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IBBI invites comments on issues related to a CIRP on the discussion paper



This discussion paper solicits comments on the following issues related to a corporate insolvency resolution process (CIRP):

  • A. Code of conduct for Committee of Creditors

  • B. Restrictions on request for resolution plans and use of swiss challenge in CIRP

  • C. Treatment of live bank guarantees and line of credit as claims in a CIRP

Public Comments

The Board accordingly solicits Public Comments on the following:

  1. Do you agree to the treatment of LC/BG in scenario 1?

  2. If No, provide reasons/issues and alternative available?

  3. Do you agree to the treatment of LC/BG in scenario 2?

  4. If No, provide reasons/issues and alternative available?

  5. Do you agree to the treatment of LC/BG in scenario 3?

  6. If No, provide reasons/issues and alternative available?

Submission of comments

Comments may be submitted electronically by 17th September 2021. For providing comments, please follow the process as under:

(i) Visit IBBI website, www.ibbi.gov.in;

(ii) Select ‘Public Comments’;

(iii) Select ‘Discussion paper – CIRP Aug 21’

(iv) Provide your Name, and Email ID;

(v) Select the stakeholder category, namely, -

  • Corporate Debtor;

  • Personal Guarantor to a Corporate Debtor;

  • Proprietorship firms;

  • Partnership firms;

  • Creditor to a Corporate Debtor;

  • Insolvency Professional;

  • Insolvency Professional Agency;

  • Insolvency Professional Entity;

  • Academics;

  • Investor; or

  • Others.

(vi) Select the kind of comments you wish to make, namely,

  • General Comments; or

  • Specific Comments.

(vii) If you have selected ‘General Comments’, please select one of the following options:

  • Inconsistency, if any, between the provisions within the regulations (intra regulations);

  • Inconsistency, if any, between the provisions in different regulations (inter regulations);

  • Inconsistency, if any, between the provisions in the regulations with those in the rules;

  • Inconsistency, if any, between the provisions in the regulations with those in the Code;

  • Inconsistency, if any, between the provisions in the regulations with those in any other law;

  • Any difficulty in implementation of any of the provisions in the regulations;

  • Any provision that should have been provided in the regulations, but has not been provided; or

  • Any provision that has been provided in the regulations but should not have been provided.

(viii) And then write comments under the selected option.


If you have selected ‘Specific Comments’, please select para number and then sub-para number and write comments under the selected para/sub-para number.


You can make comments on more than one para/sub-para, by clicking on more comments and repeating the process outlined above from point 47(vi) onwards.


Click ‘Submit’ if you have no more comments to make.

 

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