Are You An Insolvency Professional? Read IBBI’s Latest Diktat

The Insolvency & Bankruptcy Board of India (IBBI) directed the insolvency professionals to upload the judicial orders related to bankruptcy proceedings on the regulator’s website to enhance facilitation of various stakeholders.

Insolvency professionals have been uploading information related to the public announcement, claims, invitation for resolution plan and auction notice on the IBBI website, the insolvency regulator said in a statement.

As insolvency professionals have the first-time access and information of all the important judicial orders affecting the processes handled by them under the Insolvency and Bankruptcy Code (IBC), it has been decided that they will upload certain judicial orders pertaining to their respective assignments on their dashboard, it added.

This will also ensure that the important judicial orders, which have significant impact on the ongoing processes, are available for facilitation of stakeholders in a timely manner, C. Ramachandra Rao, general manager at the IBBI, said in the statement.

The IBBI directed the insolvency professionals to upload the following types of orders:

For National Company Law Tribunal (NCLT) & National Company Law Appellate Tribunal (NCLAT):

• Admission order

• Approval of resolution plan order

• Closure of insolvency process through withdrawal u/s 12A/appeal/review or settlement

• Stay of insolvency process

• Liquidation order

• Dissolution order

• Final order on preferential, undervalued, fraudulent, extortionate credit transaction and fraudulent and wrongful trading

• Any order having actionable point for IBBI

For Supreme Court and High Court, all orders, where:

• Orders related to categories for NCLT/NCLAT

• IBBI/Ministry of Corporate Affairs is a party

• The case deals with any important issues relating to vires, interpretation and applicability of the provisions of the code, rules and regulations

The IBBI advised insolvency professionals to take due care and caution while uploading these orders.

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