Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi - 110001
CIRCULAR
No. IBBI/CIRP/3/2022 23rd May, 2022
To
All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities
All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on website of the IBBI)
Dear Sir/Madam,
Subject: Review of circulars
The Board issues Regulations in line with the Insolvency and Bankruptcy Board of India
(Mechanism for Issuing Regulations) Regulations, 2018. The Board also issues Circulars in
exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016. In line
with the same, the Board conducted an exercise of review of circulars issued by the Board. It
was observed that certain circulars are no longer required on account of being already provided
in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 or IBBI
(Insolvency Professionals) Regulations, 2016 as the case may be. After reviewing the circulars,
it has been decided to rescind circulars listed in the Annexure, with immediate effect.
2. The circular is issued with the approval of competent authority.
Yours sincerely,
Sd/-
(B. Sankaranarayanan)
General Manager
Tel: 011-23462833
Email: b.sankar@ibbi.gov.in
Annexure
Sl.
No.
Date of
Issue
Subject
Brief of Circular
Incorporation
1
23
Feb,
2018
Confidentiality
of
Information relating to
processes
under
the
Insolvency
and
Bankruptcy Code, 2016
IRP/RP/Liquidator
shall keep every information
related to confidential; and
shall not disclose or provide
access to any information to
any unauthorised person.
Already part of Code
of Conduct specified
in the First Schedule
to the Insolvency and
Bankruptcy Board of
India
(Insolvency
Professionals)
Regulations, 2016.
2
13
Jul,
2018
Appointment
of
Authorised
Representative
for
Classes of Creditors
under section 21 (6A)
(b) of the Insolvency
and Bankruptcy Code,
2016
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.
Regulation 16A &
16B
of
the
Insolvency
and
Bankruptcy Board of
India
(Insolvency
Resolution
Process
for
Corporate
Persons) Regulations,
2016
3
10
Aug,
2018
Notice for Meetings of
the
Committee
of
Creditors
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
financial creditors.
Regulation 17 of the
Insolvency
and
Bankruptcy Board of
India
(Insolvency
Resolution
Process
for
Corporate
Persons) Regulations,
2016
4
14
Sep,
2018
Voting
in
the
Committee of Creditors
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.
Regulation 12, 25,
25A & 26 of the
Insolvency
and
Bankruptcy Board of
India
(Insolvency
Resolution
Process
for
Corporate
Persons) Regulations,
2016
5
06
Dec,
2019
Clarification-Voting on
behalf of creditors in a
class in the CIRP of
Jaypee
Infratech
Limited
The RP/AR is duty bound to
conduct the process, including
voting, strictly in compliance
with the Code, Regulations
Regulation 16A (9)
& 25 (6) of the
Insolvency
and
Bankruptcy Board of
India
(Insolvency
Resolution
Process
for
Corporate
Persons) Regulations,
2016
6
06
Jan,
2021
Circular - Retention of
records
relating
to
Corporate Insolvency
Resolution Process
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.
Regulation 18 of the
Insolvency
and
Bankruptcy Board of
India
(Insolvency
Resolution
Process
for
Corporate
Persons) Regulations,
2016
7
16
Apr,
2021
Clarification -
Consideration
of
matters/issues by the
committee of creditors
on request by members
of the committee
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.
Regulation 39A of
the Insolvency and
Bankruptcy Board of
India
(Insolvency
Resolution
Process
for
Corporate
Persons) Regulations,
2016
