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CIRP Committee of Creditors
Posted By : Velaga Satya Surya Sri Krishna Prasad | 20-09-2021, 08:53 PM

As per Section 21 , the CoC shall compromise all Finanacial Creditors. If there is only one Financial Cerditor for the Corporate Debtor how can a COC be formed ?. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Liquidation Can a CoC member (who is part of CIRP CoC) need not participate in Liquidation Process
Posted By : R Vaidyanathan | 24-08-2021, 10:13 AM

Dear All,

A unsecured Financial Creditor (say, FC Ltd) was part of the CoC. FC Ltd voted against a resolution plan submitted to the CoC. Then, all the CoC rejected the resolution plan and recommended the Liquidation. NCLT passed the Liquidation Order. 

 

Now, FC Ltd does not want to participate in the Liquidation Process; The underlying reasons being the cost of liquidation to be borne (by FC Ltd) would be significantly more than the final amount (expec...


CIRP claim from employees
Posted By : Asokan Nagarajan | 20-08-2021, 05:26 PM

Can a claim from employee who is in the service of the C.D be accepted?  He has not submitted from his job and therfore not relieved from the CD.     

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Personal Guarantor to Corporate Debtor disclosures required at IIIP OF ICAI and IBBI
Posted By : Yatin Kumar Sumatilal Shah | 18-08-2021, 10:26 PM

STEP BY STEP SUBMISSION AFTER CONSENT GIVEN TO ACT RESOLUTION PROFESSIONAL IN CASE OF PERSONAL GUARANTORS OF CD

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CIRP CIRP 8 Form
Posted By : Ajay Gulati | 18-08-2021, 05:57 PM

Dear members,

Can members guide on the concept the following concepts in CIRP 8 Form

a) Insolvency Commencement should have been startted on

and

b) Potential Loss amount

IBBI/IIIP does not have any gudiance on the same.

Thanks

Ajay Gulati

 

 

 

 

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Liquidation Withdrawal after passing Liquidation order
Posted By : Dharam Sankhala | 17-08-2021, 07:17 PM

I have come across a case where liquidation proceedings are on way. In this situation if promoter approaches the banks for OTS then can an application U/S.12A be filed and process be stopped if bank wish to accept the OTS ?

In that case what is the role of Liquidator and what about his fees.

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CIRP Filing of FORM - CIRP 1 to CIRP 6
Posted By : VEERAPANDIAN.N | 11-08-2021, 09:21 PM

Whether the FORM CIRP 1 to 6, once submitted through online portal, can be REVISED ?

Whether the online portal has the option to submit a RVISED FORMs by IPs ?

If so, within how many days the concerned IP can submit a REVISED Form - CIRP ?

What is difference or objectives to submit FORM - CIRP 7, recently introduced ?

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Pre-Pack Builder(CD) is defaulting in delivery of flats
Posted By : Kamlesh Kumar Gupta | 30-07-2021, 06:49 PM

Where a Builder is not delivering the flats and have delayed the delivery of flats by more than 10 years. Now Homebuyers through their association has recognised some new builder as RA who is willing to deliver as per the the wish of association in time bound period.

Is above case eligible for pre packed Insolvency where CD is asked to leave the company by creditors homebuyers and more than 75% of creditors are homebuyers only and  there is not any bank and FI  i...


CIRP Class within class of Real Estate Allottee
Posted By : Kamlesh Kumar Gupta | 30-07-2021, 06:39 PM

In a CIRP of of real estate company there allottee having large groups with total different intrests. There is a where construction has been completed and flats were offered three-four  years back for fitout and homebuyers are living there. only their delay compensation and registry is pending.

While flats of other group are only 40-50% completed whille more than 80% amount has been paid.

Can there be two different independent classess be there with independent AR so ...


CIRP CPE WEBINAR 29 JULY 2021- AT 4PM IST
Posted By : Ramji M. | 29-07-2021, 01:19 PM

Dear team

 

is there a webinar today 29 July21 or 31 July 21 on the topic- Participation  fees for Online webinar on Offi ce Infrastructure and Usage of Technology by IPs scheduled on 29th July 2021 -  If anyone got the webinar joining link, please share 

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CIRP Replacement of IRP by RP
Posted By : Ravi Sankar D | 28-07-2021, 05:16 PM

Bangalore NCLT requires approval of Adjudicating Authority for appointment of RP - whether it is replacement by new RP or continuation of same RP. Once CoC approves the appointment of RP, and if the NCLT approval takes time ( under the current circumstances more than two to three months ), whether CIRP 2 should be filed or not.  In case of filing of Form G, should the same be filed in the name of Old IRP or in the name of new RP

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CIRP Voting By AR for Class of Creditors
Posted By : Rajendran P. R. | 14-07-2021, 03:52 PM

Sub sectiin (3A) of Section 25A states "Notwithstanding anything to the contrary contained in sub-section (3), the authorised representative under sub-section (6A) of section 21 shall cast his vote on behalf of all the financial creditors he represents in accordance with the decision taken by a vote of more than fifty per cent. of the voting share of the financial creditors he represents, who have cast their vote:
Provided that for a vote to be cast in respect of an applicati...


CIRP Fee for IRP/RP during the Lockdown period
Posted By : B Ramana Kumar | 14-07-2021, 11:39 AM

Many CIRP/Liquidation processes were extended due to the lockdown and the limitation period.  I heard that many CoCs have approved the fee to the RPs during this period.  However a few CoCs mainly where PSU banks have a major vote, have denied this, and are forcing the RPs to accept the fee as per their 'empanelment norms'.

is there any instance where the fee is paid to the RPs for the extended period or any case laws to the effect?  Kindly enlighten me on thi...


Voluntary Liquidation TDS from payments after LCD
Posted By : Rakesh Maganlal Nathwani | 13-07-2021, 01:43 PM

After LCD (Liquidation Commencement Date), company (under liquidation) makes payments of professional charges to CA firm, Liquidator etc. If Company required to deduct TDS, and pay to the Government?

Since company will have only "Receipt & Payment" account, and not "Profit & Loss" account after LCD, is company required to file income-tax return, for the period from LCD till 31st March? Thanks, 

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Voluntary Liquidation FINAL RPEORT
Posted By : Sethurathnam Ravi | 09-07-2021, 05:53 PM

Hello

As per Regulation 38 , the final report needs to be sent to the ROC and IBBI. 

Is is required to be sent to IPA also ??

Also in case of liquidation which email id to be used to share with the Board.

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Voluntary Liquidation QUARY ON PF DUES
Posted By : Mathur Sabhapathy Viswanathan | 05-07-2021, 08:07 PM

As per the singed balance sheet here is no arrear to be paid for PF for the past 3 years. The company was closed 4 years before. After I send a intimation regarding the voluntary liquidation the PF authorities sent a claim towards interest and penalty. Actually there is no proof of the claim ,How to proceed?

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Liquidation
Posted By : Prashant Bhatia | 18-06-2021, 03:55 PM

As per Section 53 (e) , any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date;

f) any remaining debts and dues;

If the sales tax dues claimed during liquidation pertain to period ...


CIRP ATTACHMENT OF PROPERTY
Posted By : Gaurav Sharma | 18-06-2021, 12:07 PM

Hello

Can a statutory authority attach a property of the CD for non-payment of current dues even when the moratorium is in place and matter is pending in

SC. also they are insisting on filing claims when the liquidation application has already been filed with NCLT.

solicit your views.

 

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CIRP Standard Engagement Letter
Posted By : Tushar Ashar | 17-06-2021, 06:28 PM

Sir,

Whether any standard / draft engagement letter to be executed by IRP, RP, Liquidator and Bankruptcy Trustee prescribed by IIIP of ICAI (or) IBBI for guidance ? If yes, kindly share the same.

 

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Liquidation Liquidation cost
Posted By : Reshma Mittal | 16-06-2021, 12:07 PM

Whether expenses incurred on security deputed at corporate debtor's factory is part of liquidation cost and needs to be reported in preliminary report? 

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CIRP Bidding Process for Appointment
Posted By : SATISH KAPOOR | 12-06-2021, 07:35 PM

Respected Members, can IP take parts in EOI given in an advertisement by Bank for appointment as IP and IP quote its Fee for such appointment in EOI Form ? 

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CIRP Preparing financials during CIRP period
Posted By : Ganesh Venkata Siva rama Krishna Remani | 08-06-2021, 03:33 PM

Hello Everyone,

Illustration: CIRP period 01st April 2020 to 31st March 2021. CIRP period is still continuing. Insolvency commencement date is 14 February 2020. All the charges were calculated till 13 February 2020 and were submittied by Creditors. Now RP is desirous of preparing financials for FY 20-21 (April 2020 till March 2021)

To finalize financials of CIRP period, should RP consider interest cost accrued during CIRP Period of the financial creditors. 

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CIRP Compliance of filing IT Returns and Tax Audit
Posted By : Ganesh Venkata Siva rama Krishna Remani | 08-06-2021, 03:26 PM

Hello Everyone,

Currently CIRP process is going on. CIRP Commencement date is 14th February 2020. During CIRP it was realized that 2018-19 audit was also not done. Accordingly 2018-19 statutory audit was done and promoter directors have signed the financials. Further, 2019-20 transactions are to be reversed as promoter director himself admitted that there are fraudulent transactions and hence awaiting for him to finalize all the corrections to make write offs so that audit can be do...


CIRP EOI for Empanelment with IBBI
Posted By : Vivek Parti | 07-06-2021, 01:07 PM

My AFA is current and renewed until 6.12.2021. Empanlement with IBBI is up to 31.12.2021 and thus the system does not allow filing application. Kindly rectify the anomaly. Thank you.

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CIRP
Posted By : Suman Kumar Agarwal | 07-06-2021, 11:59 AM

My AFA Certificate is valid till 08/12/2021, so am unable to apply for EOI for IRP. How i can extended it to 31/12/2021.

 

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Liquidation components of Cost of realization u/r 36
Posted By : Reshma Mittal | 04-06-2021, 04:08 PM

What is meant by Cost of realization under regulation 36 of IBBI ( Liquidation) Regulations 2016.

Which components forms part of Cost of Realization ?

Whether Auction documents preparation charges, drafting of Sale certificate, Auction platform charges consitute part of cost of realization ?

 

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Liquidation Query on Liquidator Fees in case of Beneficial Liquidation
Posted By : R Venkatakrishnan | 04-06-2021, 12:56 PM

1. I am appointed as Liquidator of one of the Corporate Debtors.

 

2. During the liquidation period in terms of Section 35(1)(e), the business of the Corporate Debtor is being carried on by the Liquidator for its beneficial liquidation for maximization of value to the stakeholders.

 

3. Since the operations are being carried on for beneficial liquidations, assets of Liquidation Estate being Trade Receivables & Cash Equivalents as on the Li...


Liquidation Query on Employee claims and distribution
Posted By : R Venkatakrishnan | 04-06-2021, 12:54 PM

The Corporate Debtor is undergoing liquidation proceeding in terms of the order of the Adjudicating Authority.  The relevant details of the Corporate Insolvency Resolution Process are given hereunder:

S.no

Event

Liquidation Treatment of Liquidation account
Posted By : Reshma Mittal | 03-06-2021, 06:04 PM

After filing application for disolution of CD u/s 33(2), How to proceed with the CD Liquidation account maintained with the bank?

Avoidence application is pending, hence if all remaining amount is distributed to stakeholders and bank account is closed, how the future legal expenses shall be paid?

Records of CD are to be kept for 8 years, If Bank account is closed , how the payment to Storage service provider shall be made?

Views of experts please

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Liquidation SALE OF ASSETS U/S 32 of LIQUIDATION REGULATIONS
Posted By : Reshma Mittal | 01-06-2021, 12:01 PM

Land of CD is in the name of its subsidiary company. CD holds 96% shares in it and rest are with the promoters. Land is major component of valuation. Buildin , Plant & Machineries are erected/installed on it. In such condition in which manner it would be more approperiate to sold the assets of CD under liquidation

 

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CIRP Sec 7 application wrt Security Deposit default disputed by CD
Posted By : Manoj Kumar Anand | 01-06-2021, 08:55 AM

 

1.       CD has given Rs 1.00 Crore as security deposit to a Company (Buyer) for rendering logistic services to them.

2.   Consequently, Company (Buyer) didn’t make payment to CD alleging deficiency in service....


Liquidation LIQUIDATION FEES
Posted By : Abhay Narayan Manudhane | 31-05-2021, 08:57 PM

Regulation 4(2)(b) of IBBI (Liquidation Process) Regulations, 2016 prescribes liquidators fees in a table which specifies:

i)  % age of fees payable on amount of realization  

ii)  %age of fees payable on amount distributed to stakeholders. (this is 50% of the fees payable on amount of realization)

Whilest there is no issue on this structure, Regulation 4(3) further specifies:

Whe...


CIRP CIRP Cost
Posted By : Saurabh Agarwal | 31-05-2021, 05:44 PM

If there are no funds available with the Corporate Debtor undergoing CIRP then in that case can RP ask for contribution of CIRP Cost from Home Buyers being financial Creditors in a class.

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CIRP Invoking Corporate Guarantee
Posted By : RENUKA DEVI RANGASWAMY | 31-05-2021, 03:00 PM

Dear Learned Friends,

A FC is possessed with a Corporate Guarantee from the Holding company for the finance made to WoS Co( Borrower).

 

Now borrower not defaulted but the Corporate Guarantor went into CIRP.

 

Kindly guide :

1) Whether FC can invoke CG and file a claim before Corporate Guanator?

2) If not possible for the reason original borrower not defaluted, then next queires?

    * If ...


Voluntary Liquidation
Posted By : Monika Agarwal | 31-05-2021, 02:38 PM

Liquidation Commenced in February 2021, do we need to file the financials with th ROC for the period 01.04.2020 to LCD . If yes, what will be the due date and how to file the XBRL Documents.

 

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Personal Guarantor to Corporate Debtor Reg-4- Eligibility of resolution professional (IBBI -Insolvency Resolution Process of PG to CD)Reg-2019
Posted By : RENUKA DEVI RANGASWAMY | 31-05-2021, 02:36 PM

Dear Learned Friends,

As per the above captioned title, whether RP of CD is eligible to be appointed as the RP for Personal Guarantor also.

 

By careful reading of the Reg-4 (1) (c) Explanation - c, which is reproduced here:

 (c) has not acted or is not acting as interim resolution professional, resolution professional or liquidator in respect of the corporate debtor;

 

shall we interpret that,

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Liquidation Liquidation as a Going Concern
Posted By : Darshan Bharatbhai Patel | 31-05-2021, 02:23 PM

My Query:- 1

Liquidation as a going concern - what is a yard stick ?

If a CD is not having any employee but has business presence and contacts to do profitable business but due to finanical distress it can not be revived undre CIRP - can it be revived at liquidation stage ? 

 

My Query:- 2 

Whether Income tax carried forward losses which are available as per IT act to the CD- will be available to a buyer in case of GCS ? Wh...


Pre-Pack Consent of FC to start the process
Posted By : Arvind Mittal | 31-05-2021, 02:12 PM

Is consent of FC is mandatory to start the process? What if, there is no FC...


CIRP Land held in director and relative partnership firm and Building in Companies Name which is again mortgage to the Bank.
Posted By : Akhilkumar Amrutlal Thakkar | 31-05-2021, 02:10 PM

What will be alternates available to Resolve the Company likewise (Invocation of Personal Guarantees etc.). Can anyone guide all the alternates in detail. 

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