Pre. Notification No. G.S.R. 1108(E), dated 30th November, 2016

G.S.R. 1108(E).-In exercise of the powers conferred by clauses (c), (d), (e) and (f) of sub-section (1) of section 239 read with sections 7, 8, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following Rules, namely-

R.1 Short title and commencement

(1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

(2) They shall come into force from the 1st day of December, 2016.

R.2 Application

These Rules shall apply to matters relating to the corporate insolvency resolution process.

R.3 Definitions

(1) In these Rules, unless the context otherwise requires,-

(a)"Code"means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(b)"corporate insolvency resolution process"means the insolvency resolution process for corporate persons under Chapter II of Part II of the Code;

(1) A financial creditor, either by itself or jointly, shall make an application for initiating the corporate insolvency resolution process against a corporate debtor under section 7 of the Code in Form 1, accompanied with documents and records required therein and as specified in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

(2) Where the applicant under sub-rule (1) is an assignee or transferee of a

R.5 Demand notice by operational creditor

(1) An operational creditor shall deliver to the corporate debtor, the following documents, namely. -

(a) a demand notice in Form 3; or

(b) a copy of an invoice attached with a notice in Form 4.

(1) An operational creditor, shall make an application for initiating the corporate insolvency resolution process against a corporate debtor under section 9 of the Code in Form 5, accompanied with documents and records required therein and as specified in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

(2) The applicant under sub-rule (1) shall dispatch forthwith, a copy of the application filed with th

R.7 Application by corporate applicant

(1) A corporate applicant, shall make an application for initiating the corporate insolvency resolution process against a corporate debtor under section 10 of the Code in Form 6, accompanied with documents and records required therein and as specified in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

(2) The applicant under sub-rule(1) shall dispatch forthwith, a copy of the application filed with the

R.8 Withdrawal of application

The Adjudicating Authority may permit withdrawal of the application made under rules 4, 6 or 7, as the case may be, on a request made by the applicant before its admission.

R.9 Interim resolution professional

(1) The applicant, wherever he is required to propose or proposes to appoint an insolvency resolution professional, shall obtain a written communication in Form 2 from the insolvency professional for appointment as an interim resolution professional and enclose it with the application made under rules 4, 6 or 7, as the case may be.

(2) The application under sub-rule (1) shall be accompanied by a certificate confirming the eligibility of the proposed insolvency professiona

R.10 Filing of application and application fee

(1) Till such time the rules of procedure for conduct of proceedings under the Code are notified, the application made under sub-section (1) of section 7, sub-section (1) of section 9 or sub-section (1) of section 10 of the Code shall be filed before the Adjudicating Authority in accordance with rules 20, 21, 22, 23, 24 and 26 of Part III of the National Company Law Tribunal Rules, 2016.

(2) An applicant under these rules shall immediately after becoming aware, notify th

Form.1 .

Form 1

(See sub-rule (1) of rule 4)

Application by Financial Creditor(s) to Initiate Corporate Insolvency Resol

Form.2 .

Form 2

(See sub-rule (1) of rule 9)

(Under rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016)

Form 3

(See clause (a) of sub-rule (1) of rule 5)

Form of Demand Notice/ Invoice Demanding Payment under the In

Form.4 .

Form 4

(See clause (b) of sub-rule(1) of rule 5)

Form of notice with which invoice demanding payment is to be a

Form.5 .

Form 5

(See sub-rule (1) of rule 6)

Application by Operational Creditor to Initiate Corporate Insolvency Resolu

Form.6 .

Form 6

(See sub-rule(1) of rule 7)