Summary of the IBBI Circular and SEBI Notification dated 21/12/2023.
These circulars and notifications are integrated in our free-to-use website ca2013.com.
IBBI provides clarification regarding submission of particulars and declaration by the Insolvency Professionals (“IPs”) in the application filed by creditors in Part IV of Form C of Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (“IRP PGCD Rules”)
Rule 7 of the IRP PGCD Rules allows the creditor to file for initiation of Insolvency Resolution Process of personal guarantors to Corporate Debtors. The Creditor may file such application either by himself or jointly with other creditors or through a Resolution Professional (“RP”). IBBI vide this circular clarifies that in case the creditor has filed the application himself recommending the name of an IP to be appointed as a RP, the IP shall also provide the particulars and declaration in Part IV of Form C of IRP PGCD Rules to the creditor for the consideration of the Adjudicating Authority.
SEBI replaces the requirement for Social Audit with Social Impact Assessment vide the SEBI (LODR)(Seventh Amendment) Regulations, 2023
Pursuant to the Regulation 91E of the SEBI (LODR) Regulations, 2015, a social enterprise is required to submit an annual impact report to the Social Stock Exchange. Earlier, the annual impact report was required to be audited by a Social Audit Firm employing a Social Auditor. SEBI vide the said regulation, now requires the annual impact report to be assessed by a Social Impact Assessment Firm employing Social Impact Assessor.