CAIRR Update March 16, 2021

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CAIRR Update March 16, 2021

March 16, 2021

Summary of the notification issued by IBBI on 15/03/2021

IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Through this amendment –
– a creditor shall now update its claim with the Interim Resolution Professional/ Resolution Professional (IRP/RP), as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.
– Where the mandated activity as indicated in 40(1A) of the said Rule is not complete by the date specified therein, the IRP/RP, as the case may be, shall file Form CIRP 7 within three days of the said date, and continue to file Form CIRP 7, every 30 days, until the said activity remains incomplete

This notification is integrated in our free-to-use website for your ready reference.

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By | 2021-03-16T17:02:34+00:00 March 16th, 2021|Uncategorized|0 Comments

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