IBBI Revises CIRP Application Format, includes Information about Multiple Applicants
- Blog|News|Insolvency and Bankruptcy Code|
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- Last Updated on 7 March, 2023
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Circular No. IBBI/LAD/58/2023, dated 04th March, 2023
Earlier, IBBI vide Circular No. IBBI/LAD/35/2020, dated October 29, 2020 issued the format for filing an application for initiation of CIRP under rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. This circular included Annexure A, which outlined the format for serving a copy of the application, and Annexure B, which provided a step-by-step guide for submitting the application.
In addition, IBBI through circular no. IBBI/IU/51/2022, dated June 15, 2022, mandated forwarding all the applications received for initiating CIRP to the Information Utility (IU). Upon receiving the application, the IU shall inform other creditors of the Corporate Debtor by sharing the application and would issue a notice to the applicant, requiring them to file ‘information of default’ in the specified format under IBBI (Information Utility) Regulations, 2017.
Now, the IBBI has revised the application format for initiating CIRP to include information about multiple applicants. The revised format aims to ensure the filing of authentic information with the Board and facilitate the efficient sharing of information with the Information Utility (IU). The revised format is provided in ‘Annexure A’ attached to the circular itself.
Click Here To Read The Full Circular
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