{"id":268493,"date":"2022-06-16T11:30:23","date_gmt":"2022-06-16T06:00:23","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=268493"},"modified":"2022-06-16T10:41:44","modified_gmt":"2022-06-16T05:11:44","slug":"provisions-for-document-submissions-to-the-resolution-professional-modified-vide-insolvency-and-bankruptcy-board-of-india-insolvency-resolution-process-for-corporate-persons-second-amendment-regul","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/16\/provisions-for-document-submissions-to-the-resolution-professional-modified-vide-insolvency-and-bankruptcy-board-of-india-insolvency-resolution-process-for-corporate-persons-second-amendment-regul\/","title":{"rendered":"Provisions for document submissions to the Resolution Professional modified vide IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span data-contrast=\"auto\">On <\/span>14th June, 2022, Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022. This regulation seeks to amend the procedure of recording evidences, and applications made to \u2018resolution professional<span data-contrast=\"auto\">\u2019 by the creditors.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><b><span data-contrast=\"auto\">Key Points<\/span><\/b><span data-contrast=\"auto\">:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">For the purpose of resolving the process of insolvency, creditors may furnish the relevant <\/span><b><span data-contrast=\"auto\">records of transaction\/debt\/default <\/span><\/b><span data-contrast=\"auto\">by operational creditor.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">For making such applications, copies of <\/span><span data-contrast=\"auto\">Form GSTR-1 and GSTR-3B under GST and e-way bill<\/span><span data-contrast=\"auto\"> will have to be provided. For the successful submission of these applications the Operational creditors will require their <\/span><span data-contrast=\"auto\">PAN and e-mail<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Documents of debtors are part of major evaluation while assessing their insolvency, while doing so the resolution professional may go through his documents under <\/span><i><span data-contrast=\"auto\">Regulation 4(1)<\/span><\/i><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">With newly added provision <\/span><i><span data-contrast=\"auto\">Regulation 4 (2) and (3)<\/span><\/i><span data-contrast=\"auto\">, the debtors are bound by law to provide relevant information for such evaluation. Along with the management personnel of debtors, creditors will have to provide records of assets and liabilities stock statements, valuation reports, etc., of the debtor.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">In the process of preparing information memorandum of the corporate debtor, the resolution professional with require from the creditors, under <\/span><i><span data-contrast=\"auto\">Regulation 35-A<\/span><\/i><span data-contrast=\"auto\">, the financial health for auditing his assets and liabilities.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">To find out the fair value\/liquidation value two valuers are allotted to evaluate the inventories and fixed assets of the debtor. Under the <\/span><b><span data-contrast=\"auto\">Resolution Plan<\/span><\/b><span data-contrast=\"auto\"> of these Regulation, <\/span><i><span data-contrast=\"auto\">Regulation 35 (1)(b)<\/span><\/i><span data-contrast=\"auto\"> has been modified.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">After this evaluation, when two \u2018<\/span><b><span data-contrast=\"auto\">significantly different<\/span><\/b><span data-contrast=\"auto\">\u2019 [<\/span><i><span data-contrast=\"auto\">defined under Explanation (ii)<\/span><\/i><span data-contrast=\"auto\">] estimates are submitted from valuers, third valuer for \u2018<\/span><b><span data-contrast=\"auto\">asset class\u2019<\/span><\/b><span data-contrast=\"auto\"> [<\/span><i><span data-contrast=\"auto\">defined under Explanation (i)<\/span><\/i><span data-contrast=\"auto\">] is appointed. Both the terms are clearly defined by this amendment.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<hr \/>\n<h4 style=\"text-align: justify;\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\"><span style=\"color: #000080;\">*Shubhi Srivastava, Editorial Assistant has reported this brief.\u00a0<\/span><br \/>\n<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>On 14th June, 2022, Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate <\/p>\n","protected":false},"author":67011,"featured_media":268472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[6131,47341,2521,29471,6121,49718,34025],"class_list":["post-268493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-bankruptcy","tag-corporate-persons","tag-Evidence","tag-ibbi","tag-insolvency","tag-records-of-transactions","tag-resolution-professional"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Provisions for document submissions to the Resolution Professional modified vide IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022 | SCC Times<\/title>\n<meta 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