NSE Seek Comments on XBRL Implementation for CIRP

Editor6 21 Jun 2023 504 Views 0 comment Print SEBI | Circulars, Notifications/Circulars

The National Stock Exchange of India (NSE) has released a circular seeking comments and feedback on the implementation of eXtensible Business Reporting Language (XBRL) for submitting announcements related to the Corporate Insolvency Resolution Process (CIRP). This article provides an overview of the objectives, background, and issues surrounding this proposal.

Objective and Background: The objective of the circular is to migrate from the Portable Document Format (PDF) to XBRL format for submitting various corporate announcements during the different stages of CIRP, as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The NSE has been gradually implementing XBRL-based filings for financials since 2015 to standardize securities market data and streamline compliance for listed entities.

Seeking Comments from Listed Entities: The circular invites comments, feedback, suggestions, and observations from listed entities regarding any additions or modifications in the XBRL format provided. The format covers descriptive fields based on SEBI LODR and other relevant provisions. Listed entities are encouraged to contribute their insights to help refine the XBRL filing process.

Procedure for Providing Comments: Listed entities can submit their comments via email to DL-Announcement@nse.co.in. The email should include the name of the entity/person, contact number, email address, and detailed comments following the prescribed format provided in the circular. The deadline for submitting comments is June 25, 2023.

Conclusion: The NSE’s circular seeks to gather comments and feedback on the proposed implementation of XBRL for CIRP-related announcements. This move aims to standardize filings, simplify compliance for listed entities, and enhance data analysis capabilities. Listed companies are encouraged to actively participate by providing their valuable input on the XBRL format.

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National Stock Exchange of India

Circular Ref No: NSE/CML/2023/41 Date: June 21, 2023

The Company Secretary/Resolution Professional All Listed Companies

Subject: Seeking of comments / feedback on the XBRL being introduced for submission of Announcements pertaining to Corporate Insolvency Resolution Process (‘CIRP’).

1. OBJECTIVE:

The objective of this document is to seek comments / feedback on the proposal to migrate from Portable Document Format (PDF) to eXtensible Business Reporting Language (XBRL) format for submitting various corporate announcements for CIRP stages as required under the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR), applicable relevant provisions, circulars, guidance note, etc. as amended from time to time.

2. BACKGROUND:

Listed entities are required to file the disclosures with the Stock Exchange(s) within prescribed timelines as laid down in SEBI LODR and accordingly it was mandated to report XBRL based filings for financials from year 2015 onwards.

Over the period, Stock Exchanges in phased manner has been aiming to convert filings made under SEBI LODR and/or any other disclosure w.r.t. compliance of any SEBI Act, Regulation, Circular or provision from PDF to XBRL. With an objective to standardise securities market data it was deliberated that XBRL would be implemented for all corporate filings.

Accordingly, Stock Exchanges have implemented XBRL based compliance filing mechanism featuring identical and homogenous compliance data structures which will not only ease the compliance burden on listed entities but also will enable analysis on the data submitted by the listed entities.

Hence in this regard, filing of announcement pertaining to the aforementioned subject, would require listed entities to file the same in XBRL exclusively, formats of which are made available as Annexure.

3. ISSUES AND DELIBERATIONS:

Please note that the details required are typically descriptive in nature and based on the SEBI LODR or any other disclosure w.r.t. compliance of any SEBI Act, Regulation, Circular or provision. Accordingly, listed entities can provide their comments/ feedback/suggestions/observations pertaining to any additions/modifications in the fields of the attached format.

4. COMMENTS FROM LISTED ENTITIES

Considering the implications of the XBRL filing by listed entities, comments in respect of the subject are solicited. Comments may be sent by email to DL-Announcement@nse.co.in in the following format:

Name of entity / person: Contact Number & Email Address:
Sr. No	Event: Corporate Insolvency Resolution Process	Subject/Heading/ Field	Comments/ Suggestions	Detailed Rationale

While sending email, kindly mention the subject as “Comments / Feedback on the XBRL being introduced for CIRP.”

The comments may be sent by email to DL-Announcement@nse.co.in latest by June 25, 2023.

Enclosed is the draft format for the XBRL being introduced.

Yours faithfully,

For National Stock Exchange of India Limited

Dhaval Shah
Manager – Listing

Encl: Format for XBRL being introduced for Corporate Insolvency Resolution Process.

Corporate Insolvency Resolution Process (CIRP)
General Information
SR. NO.	PARTICULARS	SUB-PARTICULARS		Mandatory/Non-Mandatory field
1	NSE Symbol			Mandatory
2	Name of the Company			Mandatory
3	BSE Scrip Code			Mandatory
4	MSE Symbol			Mandatory
5	ISIN			Mandatory
7	Type of Announcement	1.New 2.Update 3.Revised		Mandatory
6	Type of Event	A. Application filed by the Company B. Application filed by the Financial Creditors C. Initiation of CIRP pursuant to NCLT order D. Rejection/Withdrawal/ Stay of application E. Appointment/ Replacement of the Resolution Professional F. Prior or Post-facto intimation of the meetings of Committee of Creditors G. Number of resolution plans received by Resolution Professional H. Filing of resolution plan with the Tribunal I. Prior intimation for Consideration of Resolution Plan by NCLT J. Approval or Rejection of Resolution plan by the Tribunal K. Liquidation L. Others		Mandatory
8	Date of initial announcement			Mandatory
9	Date of latest announcement			Mandatory
10	Date of Original announcement			Mandatory
10	Remarks (website dissemination)			Non-Mandatory
11	Remarks for Exchange (not for Website Dissemination)			Non-Mandatory
12	Date of Report			Mandatory
A. Application filed by the Listed Entity for Initiation of CIRP with NCLT
13	Date of Board Meeting in which the CIRP event was approved			Mandatory
14	Reasons for opting CIRP			Mandatory
15	Whether the same is approved by shareholders	1.Yes 2. No		Mandatory
16	Date of Shareholders Meeting			Mandatory
17	If no selected, provide reasons for the same			Mandatory
18	Details of default in Financial Obligations as on date (Amount in INR Lacs)			Mandatory
19	Whether the details of default were intimated to the Exchange in compliance with SEBI Circular SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019	1.Yes 2. No		Mandatory
20	Date of Initial disclosure pertaining to default in Financial obligation			Mandatory
21	If no selected, provide reasons for the same			Mandatory
22	Date of filing application with NCLT for Initiation of CIRP, if any			Non-Mandatory
23	Any other details			Non-Mandatory
B. Application filed by the Financial Creditors
24	Date of filing application with NCLT			Mandatory
25	Details of Financial Creditor who have filed the application with NCLT	1. Add Row 2. Delete Row		Mandatory
		Sr. No.	Name of the Applicant	Amount alleged to be in default (INR Lakh)

26	Whether the details of default were intimated to the Exchange in compliance with SEBI Circular SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019	1.Yes 2.No		Mandatory
27	Date of Initial disclosure pertaining to default in financial obligation in compliance with the aforementioned SEBI Circular			Mandatory
28	If no selected, provide reasons for the same			Mandatory
29	Any other details			Non-Mandatory
C. Initiation of CIRP pursuant to NCLT order
30	Date of NCLT order			Mandatory
31	Whether the application filed by Financial Creditor for Initiation of CIRP was intimated to the Exchange	1.Yes 2.No		Mandatory
32	Date of disclosure			Mandatory
33	If no selected, provide reasons for the same			Mandatory
34	Details of Creditor who have filed the application with NCLT	1. Add Row 2. Delete Row		Mandatory
		Sr. No.	Name of the Applicant	Amount alleged to be in default (INR Lakh)

35	Whether the Company is in receipt of copy of NCLT order	1.Yes 2.No		Mandatory
	Infotip: The company shall on receipt of the copy of NCLT order intimate the order to the Exchange
36	Brief details of the NCLT order			Mandatory
	Details of the Interim/Resolution Professional appointed by NCLT
37	Salutation	1.Mr. 2.Ms.		Mandatory
38	Name			Mandatory
39	Contact details/Mobile Number			Mandatory
40	Email id			Mandatory
41	Any other details			Non-Mandatory
D. Rejection or Withdrawal or Stay on application
42	Type of Event	1. Rejection 2. Withdrawal 3. Stay 4. Others		Mandatory
43	Description of Others			Mandatory
44	Date of relevant authority order			Mandatory
45	Details of settlement with Creditors			Mandatory
46	Reasons for rejection/withdrawal/stay on application/others			Mandatory
47	Whether the Company is in receipt of copy of relevant authority order	1.Yes 2.No		Mandatory
48	Infotip: The company shall on receipt of the copy of relevant authority order intimate the order to the Exchange			Mandatory
49	Brief details of the relevant authority order			Mandatory
50	Any other details			Non-Mandatory
E. Appointment/ Replacement of the Resolution Professional
51	Type of Event	1.Appointment 2.Replacement 3.Others		Mandatory
52	Description of Others			Mandatory
53	Rationale for Appointment / Replacement / Others			Mandatory
54	Date of COC Meeting approving the same			Mandatory
55	Date of NCLT order			Mandatory
	Details of the Interim/Resolution Professional
56	Salutation	1.Mr. 2.Ms.		Mandatory
57	Name			Mandatory
58	Contact details/Mobile Number			Mandatory
59	Email id			Mandatory
60	Whether the Company is in receipt of copy of NCLT order	1.Yes 2.No		Mandatory
	Infotip: The company shall on receipt of the copy of NCLT order intimate the order to the Exchange			Mandatory
61	Any other details			Non-Mandatory
F. Prior or Post-facto intimation of the meetings of Committee of Creditors
62	Type of Event	1.Prior Intimation 2.Post-facto Intimation		Mandatory
63	Date of Meeting			Mandatory
64	Number of Committee Meeting			Mandatory
65	Agenda item to be discussed or already discussed in the meeting	1. Add Agenda 2. Delete Agenda		Mandatory
		Sr No.	Agenda Item	Description of the item

66	Any other details			Non-Mandatory
G. Number of resolution plans received by Resolution Professional
67	Date of Issuance of Form inviting Expression of Interest			Mandatory
68	Details of Prospective Resolution Applicants	1. Add Row 2. Delete Row		Mandatory
		Sr. No.	Name of the Applicant	Details of the Applicant

69	Any other details			Non-Mandatory
H. Filing of resolution plan with the NCLT
70	Date of Approval of Resolution Plan by Committee of Creditors			Mandatory
71	Brief details of the successful Resolution Applicant			Mandatory
72	Date of filing of resolution plan with the NCLT			Mandatory
73	Any other details			Non-Mandatory
I. Prior intimation for Consideration of Resolution Plan by NCLT
74	Date of filing of resolution plan with the NCLT			Mandatory
75	Date of NCLT Hearing for Consideration of Resolution Plan			Mandatory
76	Any other details			Non-Mandatory
J. Approval or Rejection of Resolution plan by the NCLT
77	Type of Event	1.Rejection of Resolution Plan 2.Approval of Resolution Plan		Mandatory
78	Reasons for Rejection of Resolution Plan			Mandatory
79	Whether the Company is in receipt of copy of NCLT order	1.Yes 2.No		Mandatory
	Infotip: The company shall on receipt of the copy of NCLT order intimate the order to the Exchange
80	Date of NCLT order			Mandatory
81	Any other details			Non-Mandatory
82	Type of Resolution Plan	1.Continuous Listing 2.Capital Reduction 3.Delisting with Zero Value 4.Delisting with Value 5.Others		Mandatory
83	Description of Others			Mandatory
84	Whether the Company is in receipt of copy of NCLT order	1.Yes 2.No		Mandatory
	Infotip: The company shall on receipt of the copy of NCLT order intimate the order to the Exchange			Mandatory
85	Date of NCLT order			Mandatory
	Salient features of the Resolution Plan approved by NCLT
86	Pre and Post net-worth of the company			Mandatory
87	Details of assets of the company post CIRP			Mandatory
88	Details of securities continuing to be imposed on the companies’ assets			Mandatory
89	Other material liabilities imposed on the company			Mandatory
90	Detailed pre and post shareholding pattern assuming 100% conversion of convertible securities			Mandatory
91	Details of Pre Shareholding
	Promoter and Promoter Group		Public
	Number of shares*	Percentage*	Number of shares*	Percentage*

92	Details of funds infused in the company, creditors paid-off			Mandatory
93	Additional liability on the incoming investors due to the transaction, source of such funding etc			Mandatory
94	Impact on the investor			Mandatory
95	Names of the new promoters, key managerial persons(s), if any and their past experience in the business or employment. In case where promoters are companies, history of such company and names of natural persons in control			Mandatory
96	Brief description of business strategy			Mandatory
97	The details as to the delisting plans, if any approved in the resolution plan			Mandatory
98	Any other details			Non-Mandatory
K. Liquidation Pursuant to CIRP
99	Type of Event	1.Initiation of Liquidation 2.Stay on Liquidation 3.Closure of Liquidation		Mandatory
	Initiation of Liquidation
100	Date of NCLT order			Mandatory
101	Whether the Company is in receipt of copy of NCLT order	1.Yes 2. No		Mandatory
	Infotip: The company shall on receipt of the copy of NCLT order intimate the order to the Exchange
102	Brief details of the NCLT order			Mandatory
103	Reasons for Initiation of Liquidation			Mandatory
	Details of the Liquidator appointed by NCLT
104	Salutation	1.Mr. 2.Ms.		Mandatory
105	Name			Mandatory
106	Contact details/Mobile Number			Mandatory
107	Email id			Mandatory
108	Any other details			Non-Mandatory
	Stay on Liquidation
109	Date of relevant authority order			Mandatory
110	Reasons for Stay on Liquidation			Mandatory
111	Whether the Company is in receipt of copy of relevant authority order	1.Yes 2.No		Mandatory
	Infotip: The company shall on receipt of the copy of relevant authority order intimate the order to the Exchange			Mandatory
112	Brief details of the relevant authority order			Mandatory
113	Any other details			Non-Mandatory
	Closure of Liquidation
114	Date of NCLT order			Mandatory
115	Whether the Company is in receipt of copy of NCLT order	1.Yes 2.No		Mandatory
	Infotip: The company shall on receipt of the copy of NCLT order intimate the order to the Exchange			Mandatory
116	Brief details of the NCLT order			Mandatory
117	Brief details of the Acquirer, if any.			Mandatory
118	Whether the Acquirer intends to delist the Company	1.Yes 2.No		Mandatory
119	Brief details of repayment of dues to the Creditors			Mandatory
120	Any other details			Non-Mandatory
L. Others
121	Proposed steps to be taken by the incoming investor/acquirer for achieving the MPS			Non-Mandatory
122	Whether the Company has ensured compliance with Minimum Public Shareholding	1.Yes 2.No		Non-Mandatory
123	If no selected, provide reasons for the same			Non-Mandatory
124	Quarterly disclosure of the status of achieving the MPS			Non-Mandatory
125	Any other material information not involving commercial secrets			Non-Mandatory
126	Any other details pertaining to CIRP			Non-Mandatory