Insolvency & Bankruptcy Application to Adjudicating Authority Amendment Rules 2019

Insolvency & Bankruptcy Application to Adjudicating Authority Amendment Rules 2019. Changes to Form-1 & Form-5 Applications by financial/operational creditor

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 14th March, 2019

G.S.R. 222(E).— In exercise of the powers conferred by clauses (c), (d), (e) and (f) of sub-section (1) of section 239 read with sections 7, 8, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following rules to amend the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, namely:-

1. (1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019.

(2) These rules shall come into force from the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016,-

(a) in Form 1,-

(i) for the heading, the following heading shall be substituted, namely:-

“APPLICATION BY FINANCIAL CREDITOR(S) TO INITIATE CORPORATE INSOLVENCY RESOLUTION PROCESS *UNDER CHAPTER II OF PART II/ UNDER CHAPTER IV OF PART II OF THE CODE

[*strike out whichever is not applicable]”;

(ii) in Part-II, after serial number 5, the following shall be inserted, namely:-

 

DETAILS OF THE CORPORATE DEBTOR AS PER THE NOTIFICATION UNDER SECTION 55 (2) OF THE CODE –

(i) ASSETS AND INCOME
(ii) CLASS OF CREDITORS OR AMOUNT OF DEBT
(iii) CATEGORY OF CORPORATE PERSON
(WHERE APPLICATION IS UNDER CHAPTER IV OF PART II OF THE CODE) ”;

 

(b) in Form 5,-

(i) for the heading, the following heading shall be substituted, namely:-

“APPLICATION BY OPERATIONAL CREDITOR (S) TO INITIATE CORPORATE INSOLVENCY RESOLUTION PROCESS *UNDER CHAPTER II OF PART II/ UNDER CHAPTER IV OF PART II OF THE CODE

[*strike out whichever is not applicable]”;

(ii) in Part-II, after serial number 7, the following shall be inserted, namely:-

 

DETAILS OF THE CORPORATE DEBTOR AS PER THE NOTIFICATION UNDER SECTION 55 (2) OF THE CODE –

(i) ASSETS AND INCOME
(ii) CLASS OF CREDITORS OR AMOUNT OF DEBT
(iii) CATEGORY OF CORPORATE PERSON
(WHERE APPLICATION IS UNDER CHAPTER IV OF PART II OF THE CODE) ”;

 

(c) in Form 6,-

(i) for the heading, the following heading shall be substituted, namely:-

“APPLICATION BY CORPORATE APPLICANT TO INITIATE CORPORATE INSOLVENCY RESOLUTION PROCESS *UNDER CHAPTER II OF PART II/ UNDER CHAPTER IV OF PART II OF THE CODE

[*strike out whichever is not applicable]”;

(ii) in Part-I, after serial number 8, the following shall be inserted, namely:-

 

DETAILS OF THE CORPORATE DEBTOR AS PER THE NOTIFICATION UNDER SECTION 55 (2) OF THE CODE –

(i) ASSETS AND INCOME
(ii) CLASS OF CREDITORS OR AMOUNT OF DEBT
(iii) CATEGORY OF CORPORATE PERSON
(WHERE APPLICATION IS UNDER CHAPTER IV OF PART II OF THE CODE) ”;

 

[F. No. 30/20/2018-Insolvency]

GYANESHWAR KUMAR SINGH, Jt. Secy.

Note: The Principal Rules were published in the Gazette of India, Part II, Section 3, Sub-section (i) vide G.S.R 1108(E) dated the 30th November, 2016.

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