Status as on- 15/03/2023

The provisions relating to filing of Applications under the Insolvency and Bankruptcy Code, 2016 have been given in IBBI (Application to Adjudicating Authority) Rules, 2016 under which:

• Rule 4 states about Application by Financial Creditors under Section 7 of IBC, 2016.
• Rule 7 states about Application by Operational Creditors under Section 9 of IBC, 2016.
• Rule 8 states about Application by Corporate Applicant under Section 10 of IBC, 2016

The question arises that Whether the advance copy of the Application for initiating CIRP under Section 7, Section 9, or Section 10 of IBC, 2016 needs to be served to the Insolvency & Bankruptcy Board of India.

The IBBI has made a separate portal i.e. https://ibbi.gov.in/en/intimation-applications/iaaa on its website to submit Form 1A i.e. Form for serving a copy of the Application for initiation of CIRP to the Insolvency and Bankruptcy Board of India.

Further, in order to same IBBI has decided to forward all the applications received for initiating insolvency to the Information Utility (IU), and, the IU is required to

(a) inform other creditors of the CD by sharing the application;

(b) issue notice to the applicant, requiring it to file ‘information of default’ as per IU Regulations; and

(c) process the ‘information of default’ for the purpose of issuing a Record of Default as per the IU Regulations.

Procedure to file an Advance Copy of the Application to initiate CIRP to IBBI:

1. Open https://ibbi.gov.in/en/intimation-applications/iaaa the website.
2. Fill in the relevant details i.e.:
   • Application to be filed by___
   • Application to be filed under Section___
   • Application to be filed at NCLT_______ Bench
   • Application to be filed on ______
   • Amount of Default_____
   • Detail of Applicants
   • Detail of Corporate Debtor
   • Details of IP

3. Attach the Copy of the Application in (pdf form) not more than 20 MB
4. Verify with OTP and submit the Form.

After the filing of Form 1A, the Acknowledgement ID will be generated and the same shall be used for all references with the Board.

Disclaimer: The above article is based on the personal interpretation of the related orders and laws. The readers are expected to take expert opinions before relying upon the article. For more information, please contact us at ibc@centrik.in.

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