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IBBI amends resolution process for corporate persons

The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 (CIRP Regulations) on June 14, 2022.

The amendment provides the operational creditors 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. These additional sets of documents can be used as evidence of transactions with the corporate debtor, debt and default easing the process of admission. These documents will have to be submitted as part of the claims submitted to the resolution professional to help collation of claims. 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.

With a view to putting in place a streamlined and swift complaint handling procedure, the IBBI notified the IBBI (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 and the IBBI (Inspection and Investigation) (Amendment) Regulations, 2022.

The mechanism of complaint/grievance redressal and subsequent enforcement action has been amended, effective June 14, 2022, to have expeditious redressal and to avoid placing an undue burden on service providers.

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