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IBC Flow

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8 views

IBC Flow

Ibc

Uploaded by

vjrgv98
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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IBC,2016 CA Siddhesh Valimbe

Master suMMary flow of cirp Sec 13:


Initiation Date
Reject: give 7 days for rectification  Sec 14-Moratorium
Application to the AA Order by AA
Default (trigger point)  Sec 15: Public Announcement
(u/s 7 or 9 or 10) (within 14 Days)
Accept= Insolvency  Sec 16: IRP
Commencement Date
Certain persons ineligible (sec 11) Immediately (Max 3 days
from IRP Appointment)
Sec 55-58: Fast Track CIRP All decisions by 51% majority (except if
provided otherwise) Sec 21: Formation of COC [of FCs]

 Eligibility: a Small Co; Start-ups (except Partnership -12(Extension): 66%


firms); Unlisted Co upto Rs. 1 Cr Assets -12A (withdrawal): 90% Sec 22: Appointment of RP: Can be replaced-S.27
-22 (RP): 66%
 Time: CIRP within 90+ Max. 45 Days (Extension only
-27(RP Replacement): 66%
once) Either the IRP=RP or Replace
-28(Certain Actions): 66%
-30(Plan Approve): 66%
-33 (liquidate): 66% Sec 29: Preparation of Information
Sec 59: Voluntary Liquidation
-56(Extension-fast track): 75% Memorandum
Can apply if NO DEFAULT & complies with various
requirements regarding declarations & resolutions. First Meeting: within 7 Days of constitution Invitation of EoI: Expression of Interest

Sec 30: Submission of Resolution Plan by


Sec 53: Liquidation Estate to be distributed in
Resolution Applicant to the RP
the given order.

RP to evaluate the plan as per sec 30(2) and


Sec 52: Secured creditor shall submit to COC
have an option of either realising
the security asset or relinquish it. COC may reject & or COC will approve with 66% voting
go for

Sec 38-42: Liquidator Sec 34: appointment Sec 33: Liquidation Sec 30(6): RP to submit that
Sec 36: Liquidation Estate
to have an idea of claims of liquidator & his fee COC approved plan to the AA
Moratorium Ends
Sec 31
AA may reject AA may approve
Moratorium Ends
Note: Resolution Applicant to obtain the necessary approvals required under any law for the time being in force
within a period of 1 year from the date of approval of the resolution plan by the AA or within such period as
provided for in such law, whichever is later: EXCEPT in case of “combination”—Take approval of the No Liquidation. Start resolution as per the Plan.
Competition Commission of India before COC approval!
Whatsapp/ Telegram | 9560436910

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