IBBI directs all Insolvency Professionals to Serve copy of the application [Read Circular]

IBBI - Insolvency Professionals - Serve copy - application - Taxscan

The Insolvency and Bankruptcy Board of India ( IBBI ) directed all the Insolvency Professionals to Serve copy of the application as mandated under Rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as amended vide notification No. G.S.R. 583(E) dated 24th September, 2020 requires an applicant to provide a copy of the application for initiating corporate insolvency resolution process against a corporate debtor, inter alia, to the Board, before filing the same with the Adjudicating Authority.

The Board has made available a facility on its website at https://www.ibbi.gov.in/intimation-applications/iaaa for serving a copy of the application online to the Board.

On submission of the application online, the applicant shall get an acknowledgment. The applicants are encouraged to avail of this facility.

The Board notified the format for serving a copy of the application for initiation of CIRP and  step-by-step guide to fill the format.

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