Timeline of Corporate Insolvency Resolution Process
Corporate Insolvency Resolution Process (CIRP) involves a series of activities with specific timelines, including commencement, appointment of Interim Resolution Professional (IRP), submission of claims, appointment of Valuer, meetings of Committee of Creditors (CoC), and more. The process must adhere to strict deadlines outlined by regulations to ensure the efficient resolution of insolvency issues. Proper disclosure and timely actions are crucial for the successful completion of the CIRP.
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ASC Group ASC Group - A twenty-five year old firm
Timeline of Corporate Insolvency Resolution Process (CIRP) Contact Us S.No Description of Activity Timeline 1 Commencement of CIRP and appointment of IRP 2 Disclosure to IIIPICAI Within 3 days of appointment of IRP 3 Public announcement inviting claims Within 3 days of appointment of IRP 4 Disclosure to IIIPICAI Within 3 days of making Public Announcement 5 Intimation to IBBI through mail and Disclosure to IBBI in Form CIRP-1 Within 7 days of making Public Announcement 6 Submission of claims under Regulation 12(1) For 14 days from appointment of IRP Upto 90th day of commencement of CIRP 7 Submission of claims under Regulation 12(2) 8 Verification of claims received under Regulation 12(1) Within 7 days from the receipt of claim 9 Verification of claims received under Regulation 12(2) Within 7 days from the receipt of claim Comprehensive Solutions for Complex Matters
Timeline of Corporate Insolvency Resolution Process (CIRP) Contact Us S.No. Description of Activity Timeline 10 Application for appointment of AR Within 2 days from verification of claims received under regulation 12(1) 11 Disclosure to IIIPICAI Within 3 days of appointment of AR or any other professional 12 Report certifying CoC Within 2 days from verification of claims received under regulation 12(1) 13 Disclosure to IIIPICAI Within 3 days of constitution of CoC 14 Appointment of Valuer Within 7 days of appointment of RP, but not later than 47th day of commencement 15 Disclosure to IIIPICAI Within 3 days of appointment of valuer 16 First meeting of CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days notice. 17 Appointment of RP In the first meeting of the CoC Comprehensive Solutions for Complex Matters
Timeline of Corporate Insolvency Resolution Process (CIRP) Contact Us S.No Description of Activity Timeline 18 Disclosure to IIIPICAI as fees disclosure in Form I & Form II Within 7 days of demitting of office of IRP 19 Disclosure to IIIPICAI as relationship disclosure Within 3 days of appointment of RP 20 Disclosure to IBBI in Form CIRP-2 Within 7 days of replacement of IRP 21 IRP performs the functions of RP till the RP is appointed. If RP is not appointed by 40th day of commencement 22 Appointment of Valuer Within 7 days of appointment of RP, but not later than 47th day of commencement 23 Disclosure to IIIPICAI Within 3 days of appointment of valuer 24 First meeting of CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days notice. 25 RP to form an opinion on preferential and other transactions RP to make a determination on preferential and other transactions Within 75 days of commencement Within 115 days of commencement Comprehensive Solutions for Complex Matters
Timeline of Corporate Insolvency Resolution Process (CIRP) Contact Us S.No Description of Activity Timeline 26 RP to file applications to AA for appropriate relief Within 135 days of commencement 27 Disclosure to IBBI in case of preference or fraudulent transactions in Form CIRP-6 Within 7 days of occurence of Event 28 Submission of Information Memorandum (IM) to CoC Within 2 weeks of appointment of RP, but not later than 54th day of commencement 29 Disclosure to IIIPICAI Within 3 days of supply of IM 30 Disclosure to IBBI in Form CIRP-3 Within 7 days of issue of IM 31 Publish Form G Within 75 days of commencement 32 Intimation to IBBI through mail and by filing disclosure As soon as possible 33 Invitation of EOI Within 75 days of commencement 34 Submission of EoI At least 15 days from issue of EOI Comprehensive Solutions for Complex Matters
Timeline of Corporate Insolvency Resolution Process (CIRP) Contact Us S.No Description of Activity Timeline 35 Provisional List of RAs by RP Within 10 days from the last day of receipt of EOI 36 Submission of objections to provisional list For 5 days from the date of provisional list 37 Final list of Resolution Applicant by Resolution Professional Within 10 days from the receipt of objections 38 Issue of RFRP including evaluation matrix and IM Within 5 days of the issue of the provisional list 39 Disclosure to IBBI in Form CIRP-4 Within 7 days of issue of RFRP 40 Receipt of Resolution Plan At least 30 days from issue of RFRP 41 Submission of CoC approved Resolution Plan to AA As soon as approved by CoC 42 Approval or rejection of resolution plan by AA 43 Disclosure to IBBI in Form CIRP-5 Within 7 days of the rejection or approval of Resolution Plan or issue of order for liquidation. Comprehensive Solutions for Complex Matters
Contact Us Contact Us www.insolvencyservices.in www.ascgroup.in Delhi Office: 73, National Park, Lajpat Nagar IV, New Delhi -110024(INDIA) Tel: +91-11-41729056/7 +91-11-41601289 Registered Office Bengaluru: 4020, Second Floor, 20th Main, 6th Block, Koramangala, Bengaluru- 560095 Noida: C -100, Sector 2, Noida-201301 Tel: +91-120-4729400 Chennai: Level2 78/132 Dr RK salai mylapore Chennai Tamil Nadu 600004 Mumbai: Sagartech Plaza, B-Wing, Office No. 605, Sakinaka, Andheri (East), Mumbai- 400072 Gurgaon: 605 Suncity Business Tower Golf Course Road, Sector 54, Gurgaon, Haryana - 122002 Tel: +91-1124-4245110/116 Branch Office Singapore: One Raffles Place, Tower 1, 27-03, Singapore- 048616 Canada: 885 Progress Ave Toronto Ontario M1H 3G3 Canada International Branch Comprehensive Solutions for Complex Matters
