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
Invitation For Empanelment Of Practising Chartered Accountants / Chartered Accountant Firms Forest Development Corporation of Maharashtra Limited (FDCM Limited), Nagpur,…
Press Registrar General of India (PGRI) invites application for empanelment of Chartered Accountants. The Press Registrar General of India manages…
CBDT notifies revised Form No. 169 for making application for registration as a valuer under section 514 and authorised income…
Curtailing time to file reply to notice u/s 148A(b) from statutorily available 30 days to 15 days seriously prejudiced assessee’s…
At the stage of registration u/s 12AB, the CIT(E) not empowered to adjudicate applicability of provisio to section 2(15) of…
Flower bed area could not be included in the definition of “built up area” to calculate eligible limit of 1000…