Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.
Insolvency and Bankruptcy Board of India
7′ Floor, Mayur Bhawan, Connaught Place
New Delhi-110001 Tel: +91 11 23462849
E-mail: [email protected] Web.: www.ibbi.gov.in
File No. IP-12011/1/2019-IBBI
26th March, 2019
Dear Insolvency Professional,
Subject: Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.
The Insolvency and Bankruptcy of India has released the above Guidelines today.
2. In terms of the said Guidelines, the Board shall prepare a Panel of Insolvency Professionals (IPs) for appointment as Administrator and share the same with the Securities and Exchange Board of India (SEBI). For this purpose, the Board shall invite expression of interest (EOI) from IPs, by the specified date, in Form A (enclosed for reference, to be filed online) by sending an e-mail to IPs at their email addresses registered with the Board.
3. Accordingly, an e-mail has been sent to your ID registered with the Board, seeking EOI for appointment as an Administrator during the period 10th April 2019 to 30th September 2019 (6 months) as per said guidelines.
4. In this connection, it is advised that EOI to act as an Administraor be submitted through online mode only by accessing https://ibbi.gov.in/sebi/which shall be available till 2nd April
5. The important instructions for submission of EOI through online mode are enclosed at You are advised to go through the instructions carefully before filing EOI. A Step by Step Guide’ for submission of EOI has also been made available at the aforesaid link.
6. EOI submitted, if any, through any other mode (viz. e-mails/fax/physical mode/others etc) / Unsigned EOIs, being not consistent with the aforesaid guidelines stands/shall stand
7. Tampering with the format / uploading of tampered document / furnishing wrong information etc. shall tantamount to rejection of your EOI and may also attract suitable disciplinary action.
8. This communication may not be construed as an offer for appointment.
You sincerely,
(Ritesh Kavdia)
Executive Director
Encl.: As Above.
Form A — For Reference Only
Expression of Interest under Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018
| 1 | Name of Insolvency Professional | |||
| 2 | Registration Number | |||
| 3 | Address and contact details, as registered with the IBBI:
a. E-mail b. Mobile c. Address |
|||
| 4 | Number of Processes as on date: | Ongoing | Completed | |
| a. | As IRP of CIR Process | |||
| b. | As RP of CIR Process | |||
| c. | As IRP of Fast Track Process | |||
| d. | As RP of Fast Track Process | |||
| e. | As Liquidator of Liquidation/Voluntary Liquidation Process | |||
| f. | As RP of Individual Insolvency Resolution Process | |||
| g. | As Bankruptcy Trustee | |||
| 5 | Whether IP has been convicted at any time in the last three years by a court of competent jurisdiction? (Give details) | |||
| 6 | Whether IP is serving a suspension or debarment from serving as an IP? (Give details) | |||
| 7 | Whether any disciplinary proceeding, whether initiated by the IBBI or the IPA, is pending against the IP? (Give details) | |||
Declaration: I hereby: –
a. confirm and declare that the information given herein above is true and correct to the best of my knowledge and belief and express my interest to act as Administrator, if appointed by SEBI.
b. undertake that if my name is included in the Panel, I shall abide by Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018
c. undertake that submission of this form is my unconditional consent to act as Administrator at the sole discretion of SEBI during the validity period of the Panel under the Guidelines (i.e. 10thApril, 2019 — 30th September, 2019).
d. undertake that I shall not decline to act as Administrator, on being appointed by SFBI.
Signature of Insolvency Professional
Place:
Date:
Annexure
Expression of Interest under Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018
IMPORTANT INSTRUCTIONS
1. Please fill your PAN details correctly.
2. Name, Registration Number, E-mail, Address, State, City and Pin Code will be pre- Other fields are required to be mandatorily filed by you.
3. Only digits can be entered in sub-fields to “on-going” and “completed” assignments. In case no assignment is being handled/completed, you are requested to enter “0” (zero).
4. Documents that may be uploaded (if required), at Para 6,7,8 of Form A should not exceed 10MB in size and should be in PDF format only.
5. You can modify the Form A before submission. However, Form A once submitted cannot be altered. Hence, you are advised to be cautious while filling up the Form. [You may edit the form before uploading the signed copy and submitting the same. However, once you upload and submit signed Form A, no changes in Form A can be made. No request in this connection shall be entertained.]
6. Form A submitted without signatures shall be summarily rejected.
7. Ensure that signatures are clearly visible in the scanned and uploaded version of Form
8. You are requested to scan the Form A and upload it in PDF format only. Images or JPG format is not compatible with the version.
9. You will receive an e-mail on your registered e-mail ID upon submission of your Form A successfully. The email is an acknowledgement that your Form A has been successfully uploaded, and the Board reserves the right to discard non-legible, tampered, unsigned forms.
10. It must be noted that EoI received through physical copies or e-mail will not be Only duly filled, signed copy of Form A filed through online mode will be considered.
11. A Step-by-Step Guide has been made available on the webpage https://ibbi.gov.in/sebi/. You are requested to go through the Guide very carefully before filling the Form.
12. In case of further queries, you may write to us at ra.irp@ibbi.gov.in. Kindly do not send queries to any other e-mail ID of IBBI. Also, do not forward to us copy/screenshot of your successfully uploaded Form A.
KINDLY NOTE THAT THE LINK FOR SUBMITTING EXPRESSION OF INTEREST TO ACT AS ADMINISTRATORS ALL ONLY BE AVAILABLE TILL 2ND APRIL 2019
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Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018
26th March, 2019
The Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018, (Regulations) provide for appointment of Insolvency Professionals (IPs) as Administrators for the purposes specified therein. A copy of the said Regulations is at Annexure A. These Guidelines have been prepared in consultation with SEBI to facilitate appointment of IPs as Administrators.
Guidelines
2. The IBBI and the SEBI have mutually agreed upon to use a Panel of IPs for appointment as Administrators for effective implementation of the Regulations. The IBBI shall prepare a Panel of IPs keeping in view the requirements of SEBI and the Regulations and the SEBI shall appoint the IPs from the Panel as Administrators, as per its requirement in accordance with the Regulations. A Panel shall be valid for six months and a new Panel will replace the earlier Panel every six months. For example, the first panel under these Guidelines will be valid for appointments during April – September, 2019, the next panel will be valid for appointments during October- March, 2020, and so
3. An IP will be eligible to be included in the Panel of the IPs if-
a) there is no disciplinary proceeding, whether initiated by the IBBI or the IPA of which he is a member, pending against him;
b) he has not been convicted at any time in the last three years by a court of competent jurisdiction;
c) he expresses his interest to be included in the Panel for the relevant period; and
d) he undertakes to discharge the responsibility as an Administrator, as and when he may be appointed by the SEBI.
4. The Panel shall have Zone wise list of IPs. An IP will be included in the Panel against the Zone where his registered office (address as registered with the IBBI) is located. For example, an IP located in the city of Surat (Gujarat) will be included in Ahmedabad Zone, which covers the State of Gujarat. The areas covered in different Zones are as under:
| Zone | Area covered |
| New Delhi | 1. Union territory of Delhi |
| Ahmedabad | 1. State of Gujarat
2. State of Madhya Pradesh 3. Union territory of Dadra and Nagar Haveli 4. Union territory of Daman and Diu |
| Allahabad | 1. State of Uttar Pradesh
2. State of Uttarakhand |
| Bengaluru | 1. State of Karnataka |
| Chandigarh | 1. State of Himachal Pradesh
2. State of Jammu and Kashmir 3. State of Punjab 4. Union territory of Chandigarh 5. State of Haryana |
| Chennai | 1. State of Tamil Nadu
2. Union territory of Puducherry |
| Guwahati | 1. State of Arunachal Pradesh
2. State of Assam 3. State of Manipur 4. State of Mizoram 5. State of Meghalaya 6. State of Nagaland 7. State of Sikkim 8. State of Tripura |
| Hyderabad | 1. State of Andhra Pradesh
2. State of Telangana |
| Jaipur | 1. State of Rajasthan |
| Kolkata | 1. State of Bihar
2. State of Jharkhand 3. State of Odisha 4. State of West Bengal 5 . Union territory of Andaman and Nicobar Islands |
| Kochi | 1. State of Kerala
2. Union territory of Lakshadweep |
| Mumbai | 1. State of Chhattisgarh
2. State of Goa 3. State of Maharashtra |
Expression of Interest
5. The IBBI shall invite expression of interest from IPs in Form A to act as Administrator by sending an e-mail to IPs at their email addresses registered with it. The expression of interest must be received by the IBBI in Form A by the specified date. For example, the IBBI shall invite expression of interest by 26thMarch, 2019 from IPs for inclusion in the Panel for April – September, 2019. The interested IPs shall express their interest by 2nd April, 2019. The IBBI will send the Panel to SEBI by 9th April,
6. It must be explicitly understood that an IP, who is included in the Panel based on his expression of interest, must not:
(a) withdraw his interest to act Administrator; or
(b) decline to act as Administrator, if appointed by SEBI; or
(c) surrender his registration to the IBBI or membership to his IPA, during the validity of the Panel.
7. It must also be explicitly understood that:
a) an IP in the Panel will be appointed as Administrator, at the sole discretion of SEBI;
b) the submission of expression of interest is an unconditional consent by the IP to act as Administrator in accordance with the Regulations; and
c) an IP who declines to act as Administrator, on being appointed by SEBI, shall not be included in the Panel for the next five years, without prejudice to any other action that may be taken by the IBBI.
Inclusion of IPs in the Panel
8. The IBBI shall include the IPs, who have expressed their interest, in the Panel based on the three parameters the weights of which are as under:
| Sl. No. | Parameter | Weight (%) |
| 1 | Number of Ongoing Processes (A) | 40 |
| 2 | Number of Completed Processes as IRP / RP (B) | 20 |
| 3 | Number of Completed Processes as Liquidator / Bankruptcy Trustee (C) | 40 |
A] Ongoing Processes (40% Weightage)
9. The IP, who has the lowest volume of ongoing processes, will get a score of 100. The IP who has the highest volume of ongoing processes will get a score of 0. The difference between the highest volume and the lowest volume will be equated to 100 and other IPs will get scores between 0 and 100 depending on volume of their ongoing processes.
Take an Example
| IP | Volume of Ongoing Processes |
Difference between the highest volume and the lowest volume of ongoing Processes of the IP | Formula | Score |
| 1 | 20 | 100 | 100 /100 *100 | 100 |
| 2 | 40 | 80 | 80 / 100 * 100 | 80 |
| 3 | 60 | 60 | 60 / 100 * 100 | 60 |
| 4 | 80 | 40 | 40 / 100 * 100 | 40 |
| 5 | 100 | 20 | 20 / 100 * 100 | 20 |
| 6 | 120 | 0 | 00/ 100 * 100 | 0 |
The volume of ongoing processes shall be arrived as under:
| Sl. No. | Ongoing Processes | Volume |
| 1 | IRP of a Corporate Insolvency Resolution Process | 05 |
| 2 | RP of a Corporate Insolvency Resolution Process | 10 |
| 3 | IRP of a Fast Track Process | 03 |
| 4 | RP of a Fast Track Process | 06 |
| 5 | Liquidator of a Liquidation / Voluntary Liquidation Process | 25 |
| 6 | RP of an Individual Insolvency Resolution Process | 01 |
| 7 | Bankruptcy Trustee of a Bankruptcy Process | 25 |
BI Completed Processes as IRP / RP (20% Weightage)
10. The IP, who has the highest experience of resolution, will get a score of 100. The IP who has the least experience will get a score of 0. The difference between the highest and the lowest experience will be equated to 100 and other IPs will get scores between 0 and 100 depending on their experience.
Take an Example
| IP | Volume of Completed Processes as IRP / RP |
Difference between the lowest volume and highest volume of completed processes of the IP |
Formula | Score |
| 1 | 120 | 100 | 100 /100 *100 | 100 |
| 2 | 100 | 80 | 80 / 100 * 100 | 80 |
| 3 | 80 | 60 | 60 / 100 * 100 | 60 |
| 4 | 60 | 40 | 40 / 100 * 100 | 40 |
| 5 | 40 | 20 | 20 / 100 * 100 | 20 |
| 6 | 20 | 0 | 00/ 100 * 100 | 0 |
The volume of completed processes shall be arrived as under:
| Sl. No. | Completed Processes | Volume |
| 1 | IRP of a Corporate Insolvency Resolution Process | 05 |
| 2 | RP of a Corporate Insolvency Resolution Process | 10 |
| 3 | IRP of a Fast Track Process | 03 |
| 4 | RP of a Fast Track Process | 06 |
| 5 | Individual Insolvency | 01 |
CI Completed Assignments as Liquidator / Bankruptcy Trustee (40% weightage)
11. The IP, who has the highest experience of liquidation and bankruptcy, will get a score of 100. The IP, who has the least experience, will get a score of 0. The difference between the highest and the lowest experience will be equated to 100 and other IPs will get scores between 0 and 100 depending on their experience.
Take an Example
| IP | Volume of Completed Processes as Liquidator / Bankruptcy Trustee |
Difference between the lowest volume and highest volume completed processes |
Formula | Score |
| 1 | 120 | 100 | 100 /100 *100 | 100 |
| 2 | 100 | 80 | 80 / 100 * 100 | 80 |
| 3 | 80 | 60 | 60 / 100 * 100 | 60 |
| 4 | 60 | 40 | 40 / 100 * 100 | 40 |
| 5 | 40 | 20 | 20 / 100 * 100 | 20 |
| 6 | 20 | 0 | 00/ 100 * 100 | 0 |
The volume of completed processes shall be arrived as under:
| Sl. No. | Completed Processes | Volume |
| 1 | Liquidation / Voluntary Liquidation | 25 |
| 2 | Bankruptcy Trustee | 25 |
12. The score of an IP will be the sum total of the three scores as calculated at Paras 9 to 11 above. IPs will be placed in the list as per order of their scores. The IP with higher score will be placed above the IP securing lower score. Further. where two or more IPs get the same score, they will be placed in the Panel in order of the date of their registration with the IBBI. The IP registered earlier will be placed above the IP registered later.
13. The above process will be undertaken by a team of officers of the IBBI, as may be identified by a Whole-Time Member.
Review
14. These guidelines will be reviewed by the IBBI, in consultation with the SEBI, from time to time.
15. These Guidelines shall come into effect for appointments as Administrator with effect from 10th April, 2019.
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