Executive Summary:
This notification issued by the Ministry of Corporate Affairs on March 14, 2019, amends the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016. The amendment is made in exercise of the powers conferred by clauses of the Insolvency and Bankruptcy Code, 2016. The rules come into force from the date of their publication in the Official Gazette.
Key Points / Main Content:
Amendment Rules:
* These rules are called the Insolvency and Bankruptcy Application to Adjudicating Authority Amendment Rules, 2019.
* The rules come into force from the date of their publication in the Official Gazette.
Form 1 Amendment:
* In Form 1, the heading is substituted to include application under Chapter II and Chapter IV of Part II of the Code.
* In Part II, after serial number 5, item 6 is added: "DETAILS OF THE CORPORATE DEBTOR AS PER THE NOTIFICATION UNDER SECTION 55 (2) OF THE CODE" including:
* ASSETS AND INCOME
* CLASS OF CREDITORS OR AMOUNT OF DEBT
* CATEGORY OF CORPORATE PERSON WHERE APPLICATION IS UNDER CHAPTER IV OF PART II OF THE CODE
Form 5 Amendment:
* In Form 5, the heading is substituted to include application under Chapter II and Chapter IV of Part II of the Code.
* In Part II, after serial number 7, item 8 is added: "DETAILS OF THE CORPORATE DEBTOR AS PER THE NOTIFICATION UNDER SECTION 55 (2) OF THE CODE" including:
* ASSETS AND INCOME
* CLASS OF CREDITORS OR AMOUNT OF DEBT
* CATEGORY OF CORPORATE PERSON WHERE APPLICATION IS UNDER CHAPTER IV OF PART II OF THE CODE
Form 6 Amendment:
* In Form 6, the heading is substituted to include application under Chapter II and Chapter IV of Part II of the Code.
* In Part I, after serial number 8, item 9 is added: "DETAILS OF THE CORPORATE DEBTOR AS PER THE NOTIFICATION UNDER SECTION 55 (2) OF THE CODE" including:
* ASSETS AND INCOME
* CLASS OF CREDITORS OR AMOUNT OF DEBT
* CATEGORY OF CORPORATE PERSON WHERE APPLICATION IS UNDER CHAPTER IV OF PART II OF THE CODE
Impact Analysis:
Financial Creditors, Operational Creditors, and Corporate Applicants:
* Impact: These entities are required to provide additional details of the corporate debtor as per Section 55(2) of the Code when initiating the corporate insolvency resolution process.
* Action Required: When submitting applications to the Adjudicating Authority, these entities must include the details of the corporate debtor’s assets, income, class of creditors/amount of debt, and category of the corporate person under Chapter IV of Part II of the Code.
Adjudicating Authority:
* Impact: The Adjudicating Authority will receive more comprehensive information regarding the corporate debtor in insolvency applications.
* Action Required: The Adjudicating Authority should be aware of the amended forms and the additional information now required in insolvency applications.
Corporate Debtors:
* Impact: Corporate Debtors will be subject to increased disclosure requirements when a corporate insolvency resolution process is initiated against them.
* Action Required: Ensure compliance with the new disclosure requirements by providing accurate and complete information as required in the amended forms.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: A law enacted in India relating to insolvency and bankruptcy.
Ministry of Corporate Affairs: The Indian government ministry responsible for corporate affairs.
New Delhi: The capital city of India, where the notification was issued.
Insolvency and Bankruptcy Application to Adjudicating Authority Rules 2016: Rules governing the application process to the Adjudicating Authority under the Insolvency and Bankruptcy Code.
Insolvency and Bankruptcy Application to Adjudicating Authority Amendment Rules, 2019: Amendment rules to the Insolvency and Bankruptcy Application to Adjudicating Authority Rules 2016.
Gyaneshwar Kumar Singh: Joint Secretary who signed the notification.
Form 1: Application form for financial creditors to initiate corporate insolvency resolution process.
Form 5: Application form for operational creditors to initiate corporate insolvency resolution process.
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1789 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 14th March, 2019
G.S.R. 222(E).— In exercise of the powers conferred by clauses (c), (d), (e) and (f) of sub-section (1)
of section 239 read with sections 7, 8, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the
Central Government hereby makes the following rules to amend the Insolvency and Bankruptcy (Application
to Adjudicating Authority) Rules 2016, namely:-
1. (1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority)
Amendment Rules, 2019.
(2) These rules shall come into force from the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016,-
(a) in Form 1,-
(i) for the heading, the following heading shall be substituted, namely:-
“APPLICATION BY FINANCIAL CREDITOR(S) TO INITIATE CORPORATE INSOLVENCY
RESOLUTION PROCESS *UNDER CHAPTER II OF PART II/ UNDER CHAPTER IV OF
PART II OF THE CODE
[*strike out whichever is not applicable]”;
(ii) in Part-II, after serial number 5, the following shall be inserted, namely:-
“6. DETAILS OF THE CORPORATE DEBTOR AS PER THE
NOTIFICATION UNDER SECTION 55 (2) OF THE CODE –
(i) ASSETS AND INCOME
(ii) CLASS OF CREDITORS OR AMOUNT OF DEBT
(iii) CATEGORY OF CORPORATE PERSON
(WHERE APPLICATION IS UNDER CHAPTER IV OF PART
II OF THE CODE) ”;
(b) in Form 5,-
(i) for the heading, the following heading shall be substituted, namely:-
“APPLICATION BY OPERATIONAL CREDITOR (S) TO INITIATE CORPORATE
INSOLVENCY RESOLUTION PROCESS *UNDER CHAPTER II OF PART II/ UNDER
CHAPTER IV OF PART II OF THE CODE
[*strike out whichever is not applicable]”;
(ii) in Part-II, after serial number 7, the following shall be inserted, namely:-
“8. DETAILS OF THE CORPORATE DEBTOR AS PER THE
NOTIFICATION UNDER SECTION 55 (2) OF THE CODE
–
(i) ASSETS AND INCOME
(ii) CLASS OF CREDITORS OR AMOUNT OF
DEBT
(iii) CATEGORY OF CORPORATE PERSON
(WHERE APPLICATION IS UNDER CHAPTER
IV OF PART II OF THE CODE)”;4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(c) in Form 6,-
(i) for the heading, the following heading shall be substituted, namely:-
“APPLICATION BY CORPORATE APPLICANT TO INITIATE CORPORATE INSOLVENCY
RESOLUTION PROCESS *UNDER CHAPTER II OF PART II/ UNDER CHAPTER IV OF PART II
OF THE CODE
[*strike out whichever is not applicable]”;
(ii) in Part-I, after serial number 8, the following shall be inserted, namely:-
“9. DETAILS OF THE CORPORATE DEBTOR AS PER THE
NOTIFICATION UNDER SECTION 55 (2) OF THE CODE
–
(i) ASSETS AND INCOME
(ii) CLASS OF CREDITORS OR AMOUNT OF
DEBT
(iii) CATEGORY OF CORPORATE PERSON
(WHERE APPLICATION IS UNDER CHAPTER
IV OF PART II OF THE CODE)”.
[F. No. 30/20/2018-Insolvency]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Note: The Principal Rules were published in the Gazette of India, Part II, Section 3, Sub-section (i) vide G.S.R
1108(E) dated the 30th November, 2016.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.