Timelines & Compliances Under IBC, 2016 & Other Laws During CIRP

Sl. No.

Section / Regulation /Form/ Circular

Description of Activity

Norm

Timeline

Plateform to be filed

Remarks

1.

IP-1

Consent to accept assignment as IRP, the details of IP and the Applicant, the details of the person which will undergo the process, terms of consent, terms of engagement, etc.

Within three days of signing of Form-2/Form AA

–

To be filed to IBBI

Form-2 is the written communication from the insolvency professional for appointment as an interim resolution professional

2.

Section 16(1)

Commencement of CIRP and appointment of IRP

T

3.

Regulation 6(1)

Public announcement (Form A) inviting claims PA in one English and one regional language newspaper

Within 3 Days of Appointment of IRP

T+3

To be issued in 2 newspaper

4.

Pursuant to section 13 and Regulation 6(1)

Time based Disclosure:

Public announcement (Form A) inviting claims

PA in one English and one regional language newspaper

Within 7 Days of Appointment of IRP

T+7

Disclosure to be made to IPA by IRP

5.

IBBI CIRCULAR No. IP/005/2018 dated 16.01.2018

Relationship Disclosure:

An insolvency professional shall disclose his relationship**, if any, with (i) the Corporate Debtor.

Disclosure to be made within three days of his appointment.

T+3

Disclosure to be made to IPA

6

CIRP 1

This includes details of IRP, CD, and the Applicant; admission of application by AA; public announcement; details of suggested Authorized Representatives;

non-compliances with the provisions of the Code and other laws applicable to the CD etc.

Within 7 days of making the Public Announcement

T+10

To be filed to IBBI

7

Regulation 12 (1)

Submission of claims

For 14 Days from the Appointment of IRP

T+14

It is the Last date mentioned in the public announcement

8

Regulation 13(1)

Verification of claims received under regulation 12(1)

Within 7 days from the receipt of the claim

T+21

9

 IRCULAR No. IBBI/CIRP/36/2020

Reg. 13(2)(ca) of CIRP Regulations, 2016

List of Creditors:

The IBBI the Board has made available an electronic platform at www.ibbi.gov.in for filing of list of creditors as well as updating it thereof. The platform permits multiple filings by the interim resolution professional or the resolution professional, as the case may be, as and when the list of creditors is updated by him.

IRP or RP, be, shall verify every claim, as on the ICD, within 7 days from the last date of the receipt of the claims, and thereupon maintain a list of creditors

T+21

To be filed to IBBI

List of Creditors to be filed to IBBI within 21 days from ICD

OR

As and when the list get update/change

10.

Section 21(6A) (b) / Regulation 16A

Application for appointment of authorised representative of the creditors to AA

Within 2 days from verification of claims received

T+23

11.

Regulation 17(1)

Report certifying constitution of CoC

Within 2 days from verification of claims received

T+23

To be filed to NCLT

12.

IBBI CIRCULAR No. IP/005/2018 dated 16.01.2018

Relationship Disclosure:

An insolvency professional shall disclose his relationship**, if any, with Financial Creditor(s)

Disclosure to be made within 3 days of the constitution of Committee of Creditors.

T+26

Disclosure to be made to IPA

13.

IBBI CIRCULAR No. IP/005/2018

Relationship Disclosure:

An insolvency professional shall disclose his relationship**, if any, with Interim Finance Provider(s)

Disclosure to be made within 3 days the agreement with the Interim Finance Provider.

Event based

Disclosure to be made to IPA

14

INC-28

NCLT order approving as IRP

Within 30 days of the NCLT Order

T+30

To be filed to ROC

15.

Central Goods and Services Tax Act, 2017

(Notification No. 11/2020 – Central Tax dated 21.03.2020)

New GST Registration

Within 30 days of the appointment of the IRP/RP

T+30

GST Portal

New GST Registration required within 30 days of the appointment of the IRP/RP or within 30days from notification date.

16.

Central Goods and Services Tax Act, 2017

(Circular No.134/04/2020-GST dated 23.03.2020)

GST Return

The IRP/RP will be liable to furnish returns, make payment of tax and comply with all the provisions of the GST law during CIRP period. The IRP/RP is required to ensure that the first return is filed under section 40 of the CGST Act, for the period beginning the date on which it became liable to take registration till the date on which registration has been granted

.

GST Portal

CD eligible to avail input tax credit on invoices subject to conditions of Chapter V of the said Act and the rules made thereunder, except the provisions of sub-section (4) of section 16 of the said Act and sub-rule (4) of rule 36 of the Central Goods and Service Tax Rules, 2017 (hereinafter referred to as the said rules).

17.

Section 22(1) / Regulation 19(2)

1st meeting of the CoC

Within 7 days of filing of the report certifying constitution of the CoC, with five days’ notice.

T+30

18.

Section 22(2)

Resolution for appointment of RP by the CoC

In the first meeting of the CoC within 30 days

T+30

19.

 Cost Disclosure:

Cost Disclosure:

Insolvency Resolution Process Cost of Corporate Debtor for the period under IRP

To be submitted by the IRP within 7 days of his demitting of as IRP

T+37

Disclosure to be made to IPA by IRP

Within 37 days,

OR

Within 7 days from the demitting of office by IRP

20.

Regulation 17(3)

IRP performs the functions of RP till the RP is appointed.

T+40

If RP is not appointed by 40th day of commencement

21

CIRP 2

This includes details of Authorised Representative selected by IRPs for a class of creditors; taking over management of the CD; receipt and verification of claims; constitution of CoC, first meeting of CoC; confirmation /replacement of IRP; applications seeking cooperation of management (if any); expenses incurred on or by IRP; relationship of IRP with the CD, Financial Creditors and Professionals; support services taken from IPE; non- compliances with the provisions of the Code and other laws applicable to the CD; etc.

Within seven days of confirmation/ replacement of IRP by CoC

T+37

Or

within 7 days from order of AA

To be filed to IBBI

Within 37 days,

If appointed by CoC.

Or

 where appointed by AA, then, within 7 days from order of AA

22

Regulation 27

Appointment of Valuer

Within 7 days of appointment of RP, but not later than 47th day of commencement

T+47

23.

IBBI Circular No. IP/005/2018 dated 16.01.2018

Relationship Disclosure:

An insolvency professional shall disclose his relationship**, if any, with Other Professionals [Registered Valuer(s) / Accountant(s) / Legal Professional(s) / Other Professional(s)] appointed by him

Disclosure to be made within 3 days of his appointment.

T+50

Disclosure to be made to IPA

24

Section 12(A) / Regulation 30A

Submission of application for withdrawal of application admitted

Before issue of EoI

W

CoC to dispose of the application

Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later.

W+7

Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA

Within 3 days of approval by CoC

W+10

25

Regulation 36 (1)

Submission of IM to CoC

Within 2 weeks of appointment of RP, but not later than 54th day of commencement

T+54

26.

IBBI CIRCULAR No. IP/005/2018 dated 16.01.2018

Relationship Disclosure:

An insolvency professional shall disclose his relationship**, if any, with Prospective Resolution Applicant(s)

Disclosure to be made within three days of the supply of information memorandum to the Prospective Resolution Applicant.

T+57

Disclosure to be made to IPA

27

CIRP 3

This includes details of RP; details of registered valuers; handing over of records of CD by I RP to RP; taking over management of the CD; applications seeking cooperation of management (if any); details in IM; non-compliances with the provisions of the Code and other laws applicable to the CD;etc.

Within seven days of issue of IM to members of CoC

T+61

To be filed to IBBI

28.

Regulation 36A

Publish Form G

Invitation of EoI

Within 75 days of commencement

T+75

In one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the resolution professional, the corporate debtor conducts material business operations; + on the website, if any, of the corporate debtor

29

Submission of EoI

At least 15 days from issue of EoI

T+90

Provisional List of RAs by RP

Within 10 days from the last day of receipt of EoI

T+100

Submission of objections to provisional list

For 5 days from the date of provisional list

T+105

Final List of RAs by RP

Within 10 days of the receipt of objections

T+115

30.

Regulation 35A

RP to form an opinion on preferential and other transactions

Within 75 days of the commencement

T+75

RP to make a determination on preferential and other transactions

Within 115 days of commencement

T+115

RP to file applications to AA for appropriate relief

Within 135 days of commencement

T+135

31

Regulation 36B

RFRP, including EM and IM

Within 5 days of the issue of the provisional list of RAs

T+105

Receipt of Resolution Plans

At least 30 days from Request for resolution plans

T+135

32

CIRP 4

This includes expression of interest; RFRP and modification thereof; evaluation matrix and modification thereof; non-compliances with the provisions of the Code and other laws applicable to the CD; etc.

Within seven days of the issue of Request for resolution plan

T+112

To be filed to IBBI

33.

Regulation 39(4)

Submission of CoC approved Resolution Plan to AA

T+165

As soon as approved by the CoC

34.

Section 31(1)

Approval of resolution plan by AA

T=180

35.

Cost Disclosure

Insolvency Resolution Process Cost of Corporate Debtor for the period under RP

To be submitted by the IRP within 7 days of his demitting of as RP

T+187

Disclosure to be made to IPA by RP

Within 187 days,

OR

Within 7 days from the demitting of office by RP

36.

CIRP 5

This includes updated list of claimants; updated CoC; details of the resolution applicants; details of resolution plans received; details of approval or rejection of resolution plans by CoC; application filed with AA for approval of resolution plan; details of resolution plan approved by the AA; initiation of liquidation, if applicable; expenses incurred on or by RP; appointment of professionals and the terms of appointment; relationship of the professionals and the terms of appointment; relationship of the RP with the CD, Financial Creditors, and Professionals; support services taken from IPE; non- compliances with the provisions of the Code and other laws applicable to the CD; etc.

Within seven days of the approval or rejection of the resolution plan

T+187

To be filed to IBBI

It is to be noted that CIRP-5 to be filed within 7 days from order of AA for approval or rejection of Resolution Plan/Liquidation ordered.

37.

CIRP 6

Event Specific:

 This includes:

a.  Filing of application in respect of preferential transaction, undervalued transaction, fraudulent transaction, and extortionate transaction;

b.  Raising interim finance;

c.  Commencement of insolvency resolution process of guarantors of the CD;

d.  Extension of period of CIRP and exclusion of time;

e.  Premature closure of CIRP (appeal, settlement, withdrawal, etc.);

f.  Request for liquidation before completion of CIRP; and

g.  Non implementation of resolution plan, as approved by the AA.

Within seven days of the occurrence of the relevant event.

Within 7 days

To be filed to IBBI

It is to be noted that CIRP-6 is an event based form which is filed within 7 days of the occurrence of the relevant event.

38.

CIRP 7

Event Specific: 

Table-A 

1.  Public announcement is not made by T+3rd day

2.  Appointment of RP is not made by T+30th day

3.  Information memorandum is not issued within 51 days from the date of public announcement

4.  RFRP is not issued within 51 days from the date of issue of         information memorandum

5.  CIRP is not completed by T+180^th day 

T = Insolvency commencement date, and

X = Date of filing of Form CIRP 7 for the first time under Table-A

Regulation 40B of CIRP

regulations require filing of Form CIRP 7 within three days of due date of completion of any

activity stated in Table-A is delayed, and continue to file Form CIRP 7

every 30 days, until the said activity remains incomplete.

For 1^st time filing:

Date specified in Table-A + 3 days

For Subsequent filing:

X+30th day,

X+60th day,

X+90th day, and so on, till the activity is Completed.

To be filed to IBBI

Clarification: Only one Form CIRP 7 shall be filed at any time whether one or more activity is not complete by the specified date.

39.

GNL-2 (AOC-4, MGT-7, & ADT-1)

With ref. to MCA Circular no. 08/2020 dated 06.03.2020 Form GNL-2 replace the above Annual filing forms

ANNUAL COMPLICANCES – Annual Filing Forms: 

Every company require to file Financial Statement (AOC-4) within 30 days from the date of AGM to ROC

Every company require to file Annual Return (MGT-7) within 60 days from the date of AGM to ROC

Every Public company requires filing Form ADT-1 within 15 days from the date of AGM.

Note: Date of AGM shall be the last date on which AGM ought to have been held as per section 96 of the Companies Act, 2013.

AGM+30 days

AGM+60 days

AGM+15 days

To be filed to ROC

It is to be noted that IRP/RP/LIQUIDATOR shall be responsible for all filing and sign in the capacity of CEO.

All filings of e-forms including AOC-4 and MGT-7 shall be filed through e-form GNL-2 by way of attachments till the company is under CIRP.

Against the date of event and Board Resolution in GNL-2

date of order may be mentioned.

40.

Pursuant to sub clause 16 of Clause VIII of Schedule of IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016

Half Yearly Return:

Filing of submission of Half Yearly Return within 15 days from the end of respective Half Year

Every professional member shall submit information, including records of ongoing and concluded engagements as an insolvency professional, in the manner and format specified by the Agency.

within 15 days from the end of respective Half Year

–

To be Submit to IPA by IP

IP shall submit a half yearly return to IPA within 15 days from end of half year.

41.

Regulation 7(2) (ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

Yearly Compliance with regulations 7 (2) (ca)

The insolvency professional shall– … (ca) pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;”

Every year before 30^th April.

–

To be paid to IBBI

IP shall pay a fee of 0.25% of professional fee earned in the P.F.Y on or before 30^th April every year to IBBI.

42.

Regulations 13 (2) (ca) of the IP Regulations

Yearly Compliance with regulations 13 (2) (ca)

The insolvency professional entity shall- (ca) pay to the Board, a fee calculated at the rate of 0.25 percent of the turnover from the services rendered by it in the preceding financial year, on or before the 30th of April every year, along with a statement in Form G of the Second Schedule;”

Every year before 30^th April.

–

To be paid to IBBI

IPE shall pay a fee of 0.25% of its turnover in the P.F.Y on or before 30^th April every year to IBBI.