October 30, 2020
Summary of the circular and notification issued by IBBI and SEBI issued on 29/10/2020
Procedure to submit online application to the Board for initiating Corporate Insolvency Resolution Process (CIRP) under IBC,2016
Further to the amendments made to Rules 4, 6 and 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, requiring an applicant to provide a copy of the application for initiating CIRP against a corporate debtor, inter alia, to the Board, before filing the same with the Adjudicating Authority, the Board has made available a facility on its website to file the same online. The procedure and format of filing the online application are provided in the circular.
Amendment to Voluntary Information Disclosure under Insider Trading Regulations
As per this amendment, any Original Information provided by the Informant under the Insider Trading Regulations shall be construed as timely only if, as on the date of receipt of the duly completed Voluntary Information Disclosure Form by the Board, a period of not more than three years has elapsed since the date on which the first alleged trade constituting violation of insider trading laws was executed. Further, Informant is now required to provide detailed information on the alleged violation and submit self-certified copies of the relevant documents in the Voluntary Information Disclosure form.
These amendments are integrated in our free to use website www.ca2013.com for your easy reference.