Discuss the provisions contained in the SEBI (LODR) Regulations, 2015 relating to dissemination of information to Stock Exchanges on the matter of 'Corporate Insolvency Resolution Process (CIRP)' of a listed company whic

CS Professional · Corporate Funding & Listings in Stock Exchanges · PYQS · December 2021
Discuss the provisions contained in the SEBI (LODR) Regulations, 2015 relating to dissemination of information to Stock Exchanges on the matter of 'Corporate Insolvency Resolution Process (CIRP)' of a listed company which has become corporate debtor under the Insolvency and Bankruptcy Code, 2016.

Answer & Explanation:

Para A. 16 of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 deals with the disclosures relating to Corporate Insolvency Resolution Process (CIRP) matter, which is as under: The following events in relation to the Corporate Insolvency Resolution Process (CIRP) of a listed corporate debtor under the Insolvency Code shall be disclosed to the Stock Exchanges as a part of material event/information: Filing of application by the corporate applicant for initiation of CIRP, also specifying the amount of default; Filing of application by financial creditors for initiation of CIRP against the corporate debtor, also specifying the amount of default; Admission of application by the Tribunal, along with amount of default or rejection or withdrawal, as applicable; Public announcement made pursuant to order passed by the Tribunal under section 13 of Insolvency Code; List of creditors as required to be displayed by the corporate debtor under regulation 13(2)(C) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016; Appointment/ Replacement of the Resolution Professional; Prior or post-facto intimation of the meetings of Committee of Creditors; Brief particulars of invitation of resolution plans under section 25(2)(h) of Insolvency Code in the Form specified under regulation 36A(5) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016; Number of resolution plans received by Resolution Professional; Filing of resolution plan with the Tribunal; Approval of resolution plan by the Tribunal or rejection, if applicable; Specific features and details of the resolution plan as approved by the Adjudicating Authority under the Insolvency Code, not involving commercial secrets; Any other material information not involving commercial secrets; Proposed steps to be taken by the incoming investor/acquirer for achieving the Minimum Public Shareholding (MPS); Quarterly disclosure of the status of achieving the MPS; The details as to the delisting plans, if any approved in the resolution plan.

Topics: Listing Regulations

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