The Insolvency and Bankruptcy Board of India ( IBBI ) invites Suggestions and Comments on Draft Specimen of (i) Information Memorandum (ii) Evaluation Matrix (iii)Request for Resolution Plans, and (iv) Resolution Plan.
The Insolvency and Bankruptcy Code, 2016 (Code) read with the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations) envisage inter alia preparation and issue / submission of (a) Information Memorandum, (b) Evaluation Matrix, (c) Request for Resolution Plans, and (d) Resolution Plan. These documents form the basis for various decisions by the stakeholders and hence the outcome of a corporate insolvency resolution process depends on quality of these documents.
The Code read with the Regulations indicate the content and purpose of the aforesaid documents. Market has developed best practices about detailed content of these documents from the perspective of adequacy and relevance for stakeholders. It, however, requires considerable skill and expertise and due diligence to prepare these documents which are complete, correct, relevant and user friendly, while confirming to the requirements of the Code and Regulations and meeting the need and expectations of the stakeholders.
A few stakeholders have prepared draft specimen of the aforesaid documents. Now, the IBBI intends to refine these documents, with inputs from stakeholders, and release them as specimen for guidance of the stakeholders.Subscribe Taxscan AdFree to view the Judgment