Chapter 2: CIRP
Relevant Sections Sections 4 to 32A (Chapter II of Part II of IBC 2016)
Relevant Regulation IBBI (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE
PERSONS) Regulations, 2016
Section 4 – Application of this part
Section 6 – Persons who may initiate corporate insolvency resolution process
Section 7 – Initiation of corporate insolvency resolution process by financial creditor
Section 8 – Insolvency Resolution by Operational Creditor
Section 9 – Application for initiation of Corporate Insolvency Resolution Process by operational creditor
Section 10 – Initiation Of CIRP by corporate applicant
Section 65 – Fraudulent or Malicious Initiation of Proceedings
Section 23A – Applicability of the Limitation Act
Section 10A – Suspension Of initiation of CIRP
Section 11 – Persons not entitled to make application
Section 11A – Disposals of applications under section 54C and under section 7 or section 9 or section 10
Section 12 – Time – limit for completion of Insolvency Resolution Process
Section 12A – Withdrawal of Application admitted under section 7 , 9 or 10
Rule 8 of Insolvency & Bankruptcy (Application to AA ) Rules , 2016 – Withdrawal Of Application
Regulation 30A – Withdrawal of Application
Regulation 33 – Costs of the Interim Resolution Professional
Regulation 36A – Invitation for expression of interest
Regulation 40 – Extension of the CIRP period
Section 13 – Declaration of Moratorium and public announcement
Regulation 6 – Public Announcement
Section 14 – Moratorium
Section 74 – Punishment for contravention of moratorium or the resolution plan
Rule 10 of Insolvency & Bankruptcy (Application to AA) Rules , 2016 –Filing Of Application & Application
Fee
Rule 20 of NCLT Rules , 2016 – Procedure for filing petition
Rule 21 of NCLT Rules , 2016 – Particulars to be set out in the address for service
Rule 22 of NCLT Rules , 2016 – Initiating Alteration
Rule 23 of NCLT Rules , 2016 – Presentation of petition or appeal
Rule 24 of NCLT Rules , 2016 – Number of copies to be filed
Rule 26 of NCLT Rules , 2016 – Endorsement and Verification
Section 15 – Public Announcement of Corporate Insolvency Resolution Process
Section 16 – Appointment and Tenure of Interim Resolution Professional
Section 17 – Management of Affairs of corporate debtor by Interim Resolution Professional
Section 18 – Duties of Interim Resolution Professional
Section 19 – Personnel to extend co-operation to Interim Resolution Professional
Section 20 – Management of Operations of Corporate Debtor as a Going Concern
Section 21 – Committee of Creditors
Section 22 – Appointment of Resolution Professional
Regulation 3 – Eligibility for Resolution Professional
Section 23 – Resolution Professional to conduct corporate insolvency resolution process
Section 24 – Meeting of Committee of Creditors
Section 25 – Duties of Resolution Professional
Section 25A – Rights and Duties of Authorised Representative Of Financial Creditors
Regulation 2(1)(aa) – Definition Of ‘Class of creditors”
Regulation 16 – Committee with only Operational Creditors
Regulation 16A – Authorized Representative
Regulation 16B – Committee with only creditors in a class
Regulation 18 – Meetings of the Committee
Regulation 19 – Time Period for Notice
Regulation 20 – Service of notice by electronic means
Regulation 21 – Contents of the notice for meeting
Regulation 22 – Quorum at the meeting
Regulation 23 – Participation through Vedio Conferencing
Regulation 24 – Conduct of Meeting
Section 27 – Replacement of Resolution Professional by CoC
Section 28 – Approval of CoC for certain actions
Section 29 – Preparation of Information Memorandum
Regulation 36 – Information Memorandum
Regulation 25 – Voting by the Committee
Regulation 26 – Voting through Electronic Means
Regulation 25A – Voting by Authorized Representative
Section 30 – Submission of Resolution Plan
Regulation 27– Appointment of Professionals
Regulation 39 – Approval of Resolution Plan
Regulation 36B – Request for Resolution plan
Section 29A – Persons not eligible to be resolution applicant
Section 31 – Approval of Resolution Plan
Section 32 – Appeal
Section 61 – Appeals & Appellate Authority
Section 32A – Liability For Prior Offences
Regulation 40C – Special Provision relating to Timeline
Regulation 40A – Model Timeline for Corporate Insolvency Resolution Process
