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A brief on The Insolvency and Bankruptcy Application to Adjudicating Authority Amendment Rules 2020

Key amendments: 

  1. Applications u/s 7,9,10, the applicant shall serve a copy of application to the registered office of the corporate debtor and to the IBBI, by the registered post or speed post or by hand or by electronic means, before filing with the Adjudicating Authority;
  2. The Application form 1, Form 5, and form 6 has been amended to add a declaration form the applicant that “the applicant has served a copy of this application by registered post/speed post/ by hand/ electronic means to the registered office of the corporate debtor and to the IBBI”.
  3. The instructions have been amended to provide that “proofs of serving a copy of the application (a) to the corporate Debtor, and (b) to the IBBI, will be attached to the application.
  4. Form 2 (written communication by proposed Interim Resolution Professional) has been amended to add information of existing assignments of the proposed Interim Resolution Professional including IRP, RP, Liquidator, AR, RP, Personal Guarantor. This information needs to be provided as on date of the Consent Form 2.
  5. The requirement of attaching Annexure-III to form 5 is “Copy of the relevant accounts from the banks/ financial institutions maintaining accounts of the operational creditor confirming that there is no payment of the relevant unpaid operational debt by the operational debtor.” has been removed.
  6. A new form 5A has been inserted which is required to be filled by the Bank/ Financial Institution on its letter head and to be attached with the application u/s in the form 5 certifying the details of all credits received from corporate debtor in that account during the last 3 years. This form 5A would be required from all bank accounts maintained by the operational Creditors who is filing the application. 

 

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