IBBI Rescinds Its Previous Circulars

The Insolvency and Bankruptcy Board of India (IBBI) vide its circular dated 23.05.2022 has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016. As per circular dated 23.05.2022, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required due to incorporation of those changes in the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 or IBBI (Insolvency Professionals) Regulations, 2016. The Brief summary of circulars which has been rescinded by IBBI are as follows; S. No. Date of Circular Brief of Circular 23.02.2018 IRP/RP/Liquidator shall keep every information related to confidential; and shall not disclose or provide access to any information to any unauthorized person 13.07.2018 Creditor in class must be represented by the AR and he shall proceed further in the manner as specified in regulation 16A of the Regulations. 10.08.2018 Only competent and authorized person shall attend the COC Meeting so that the decision can be taken on the spot and without deferring decisions for want of any internal approval from the financials creditors. 14.09.2018 The creditors who is not a member of the CoC, does not have voting right in the CoC. A person, who is not a member of the CoC, cannot be regarded as one who has voted against a resolution plan or abstained from voting. 06.12.2019 The RP/AR is duty bound to conduct the process, including voting, strictly in compliance with the Code, Regulations 06.01.2021 An IP shall preserve an electronic copy of all records for a minimum period of eight years, and a physical copy of physical records for minimum period of three years. 16.04.2021 RP to convene a CoC meeting on receipt of the request from the CoC having 33% voting rights and such request shall include a note proposing the matters to be discussed or issues to be voted upon Click Here To Read/Download Circular

IBBI Rescinds Its Previous Circulars

Akshay Sharma

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