A key duty of the RP under section 25(2)(h) of the IBC is to invite Prospective Resolution Applicants (PRAs), who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard

CS Professional · Corporate Restructuring, Valuation and Insolvency · PYQS · December 2024
A key duty of the RP under section 25(2)(h) of the IBC is to invite Prospective Resolution Applicants (PRAs), who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans. The details pertaining to the steps for inviting, submitting, evaluating, and approving the resolution plan (and timelines in relation to them) are detailed in the CIRP Regulations. Give the timelines for the following as provided in the CIRP regulations. (i) Publish brief particulars of the invitation for expression of interest in Form G of the Schedule-I. (ii) Last date for submission of expression of interest. (iii) Objection for inclusion or exclusion of a PRA in the provisional list. (iv) Issue of information memorandum, evaluation matrix and a request for resolution plans. (v) Submission of resolution plans to the RP.

Answer & Explanation:

(i) Publish brief particulars of the invitation for expression of interest in Form G of the Schedule I Not later than sixtieth day from the insolvency commencement date from interested and eligible prospective resolution applicants to submit resolution plans. (Regulation 36A (1) of CIRP Regulations) (ii) Last date for submission of expression of interest- Not less than fifteen days from the date of issue of detailed invitation. (Regulation 36A (3) of CIRP Regulations) (iii) Objection for inclusion or exclusion of a PRA in the provisional list. Within five days from the date of issue of the provisional list. Regulation 36A (11) of CIRP Regulations. (iv) Issue of information memorandum, evaluation matrix and a request for resolution plans- The resolution professional shall, within five days of the date of issue of the final list under sub-regulation (12) of regulation 36A, issue the information memorandum, evaluation matrix and a request for resolution plans to every resolution applicant in the final list. (Regulation 36B (1) of CIRP Regulations) (v) Submission of resolution plans to the RP. - The request for resolution plans shall allow prospective resolution applicants a minimum of thirty days to submit the resolution plan(s). (Regulation 36B (3) of CIRP Regulations)

Topics: Insolvency

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