HOW TO INITIATE IBC PROCEDINGS

As per Insolvency and Bankruptcy Code, 2016 (IBC), the IBC proceedings can be initiated by the following person, against the corporate debtors if such corporate debtors has committed a default;

a) Financial Creditors

b) Operational Creditors

c) Corporate debtor (itself)

Let’s brief the process for initiation ;

A) ‘Financial Creditor’ – In order to file IBC application u/s 7 of IBC Act, the following three conditions are required to be fulfilled;

  1. the related debt or liability should be covered under financial debt as defined u/s 5(8) of IBC which means any debt which is disbursed against the consideration for the time value of money i.e. interest and includes other as described in above section, and
  2. There has been a default in discharging of the above liability, and
  3. Amount of such default should be Rs. 100,000/- or more

Example: – Mr. A has given loan of Rs. 4 Lacs to B Pvt. Ltd. against the interest of 6% p.a.. B Pvt. Ltd., failed to give 3 EMIs worth Rs. 1.2 lacs then, Mr. A may file application u/s 7 of IBC before NCLT to initiate Corporate Insolvency Resolution process.

B) ‘Operational Creditor’ – The process for the operational creditor is bit different. An operational creditor has to fulfill the following conditions, to initiate the IBC proceedings;

  1. The related debt or liability should be covered under ‘Operation Debt’ which is defined u/s 5(21) of IBC means any claim relating to the provision of goods/service/employment or payable to Government.
  2. There has been a default in discharging of the above liability, and
  3. Amount of such default should be Rs. 100,000/- or more, and
  4. Notice of demand u/s 8 has been served to the corporate debtor and
  5. Neither the payment nor notice of dispute has been received within 10 days of delivery of above notice.

Example: – If Mr. A has an outstanding amount of Rs. 2 lacs, out of sale proceeds to be recovered from B Pvt. Ltd. And B Pvt. Ltd is not making the payment. Now Mr. A shall issue a notice of demand u/s 8 to B Pvt. Ltd. If B Pvt. Ltd does not pay the default amount or raise any dispute within 10 days of delivery of such notice. Then Mr. A may initiate CIRP against B Pvt. Ltd.

C) ‘Corporate Debtor’ – As per section 10 of IBC, a corporate debtor may also start insolvency proceedings against itself if the following conditions are fulfilled;

  1. The corporate debtor has committed a default, be it operational debt or financial debt, or any other and
  2. Amount of such default should be Rs. 100,000/- or more

Example: – If B Pvt. Ltd. has defaulted in repayment of its debt worth Rs. 2 Lacs, then B Pvt. Ltd may initiate CIRP against B Pvt. Ltd u/s 10 of IBC.

FORMS, FEES, AND DOCUMENTS FOR FILING IBC APPLICATION

We have briefed the requirement for a different kind of IBC application as under:

Particulars Financial Creditor Operational Creditor Corporate Debtor
Form for filing application Form 1 Form 5 Form 6
Fees to be paid Rs. 25,000/- Rs. 2000/- Rs. 25,000/-
Adjudicating Authority or court NCLT having jurisdiction of the State where registered office of corporate debtors is situated. NCLT having jurisdiction of the State where registered office of corporate debtors is situated. NCLT having jurisdiction of the State where registered office of corporate debtors is situated.
Notice of Demand Not Applicable Form 3 or 4 Not Applicable
Consent of Insolvency professional Form 2 (compulsory) Form 2 (optional) Form 2 (compulsory)
Documents for application :

Form – 1;

Part 1 – Particular of applicant

Part 2  – Particulars of Corporate debtors

Part 3 – Particulars of proposed IRP

Part – 4 Particulars of financial debt

Part – 5 Documents/records/ evidence of default Annexures – (i) Proof of fees paid, (ii) Proof  of dispatch of application to corporate debtor

 

Form – 5;

Part 1 – Particular of applicant

Part 2  – Particulars of Corporate debtors

Part 3 – Particulars of proposed IRP

Part – 4 Particulars of operational debt

Part – 5 Documents/records/ evidence of default

Annexures – (i) Proof of fees paid, (ii) copy of demand notice (iii) copy certificate or bank statement, (iv) affidavit of no- dispute

Form – 6;

Part 1 – Particular of corporate applicant

Part 2  – Particulars of proposed IRP

Part – 3 Particulars of financial/operational debt

Documents/records/ default as prescribed

 

WHY CENTRIK?

Our IBC team is well equipped with the in-depth knowledge and experience in preliminary research, preparing and filing of IBC application. We provide the committed and result-oriented solutions for every situation. Even we have the highly qualified Insolvency Professionals who are well proficient in Insolvency Laws and have a good amount of experience dealing in such cases. For more information, please get in touch with us at ibc@centrik.in or call our expert at 8383011629.

 

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Test Previously it was told that Haryana RERA Authority will be established by October-end. The HRERA Authority will be finally established...
SALE OF PROPERTY TO MULTIPLE PERSONS
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Test Selling one property to multiple buyers by the builders increased substantially. We are discussing this problem in different parts with...
No Payment of Property Tax
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Test “No payment of property tax by the Builder”, this act is frequently occurring in the market because buyers are not...
No Amenities as Promised by the Builder
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Test Builders are trying to get the Customers by providing various amenities but sometimes Builders gets off from their path and...
Delay in Possession of the Flat
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Test This article is about just to shed some light on the issue to understand this predicament of Delay in possession...
RERA and GST Belt: Homebuyers going for ready-to-move-in Flats
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Test The homebuyers are now opting for ready-to-move-in flats as tax burden has been reduced on them. With the implementation of...
Rights of Home-buyers in Insolvency Petition of Builders
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Test The change in the insolvency rules will be acting as a protective ambit for homebuyers. It aims at not only...
Refund of RERA Registration Fees
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Test There is changes in the Haryana RERA Rules the developers who registered themselves under the RERA Act may ask for...
Penalties Reduced for Ongoing Projects under RERA in UP
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Test UP Government vide its notification as per 59(1) dated 28/09/2017 super ceding its erstwhile notifications in this regards, has prescribed...
Project without RERA Registration to be Rejected in Tamil Nadu
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Test By visiting TNRERA Website home buyers will now be fully aware whether the project is registered under RERA or not....
Penalties for no RERA Filing for Developers in Tamil Nadu
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Test The State government of Tamil Nadu alleged that developers must register their ongoing projects before selling or advertising. In case...
How to file Complaint under RERA?
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Test Homebuyers who have been martyr in the realty sector can now take a deep breath as the focal point of...
Jharkhand RERA Rules, Still a Long Journey
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Test Builders are unhappy from the late notification of Jharkhand RERA rules in the state since the developers in Jharkhand only...
RERA’s First Verdict: A Closing Prayer for Homebuyer
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Test A closing prayer for the homebuyer the verdict came from Maharashtra Real Estate Regulatory Authority (MahaRERA) on Wednesday which comforted...
Karnataka RERA: A Horror Story for Builders, but also not a Fairy Tale for Buyers
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Test According to the act, all the on-going projects in States should register with State RERA Authority till 31st of July...
Registration of Real Estate Agent under RERA for Karnataka
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Test As per Karnataka Real Estate (Regulation & Development) Rules, 2016, Every real estate agent who deal in RERA registered projects...
RERA Registration in Bangalore
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Test The Real Estate Regulation Authority (RERA) Act, has now become a ground reality in real estate sectors.
Abetment to Jaypee Infratech’s Bankrupt Consumers
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Test The State Government of Uttar Pradesh has beefed up to provide abetment to the bankrupt homebuyers who have invested their...
RERA Deadline Extended for Projects in Rajasthan
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Test RERA Rajasthan: Deadline has been extended for projects in Rajasthan. The new RERA deadline is August 31, 2017,
DLF Smacked by RERA and GST Implementation
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Test India’s largest realty firm DLF Limited has proclaimed downfall of 58% in its consolidated net profit at Rs 109.01 crore...
RERA Licensing Process Drowsy in Tamil Nadu
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Test Since RERA came in there has been downtime in home buying and property development as home loan market has struck...
Homebuyers to Move to Consumer Court for RERA Guff
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Test Homebuyers who are heavy-hearted with Haryana’s RERA Act are in the intention of percolating to the National Consumer Disputes Redressal...
RERA Rules Notified by Telangana Government
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Test Though the Central Authority allows secondary modifications as per the sources Telangana regime has decided to keep the Central Act...
Ongoing Projects Redefined in UP RERA
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Test UP RERA- The State Authority not only extended the RERA deadline but also amended the definition of ongoing projects.
Penalty for Karnataka Builders Failing RERA Registration
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Test RERA Karnataka- The builders who failed to register themselves with RERA Authority are barricaded from advertising, marketing, booking, selling or...
RERA Deadline bygone, RERA Registration Still Hangout
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Test Though the RERA deadline for registration ended on July 31, 2017, there are nearby 400 registrations that still hang out...