –
I. For NCLT / NCLAT, following category of orders are to be uploaded –
(a) Admission order
(b) Approval of Resolution plan order
(c) Closure of insolvency process through withdrawal u/s 12A / appeal/ review or settlement
(d) Stay of insolvency process
(e) Liquidation order
(f) Dissolution order
(g) Final order on preferential, undervalued, fraudulent, extortionate credit transaction and fraudulent and wrongful trading
(h) Any order having actionable point for IBBI
II. For Supreme Court and High Court, all orders are to be uploaded, where –
(a) Orders relate to categories for NCLT /NCLAT, as mentioned above;
(b) IBBI / Ministry of Corporate Affairs is a party; and
(c) the case deals with any important issues relating to vires, interpretation and applicability of the provisions of the Code, Rules and Regulations (please refer Circular No. IBBI/PROS/53/2022 dated 13th September 2022). - Accordingly, IPs are directed to regularly upload the aforesaid judicial orders pertaining to aforesaid categories in relation to their assignments. These orders shall be uploaded after downloading from official websites of the respective judicial forums i.e. National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), High Court (HC) and Supreme Court (SC), as the case may be. Due care and caution should be exercised while uploading these orders.
- The uploading of judicial orders by IPs can be done by accessing the same assignment portal using which IPs regularly upload different CIRP Forms, under the category “Orders”. The orders can be uploaded for past assignments also. The step-by step process of accessing and uploading has been explained step by step in Annexure- I.
- This is issued in the exercise of the powers conferred under section 196 of the Code.
