IBBI - IIIPI Compliances

A. Insolvency & Bankruptcy Board of India.

Yearly Return, ... FORM - E (Annual statement of professional fee of insolvency professional.), to be submitted online by login at the site of IBBI [Under Regulation 7 (2)(ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]

Event based.

1. Publication of Public Announcements on the website of IBBI,

Mail to   public.ann@ibbi.gov.in in pdf format, through registered mail ID.( IBBI Circular no. No. IP(CIRP)/006/2018 23rd February, 2018)

a. Form A under regulation 6 (2) (b) (iii) of the IBBI (Insolvency Resolution Process      for Corporate Persons).

b. Form A under regulation 6 (2) (b) (iii) of the IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.

c. Form B of Schedule II under regulation 12 (3) (c) of the IBBI (Liquidation Process) Regulations, 2016.

d. Form A of Schedule I under regulation 14 (3) (c) of the IBBI (Voluntary Liquidation Process) Regulations, 2017.

2. Brief particulars of Invitation of Resolution Plans  by the Resolution Professional
Mail to   invite.rp@ibbi.gov.in  in pdf format through registered mail ID.( IBBI Circular No. IP(CIRP)/006/2018 23rd February, 2018)

a.  Form G under regulation 36A (5) (b) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

b. Form G of the Schedule under regulation 35A (5) (b) of the IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.

3. Copy of records of every proceeding  before AA (Adjudicating Authority)

under  section  208(2)(d) of IBC-2016. Mail to   proceedings@ibbi.gov.in  in pdf format through registered mail ID.

a). All the applications filed with AA.

b). All the progress reports submitted to AA.

c). Copies of minutes of CoC submitted to AA.

d). Details of preferential transactions etc. submitted to AA.

e). Copy of resolution plan submitted to AA.

B. Indian Institute of Insolvency Professional of ICAI

Half - Yearly return  A professional member shall submit information, including records of ongoing and concluded engagements as an insolvency professional, in the manner and format specified by the Agency, at least twice a year.

Event based.

1. Public announcements  As above are to be submitted on the website of IIIPI
( Mobile no +918178995136)

2. Disclosure of relationship
Disclosure of relationship of IP & professional appointed by him.(IP). as per IBBI Circular no. IP/005/2018 dated 16.01.2018.

- Disclosures to be given by 
a). IP
b). Professional appointed by IP

- Disclosures are to be submitted by IP to IPA within 3 days of appointments.
a). IP to confirm to IPA that appointments have been made in Arm’s length basis.
b). IP to disclose his relationship to IPA,  with the following-
- The Corporate Debtor.
- Other professional engaged by him.
- Financial Creditors.
- Interim Finance Provider.
- Prospective Resolution Applicant..   

- Other Professional appointed by IP to disclose relationship with the following related
parties.
- IP who has appointed him.
- The Corporate Debtor.
- Other Professional engaged by IP.
- Financial Creditors.
- Interim Finance Provider
- Prospective Resolution Applicant.

Relationship’ shall mean any one or more of the four kinds of relationships at any time or during the three years preceding the appointment:

Kind of Relationship	Nature of Relationship
A	Where the Insolvency Professional or the Other Professional, as the case may be, has derived 5% or more of his / its gross revenue in a year from professional services to the related party.
B	Where the Insolvency Professional or the Other Professional, as the case may be, is a Shareholder, Director, Key Managerial Personnel or Partner of the related party
C	Where a relative (Spouse, Parents, Parents of Spouse, Sibling of Self and Spouse, and Children) of the Insolvency Professional or the Other Professional, as the case may be, has a relationship of kind A or B with the related party.
D	Where the Insolvency Professional or the Other Professional, as the case may be, is a partner or director of a company, firm or LLP, such as, an Insolvency Professional Entity or Registered Valuer, the relationship of kind A, B or C of every partner or director of such company, firm or LLP with the related party.

3.  Disclosure of Fee & Expences  As per IBBI Circular no. IBBI/IP/013/2018 dated 12.06.2018.

a). Form I : Details of Corporate Debtor Undergoing Insolvency Resolution Process

b). Form II : Insolvency Resolution Process Cost of Corporate Debtor for the period under IRP (Form l & ll are to  be submitted by IRP within 7 days of demitting of the office as IRP.)

c). Form III: Insolvency Resolution Process Cost of Corporate Debtor for the period under RP. (Form lll is  to be submitted by RP within 7 days of demitting of the office as RP.)

An Insolvency Professional Agency (IPA) shall facilitate receipt of disclosures as required above. It shall disseminate such disclosures on its web site within three working days of receipt of the disclosure.

    

4. Copy of records of every proceeding  before AA (Adjudicating Authority) under section 208(2)(d) of IBC-2016.

Mail to   ip_monitoring@icai.in or iiipi_monitoring@icai.in  in pdf format through registered mail ID.( mobile nos.of the concerned department of  IIIPI - 8178995137, 8178995138)

'Disclaimer: The sole purpose of this blog is to  create awareness on the subject and must not be used as a guide for taking or recommending any action or decision. A reader must do his own research and seek professional advice if he intends to take any action or decision in the matters covered in this blog