Refund of excess fee paid for delay in filings under regulation 40B of IBBI CRIP Regulations 2016

Refund of excess fee paid for delay in filings under regulation 40B of IBBI CRIP Regulations 2016

According to sub-regulation (4) of regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), a fee has to be paid for delay after 1st October, 2020.

The regulation states,

“The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st October, 2020.”

The IBBI (Board) has clarified that fee is payable for the period that lapses between the due date of filing a Form or 1st October, 2020, whichever is later, and the actual date of filing the said Form.

In view of the emails received from IPs seeking clarification, the Board has decided to refund the excess amount of fee paid in under mentioned three situations where:

(i) fee has been paid for delay in submission of Form, which was on account of technical glitches;

(ii) fee has been paid twice for filing the same Form; and

(iii) fee has been paid for the delay from the due date.

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