IBBI Amends Insolvency Resolution Process for Corporate Persons


The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The amended regulations are effective from 14th June, 2022. According to which the operational creditors have to furnish extracts of Form GSTR-1, Form GSTR-3B and e-way bills, wherever applicable along with the application filed under section 9 of the Insolvency and bankruptcy Code, 2016. Further, creditors filing applications under section 7 or 9 of the Code are required to furnish details of their PAN and Email ID to ensure smooth correspondence.

Corporate debtor, its promoters or its authorized person have to provide the information in such format and time as sought by the resolution professional. While, the creditors have to share the financial statements and other relevant financial information of the corporate debtor from their records to help the resolution professional in preparation of the information memorandum.

These additional set of documents, can be used as evidence of transaction with the corporate debtor, debt and default easing the process of admission. These documents will also to be submitted as part of the claims submitted to the resolution professional to help collation of claims.


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