Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations 2021
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on 4thApril, 2021 provides for pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises.
The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) to enable operationalisation of PPIRP.
The PPIRP Regulations detail the Forms that stakeholders are required to use, and the manner of carrying out various tasks by them as part of the PPIRP. These provide details and manner relating to:
(a) Eligibility to act as resolution professional, and his terms of appointment;
(b) Eligibility of registered valuers and other professionals;
(c) Identification and selection of authorised representative;
(d) Public announcement and claims of stakeholders;
(e) Information memorandum;
(f) Meetings of the creditors and committee of creditors;
(g) Invitation for resolution plans;
(h) Competition between the base resolution plan and the best resolution plan;
(i) Evaluation and consideration of resolution plans;
(j) Vesting management of corporate debtor with resolution professional;
(k) Termination of PPIRP
The PPIRP Regulations come into force from 9th April, 2020
Absence of an explicit irrevocability clause in trust deed no ground for rejecting application for registration or renewal under section…
ITAT allowed increased exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees in view of CBDT retrospective notification. In…
PCIT has revisionary jurisdiction u/s 263 over the cases irrespective of the fact that the relevant assessment was completed physical…
Appellate court interfering with Motor Accidents Claims Tribunal findings on assessment of disability and loss of earning capacity must undertake…
When period of delay is not very huge and involve huge monetary liability on the assessee, a lenient approach should…
Ratification by EoGM of the company can not give legality of the diversion of the fund raised by preferential issue.…