Amendment in IBBI, Application to Adjudicating Authority Regulations, 2016

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Amendment in IBBI, Application to Adjudicating Authority Rules, 2016

Now the applicant has to serve the copy of application to Board also along with Corporate Debtor and to attach the proof of dispatch with application.

Now the IRP has to declare at the time of giving consent in Form-2  the number of assignments in hand and the estimated time of closure of process.

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 24th September, 2020

G.S.R. 583(E).—In exercise of the powers conferred by clauses (c), (d), (e) and (f) of sub-section (2) of section 239 read with sections 7, 8, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following rules further to amend the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, namely:-

1. (1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020.

(2) These rules shall come into force from the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016,-

(i) in rule 4, for sub-rule (3), the following sub-rule shall be substituted, namely: -

(3) The applicant shall serve a copy of the application to the registered office of the corporate debtor and to the Board, by registered post or speed post or by hand or by electronic means, before filing with the Adjudicating Authority.;

(ii) in rule 6, for sub-rule (2), the following sub-rule shall be substituted, namely: -

(2) The applicant under sub-rule (1) shall serve a copy of the application to the registered office of the corporate debtor and to the Board, by registered post or speed post or by hand or by electronic means, before filing with the Adjudicating Authority.;

(iii) in rule 7, for sub-rule (2), the following sub-rule shall be substituted, namely:-

(2) the applicant under sub-rule (1) shall serve a copy of the application to the Board by registered post or speed post or by hand or by electronic means, before filing with the Adjudicating

Authority.;

(iv) in FORM 1:-

(a) after Part - V, for the words, ―[Name of the financial creditor] has paid the requisite fee for this application through [state means of payment] on [date], the following shall be substituted, namely:-

[Name of the financial creditor] has paid the requisite fee for this application through [state means of payment] on [date] and served a copy of this application by registered post/speed post/by hand/electronic means to the registered office of the corporate debtor and to the Board.;

(b) under the Instructions‘, after Annex IV’, the following shall be inserted, namely: -

Annex V Proofs of serving a copy of the application (a) to the corporate debtor, and (b) to the Board.

(v) in FORM 2, for the serial number (iii), the following shall be substituted, namely: -

(iii) disclose that I am currently having the following assignments in hand:

Sl. No. 

Assignment as 

Number of assignment(s) 

No. 

Name of corporate debtor 

Date of commencement of process 

Expected date of closure of process

Corporate Processes

1 IRP 1

2

3

2 RP 1

2

3

3 Liquidator (including voluntary liquidations)

1

2

3

4 Authorised Representative

1

2

3

Individual Processes

5 Resolution Professional

6 Bankruptcy Trustee

7 Any other.

(vi) in FORM 5, after Part – V: -

(a) for the words [Name of the operational creditor] has paid the requisite fee for this application through [state means of payment] on [date], the following shall be substituted, namely:- 

[Name of the operational creditor] has paid the requisite fee for this application through [state means of payment] on [date] and a copy of this application has been served by registered post/speed post/by hand/electronic means to the registered office of the corporate debtor and to the Board;

(b) under the Instructions‘, -

(I) for the portion beginning with Annex III Copy of the relevant accounts and ending with operational debtor, if available., the following shall be substituted, namely:-

Annex III Form 5A, if available, from the banks/financial institutions that maintains relevant accounts of the operational creditor.;

(II) after Annex VI‖, the following shall be inserted, namely: -

Annex VII Proofs of serving a copy of the application (a) to the corporate debtor, and (b) to the Board.

(vii) after Form 5, the following Form shall be inserted, namely:- 

“Form 5A

[Under section 9(3)(c) of the Code]

(To be issued on the letter head of the Bank / Financial Institution)

To whomsoever it may concern

Based on a request of ……….(name and address of person), having an account(s) bearing No…… at …..branch of bank/financial institution, it is certified that the following amounts have been credited in the last three years to this account on behalf of corporate debtor (name and address of the corporate debtor from whom the amount is supposed to be credited).

Date of credit 

Amount of credit (Rs.)

(Signature and Name of issuing authority)

Date :

Place :

(viii) in Form 6, after Part III, -

(a) for the words, ―[Name of the corporate applicant] has paid the requisite fee for this application through [state means of payment] on [date], the following shall be substituted, namely:-

[Name of the corporate applicant] has paid the requisite fee for this application through [state means of payment] on [date] and a copy of this application has been served by registered post/speed post/by hand/electronic means to the Board.

(b) under the Instructions‘, after Annex IX‘, the following shall be inserted, namely: -

Annex X Proof that a copy of the application has been served to the Board.

[F. No. 30/20/2018-Insolvency Section]

GYANESHWAR KUMAR SINGH, Jt. Secy.

Note : The principal rules were published in the Gazette of India, Part II, Section 3, Sub-section (i), vide G.S.R. 1108(E) dated the 30th November, 2016 and amended vide notification no. G.S.R. 222(E) dated the 14th March, 2019.

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