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30th October, 2023 Quarterly Newsletter for July-September, 2023 (32.14 MB)

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PING Insolvency and cy Board of India Ba n kru ptcy N e S

The Quarterly Newsletter of the Insolvency and Bankruptcy Board of India July - September, 2023 | Vol. 28 ——— os cf, ey ———_ ———— = | \ i i ' i" ie rf _

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----- Start of picture text ----- From Chairperson’s Desk..........ssssssssssessesssesscecsssssensecscensenssenscesseseessenssesseessessessensenssensensseassensenssensesseaseesseassessensseaseessenseenseessensenssensenssenssesseesssnseesseseeD IBBI Updates ...........scssccsscessesscencesscessesccenseencenseensesssencenssessenscenseenseseensenssensenssenssencenseansenssensenssenseessenssensenssensenssensenssenssensenssensenssensesssenssensenssensesssensesnsensese Legal and Regulatory Framework.............scccsssssscsssssscssssssccssssseesscsssessssssesssssssessssssessssssessessssessssssesssssseesssssessssssssssssssessssssesssssssssssssssscsssesssssessssssssssssseoO ° Central Government * Insolvencyand Bankruptcy Board of India Order [.......sscsssssssesscersssscersesseesssescesssesseseessssssesssessesssessssseesseeseesssssesseesessssensesseessecssessesenssessssssenseassensecssonsessesssensesssessoassssssassenssssscssssseassecssesscnsecssonsoosee] D ° Supreme Court * — High Court ----- End of picture text -----

° National Company Law Appellate Tribunal
National Company Law Tribunal

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° National Company Law Appellate Tribunal
National Company Law Tribunal

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----- Start of picture text ----- ° Insolvency and Bankruptcy Board of India Corporate Processes ..........sssssccsssccssscsssssssscscsscssssesssssnsscssesccsssesescessessssesessensssnsssssnsscssssccsssonssssessesssessssoosssssssscssossssossssossscccsscosssossssoosscsssssosssocsssccssoooee LL * Insolvency Resolution ® Liquidation ° Voluntary Liquidation Individual Processes .........s..scsssssssssesssessssscessesssecsenseesssessesseeseesseesseseessenseessenseesseessensenseeassenseassesseasseaseensenseesseassessesssensessenssecseassessessesssessensenssenssensenseee LD Service Provider ...........sccssscsssssessesersceerscessesesseeeseeesscenssseeesenseeeseceesseessesesseeeseeesseenseseneseesseesseeeaseceseesenseeasseensseesseeesseeessesasssesssessescssoensesessscessosssoeeseeeeLO ° Insolvency Professionals ° Information Utility ° Registered Valuers ° Complaints and Grievances Examinations .........cccsscsscesssessescsesscsscesseeccenscsssesssesensseseessensesssesseesseescensenssessensseesesseeseasseeseensensseseessenesensenssensenssenseasseessensessenseessenssenseassesseessensessseesseseesDO ° Limited Insolvency Examination ° Valuation Examinations Building Ecosystem .........s.sscscsccesssssssccssscesscsesscessscessscesseseeseeesscensseeseeessesesseesssesesseessesesseeesseossesessseessesssecssseeesecesseosseeessccnsescsssosseccs

Examinations Building Ecosystem .........s.sscscsccesssssssccssscesscsesscessscessscesseseeseeesscensseeseeessesesseesssesesseessesesseeesseossesessseessesssecssseeesecesseosseeessccnsescsssosseccssocsseocssscssoossossseeeLO Advocacy and Awar ene ...........scccssssscssssssssssssscssssseesssssssescsesesssesssssssssscsesssesesssessssssssessssessnesssscsessssesscsesessssssssssnsesesssssescscsssssssssscscscssscscsssssssssssesssLO Abbreviations ............sscsssssssessssssecscesssseessessssssesesssessseseessessessssessasseassenseasssesessssesseseeessessensseasensseesssasessesenssessessessesseesseassesseasssnssesseasesssenssscssessssseessenseeDD ----- End of picture text -----

6 ¢) ‘In the past few years, the reforms we have undertaken in mission mode have led to consistent improvement in the ease of doing business in India. We have reduced the compliance burden. We are replacing red tape with a red carpet. The implementation of GST (Goods and Services Tax) and the Insolvency and Bankruptcy Code has boosted investor confidence.

Shri Narendra Modi, Hon’ble Prime Minister of India, during his address at BRICS Business Forum Leaders’ Dialogue, August 22, 2023.

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From Chairperson’s Desk

In the realm of economic reforms,the Insolvency and Bankruptcy This is coupled with 130% increase in the CAPEX, which Code, 2016 (IBC/Code) has emerged as a transformative force in indicate a build-up of tangible assets in the balance sheet of addressing insolvency and bankruptcy matters across a spectrum these firms in the post-resolution period. of entities. The IBC has remarkably altered how distressed and e The Report further finds that there is convergence in the defaulting businesses are handled by their stakeholders. The profitability ratios of the resolved firms with the benchmark Preamble to the Code emphasises its purpose as timely averages in the post-resolution period. corporate reorganisation and insolvency resolution, of maximizingar asset value. Unlike. traditionales recovery-orientedwith the. goal ° The e trendstrendsa inin ththe—marketket capitalizationpritalizati; off listedlisted resolveved tools, IBC adopts a resolution-oriented. . approach aei.e., it allows a firms :indicate; a significant revival: in: the average. market firm to continue as a going concern, despite the default. By valuations in the post-resolution period, which is expected . . a F a iven the growth opportunities that will accrue to these focusing on the revival and continuity of financially distressed g g PP : . ; entities, the IBC seeks to preserve jobs, protect investments, and firms post the resolution with the creditors. A similar trend is ., . wae , .

and continuity of financially distressed g g PP : . ; entities, the IBC seeks to preserve jobs, protect investments, and firms post the resolution with the creditors. A similar trend is ., . wae , . , seen for the aggregate market valuation of all the resolved maintain the operational viability of such businesses. However, f hich ee °8 df d 2 lakh t the outcomes of IBC are evaluated on the basis. of recovery to the irms which has . increased from aroun: akh crore to creditors asa result of resolution process : ? 6 lakh crore in the post-resolution phase. Overall, the results suggest that the market has priced and acknowledged The data as on September, 2023 indicates that the creditors have the potential of these firms in the post-resolution period. realised = 3.16 lakh crore under the resolution plans approved oo . . . . under the Code. In addition,. more than 26000 applicationsi. having. e Liquidity has improved .in the post-resolution: period; by underlying default of Z 9.33 lakh crore have been withdrawn about 80%. The trends indicatea significant increase in the before their admission to the resolution process. This data liquidity of the resolved firms in the post-resolution period. . . ; . _—. For instance, the current assets to current liability has primarily reflects essential. the. outcomes in terms of financial. recovery. It is .improveddffrom|.01Ol ininththe yearoff bankruptcybankruptcy toto |.83| aa,in th the to recognize that the success of resolution goes beyond neg t buti y picy these recovery figures..

recovery. It is .improveddffrom|.01Ol ininththe yearoff bankruptcybankruptcy toto |.83| aa,in th the to recognize that the success of resolution goes beyond neg t buti y picy these recovery figures.. In an attempt to measure the ird yearpyear post-resolution. achievements of resolution process under the IBC, the Indian The IIM Ahmedabad reports that overall the resolved firms that Institute of Management, Ahmedabad (IIM Ahmedabad) has done went through the resolution process under the Code have a study wherein the functioning of firms that have undergone significantly improved their performance in the post-resolution resolution under the Code, has been reviewed. The Report looks period compared to the period prior to their insolvency. at the performance of the firms both before and after the Specifically, these firms’ profitability, liquidity, activity, and resolution process, to understand if the firms have been able to turnover ratios have improved during the post-resolution period. find their feet in the market. The Report also compares the These findings are further reinforced when their performance is performance of the resolved firms against their peers by sector compared with their performing peers from the same industry and size. and size decile.

are further reinforced when their performance is performance of the resolved firms against their peers by sector compared with their performing peers from the same industry and size. and size decile. Furthermore, a propensity score-matched Someofthe key findingsa in the Report are as under: analysis; ¥ indicates that the resolved firms have; reduced the wedge8 with the comparable cohort of firms in the post-resolution e Average sales have shown an .increase of 76% of;in three years period, especially in the profitability metrics. since resolution. While the net margins§ continue to remain . negative, the resolved firms have operationally. broken even The Report of IIM Ahmedabad is: a testament to: the fact that the in the post-resolution period, which is a significant Code has been able to resolve distress and achieve much beyond improvement from the pre resolution eriod recovery, benefiting the overall economy. The Report also P P P . validates the vision behind prioritizing financial creditors over the e There .is around 50%on ;increase .in the average employee rights of the Central and State Government, that it would expenses in the three years post-resolution—indicating a ultimately boost the availability of financing, lower capital costs, higher employment intensity in the resolved firms (listed) in foster entrepreneurship, and accelerate economic growth thus the post-resolution period. The total employment across yielding better gains for Government in longer run.

the resolved firms (listed) in foster entrepreneurship, and accelerate economic growth thus the post-resolution period. The total employment across yielding better gains for Government in longer run. As the IBC firms have also shown a substantial increase in the postcontinues to evolve, it holds the potential to redefine corporate resolution period. reorganization and serve as a key driver for availability of credit e The trends indicate a significant increase of around 50% in and promoting entrepreneurship in the country. the average total assets of resolved firms post resolution. (Ravi Mital) —

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----- Start of picture text ----- SS |NSOLVENCY AND BANKRUPTCY NEWS IBBI Updates Insolvency and Bankruptcy Code (CIBC), Institute of Chartered Accountants of Insolvency Professionals’ Conclaves India in Mumbai. The Conclave witnessed enthusiastic participation and engagement from IPs. Mr. Ravi Mital, Chairperson, IBBI, and Mr. Jayanti Prasad, Resolution of Real Estate Projects under IBC WIM, IBBI addressed the participants during the inaugural session of the The Insolvency and Bankruptcy Board of India (IBBI/Board) organised a Conclave Conclave.

of Real Estate Projects under IBC WIM, IBBI addressed the participants during the inaugural session of the The Insolvency and Bankruptcy Board of India (IBBI/Board) organised a Conclave Conclave. They highlighted the positive outcomes of the IBC, emphasised the of Insolvency Professionals (IPs) on the theme ‘Resolution of Real Estate Projects need for effective coordination between stakeholders and underscored the under Insolvency and Bankruptcy Code, 2016’ on July 14, 2023 at India importance of stakeholder consultation for improved outcomes under the Code. International Centre, New Delhi. The welcome address was delivered by The Conclave included two panel discussions on the themes ‘Perspectives and Mr. Sudhaker Shukla, WTM, IBBI, while the special address was delivered by Expectations of Creditors’ and ‘Key Learnings in CIRP and Liquidation Processes’, Mr. Ravi Mital, Chairperson, IBBI. Mr. Ramalingam Sudhakar, Hon'ble President, along with an interactive session with the IBBI representatives. NCLT graced the occasion as the Chief Guest and highlighted the challenges of real estate projects under the Code, emphasising on the uniqueness of the KHIMJ! KUN K complex nature of real estate projects. He accentuated on the importance of , PS . members Mr. Laxmi Narayan Gupta, Mr. Patibandla Satyanarayana Prasad, a efficiency ofthe IPs for speedy resolution of any real estate project. Hon’ble NCLT @ PO oe Pic MowePA deco, *) Mr. Avinash K. Srivasatava, Mr. B. V. Balaram Das, Mr. Ashok Kumar Bhardwaj, —— 7 IP CONCLAVE Mr.

IPs for speedy resolution of any real estate project. Hon’ble NCLT @ PO oe Pic MowePA deco, ) Mr. Avinash K. Srivasatava, Mr. B. V. Balaram Das, Mr. Ashok Kumar Bhardwaj, —— 7 IP CONCLAVE Mr. Atul Chaturvedi participated in the Conclave. Around 50 IPs and 10 Insolvency ee t', ages Professional Entities (IPEs) participated in the discussions. The Conclave was CONCLAVE = aaa | meine deo concluded bydeliveryof vote of thanks by Mr. Jayanti Prasad, WTM, IBBI. =" a an i | z= eR Shy NS iis : i a = OPAL bee aan" e a oe” oP” , i~'s a 2 IP Conclave on ‘Perspective ofthe Creditors and IPs’, Mumbai, September 15, 2023 7 i Training Programme for Indian Corporate Law Service Trainee Officers ines fae , The IBBI organised a three-day training programme for Indian Corporate Law eae Service (ICLS) trainee officers, of the 2021 batch on August 10, August | 1 and fe August 14, 2023. Mr. Jayanti Prasad, WTM, IBBI along with Mr. Satish Sethi, ED, m IBBI inaugurated the training session. The training sessions covered overview of the IBC, broad overview of professionalisation of insolvency services and role of IP Conclave on ‘Resolution of Real Estate Projects under IBC’, regulator. It also covered the concepts, duly supplemented by way of practical New Delhi, July 14, 2023 case studies related to various processes under the Code, namely, CIRP Insolvency Case Management System insolvency,liquidation process,and individual voluntarybankruptcy.

New Delhi, July 14, 2023 case studies related to various processes under the Code, namely, CIRP Insolvency Case Management System insolvency,liquidation process,and individual voluntarybankruptcy. liquidation,Thefastworking track resolutionof grievanceprocess,redressalindividualand The IBBI organised a Conclave ofIPs on the theme ‘Insolvency Case Management disciplinary mechanism of Board was explained to the trainees. The programme System’ on July 24, 2023 in association with National E-Governance Services ended with the closing remarks by Mr. Jayanti Prasad, WTM, IBBI. Limited (NeSL) at India International Centre, New Delhi. The Conclave witnessed keen participation of IPs. During the Conclave, NeSL, India’s first : % wa g Information Utility (IU) registered with the Board gave a presentation on 4 ; & | ‘Insolvency Case Management System (ICMS)’ which was followed by a | a “= Ee a demonstration of their Platform for distressed assets. NeSL apprised that it has a ae ¥ carly developed a unique technology tool - ICMS that assists IPs in seamlessly executing ae = > all corporate insolvency resolution process (CIRP) and liquidation process related = a he tasks in a time-bound manner. The IPs in the interactive session discussed their a - experience of using the ICMS, difficulties in adoption of ICMS and feedback on —s ¥ + ICMS with the Panel members, Mr. Sudhaker Shukla, WTM, IBBI; Mr. Jayanti ie tinnasge . Prasad, WTM, IBBI; Ms. Anita Shah Akella, Joint Secretary, MCA; Mr. Debajyoti 3 a ‘ = Ray Chaudhuri, MD, NeSL and Mr.

he Panel members, Mr. Sudhaker Shukla, WTM, IBBI; Mr. Jayanti ie tinnasge . Prasad, WTM, IBBI; Ms. Anita Shah Akella, Joint Secretary, MCA; Mr. Debajyoti 3 a ‘ = Ray Chaudhuri, MD, NeSL and Mr. Sandip Garg, ED, IBBI. J » a - de ie Training Programme for ICLS Trainee Officers, August, 2023 i CONCLAVE si Report of Study on Effectiveness of the Resolution Process: Firm i ove \ Pee ae a? PEO Outcomes in the Post-IBC Period =a! Ti —_ a sarah a ; raat “ee ' To measure the impact of resolution process on rescued firms under the Code, {| ih)i \ ; 1)|! TAI| y ve | | | W\ | | \ : i]h}\ i i thefunctioningIIM Ahmedabad offirms thatwas havecommissioned undergone resolutionto conduct undera thestudy Code.to Thereview Reportthe | 4 Je Tfhe| } 4%Wait Le| l ayy : } 74S;ijj } ofresolutionIIM Ahmedabadprocess, looksto understand at the performanceif the firms ofhavethe firmsbeen bothable to beforefind andtheir feet after thein the market. The Report also compares the performance of the resolved firms A , against their peers by sector and size.

firms ofhavethe firmsbeen bothable to beforefind andtheir feet after thein the market. The Report also compares the performance of the resolved firms A , against their peers by sector and size. The Report finds that the IBC framework IPST.- Conclave; on 5‘Insolvency Case Management System’,- TI]= , increasehas yielded,in averagefor the employeeresolved firmsexpenses(i) 76%whichincreasecould bein averageattributedsales,to increased(ii) 50% New Delhi, July 24, 2023 eenployrnent peraration, “i 500s limerwacs fd aoe [ge] [total] [assets,] [(iv)] [130%] Perspective‘ of the Creditors and IPs (fromincrease % 2in lakhCAPEX,ee(v) threefold% 6 lakh crore),increase andin (vi)market improvementvaluation ofin liquidityresolved offirms the The IBBI organised a Conclave of IPs on the theme ‘Perspective of the Creditors resolved firms by about 80%. The complete Report can be accessed at and Insolvency Professionals’ on September 15, 2023 in association with www.ibbi.gov.in Insolvency Professional Agencies (IPAs) and co-hosted by Committee on = ----- End of picture text -----

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Professional Agencies (IPAs) and co-hosted by Committee on = ----- End of picture text -----

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----- Start of picture text ----- Human Resources Say — eS Appointment of Mr. Satish Sethi, ED — i : F Mr. Satish Sethi took charge as Executive Director : ¢ . - (ED) of IBBI on July 17, 2023. Immediately before = 3 <@ Ve a py J r, joining, he was serving as Principal Director in the ; . * a 3 (+ Mm. “FS) , - office(C&AG). of the Comptroller and Auditor General ofIndia ee =e =x 3 ia Officer He is an Indian Audit and Accounts Service — a eee | |) ie Ne —i % ? theGeneralofficeofin 2000ofRajasthan C&AGbatch.andof HeIndia.in varioushasHeservedwasotheralsoas Accountantcapacitiesposted asin ~< ‘~ => A 3 “4 4 ds \ E On= f |j DirectorHindi Diwas of Audit in Embassyof India, Washington DC. P N -Ss= - The IBBI celebrated Hindi Pakhwada from September 14, 2023 to September 27, 47 ~- . 2023. It conducted a meeting through video conferencing on September 14, 2023 Interactive session by University of Bradford, UK, August 2, 2023 wherein the officers and staff were encouraged to use Hindi language in official , , notings and letters. The employees participated with great enthusiasm in various - other activities organised by the Board during the Pakhwada such as Essay ; : = competition and Knowledge competition. : E 3 — ey ee Oe eS ©_—A , —¥aery; Iie , eal~~7 PeCteWipega.4 :—. - j ’ | a>= 4 ofee- = » 5 : ie p - x —..

uring the Pakhwada such as Essay ; : = competition and Knowledge competition. : E 3 — ey ee Oe eS ©_—A , —¥aery; Iie , eal~~7 PeCteWipega.4 :—. - j ’ | a>= 4 ofee- = » 5 : ie p - x —.. : Training session on CMIE Prowess Module, August 8, 2023 The members and officers of the IBBI attended the following workshops and Celebration — training programmes: of Hindi Pakhwada at Mayur Bhawan office, September, 2023 Date Organised Nature ofthe programme/ No. of Ss =F — by Subject Officers “<>= . i 24-07-23 to] IMF and Workshop on Corporate and 2 f a hii : yr 28-07-23 | Singapore Household Insolvency, a a, ern” es = Training Institute | Singapore - s bs wh 04-08-23 to} ICAI Singapore | ICAI International Convention on ;a a, 4 05-08-23 | Chapter Insolvency Resolution, Singapore dvo® . “> . o~ 11-09-2313-09-23 to}| INSOL International &INSOLRegulatoryTokyo Colloquium, Conference and Tokyo, Legal & 2 & >» >. Japan 18-09-23 tol IAIR IAIR Annual Conference and AGM, 2 | = 21-09-23 Belgrade, Serbia Celebration of Hindi Pakhwada at Jeevan Vihar office, September, 2023 Swachhta Pakhwada aa The IBBI celebrated Swachhta Pakhwada from September 20, 2023 to September a Fs - 29, 2023. During this period, the employees were encouraged to embrace . ‘4 fe; : 5 : - a cleanliness by taking a Swachhata Pledge and receiving a certificate as a token of ~ ‘\ Ew. W 4 a at = os their commitment.

s period, the employees were encouraged to embrace . ‘4 fe; : 5 : - a cleanliness by taking a Swachhata Pledge and receiving a certificate as a token of ~ ‘\ Ew. W 4 a at = os their commitment. Additionally, the officers/staff were made aware about the | , Y 3 KY fan ee ‘s | 4 i Cs, significance of maintaining a clean environment, the prohibition of single-use iN gS & Pf Y i v - P 4 7, waste,plastic andbagsthe withinweeding the officeout of unnecessarypremises, thedocuments.practice of segregating dry and wet orq Pa a =a) .¥c + & ry A &~= Employee Trainings and Workshop Sle bs ¥ v | PN e The IBBI organised the following workshops and trainings for its officers during = S ( the quarter Date JulyOrganised— September, 2023:Nature ofthe programme/Subject No. of ™ : atti_ be“er, ~=. & y eeSwe by Officers J 02-08-23 | University of} Research leadingto policy impact and 40 ‘ rt oe _ Bradford, UK| Environmental justice = ¢ F \ ‘4 L®. | ee SME Trang youre on usser CME Participation at Workshop on Corporate and Household Insolvency, ——e Singapore, July, 2023 98 ----- End of picture text -----

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Participation at Workshop on Corporate and Household Insolvency, ——e Singapore, July, 2023 98 ----- End of picture text -----

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----- Start of picture text ----- SS |NSOLVENCY AND BANKRUPTCY NEWS ; Da Teac Gua SwRI ERE ia ace to the IRRIRE by the parties concerned; veoerie for conduct of audit Vie @RESOLVE ues | ofof informationthe CD on proposalmemorandum,by committee evaluation ofcreditorsmatrix and(CoC); request(i) provided for resolution for issuanceplans hig as vane I to every resolution applicant in the final list under sub-regulation (12) of regulation : a iH~7 a — RA Agi a— aES timelines36A; and madeof activitiesconsequentialleading tochangesfiling of Formin the modelCIRP 7; timelines;and (k) modified(j) modifiedformatthe of \y Se + 7) a oe \ Form Gand Form H. \ | ; SR: 4 cf Amendments to IP Regulations i Q ' > :i | >»7> >t_ TheProfessionals)IBBI notified(Amendmethe I n solvencyt) Regulations,and Bankruptcy2023 on JulyBoard20, 2023.of IndiaThe(Insolvencyamended oe regulations modified the name ‘Graduate Insolvency Programme’ to Post A A Graduate Insolvency Programme’.

t) Regulations,and Bankruptcy2023 on JulyBoard20, 2023.of IndiaThe(Insolvencyamended oe regulations modified the name ‘Graduate Insolvency Programme’ to Post A A Graduate Insolvency Programme’. The necessary amendments are made to the : 4 : Qualifications and Experience criteria under Regulation 5 of the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations). ar - F ; 7 The IBBI notified the Insolvency and Bankruptcy Board of India (Insolvency Participation at ICAI International reigricy Insolvency Resolution, Singapore, Professionals) (Second Amendment) Regulations, 2023 on September 18, 2023. ueuste The amended regulations:- (a) introduced a unified enrolment and registration : —— application form to enable submission of common application form for both i a x. > enrolment and registration process; (b) reduced the timelines for approval of es) le ; a a =. unified application (for registration) or communicating prima-facie refusal to grant ! KFseOSf 7.

enrolment and registration process; (b) reduced the timelines for approval of es) le ; a a =. unified application (for registration) or communicating prima-facie refusal to grant ! KFseOSf 7. ee , ’ a’ registrationintimation to the to the Board applicant by the IPA by the Board; in case of(c)acceptance introduced the of application for requirement surrender to furnish : S a? » | Ny i » of professional membership, expulsion of professional member, demise of an y ri PsiSy *\ ' % / ia registeredindividual orpartnership winding up orfirm,dissolutionwho are ofregisteredacompany,as limitedIPs, and liabilitya consequent partnershipspecial or X Lal NA fy ! s pu procedure by the Board for processing the same; and (d) introduced the provision PS ie ae for surrender of certificate of registration by the IP to the Board. | ( , a) A f ‘ s oes | Amendment to IPA Regulations A a i a The IBBI notified the Insolvency and Bankruptcy Board of India (Model Bye-Laws = | 3 y and Governing Board of Insolvency Professional Agencies) (Amendment) F } ; 2 Regulations, 2023 on September 18, 2023.

tified the Insolvency and Bankruptcy Board of India (Model Bye-Laws = | 3 y and Governing Board of Insolvency Professional Agencies) (Amendment) F } ; 2 Regulations, 2023 on September 18, 2023. The amended regulations introduced:- z Ee ea) (a) timeline of 60 days for approval of unified application (for enrolment) by the Participation at INSOL Tokyo Conference and Legal & Regulatory Colloquium, IPA and of 30 days for forwarding the same (for registration) to the Board; and Tokyo, Japan, September, 2023 (b) additional requirements for the IPA to consider while accepting application for surrenderofprofessional membership or expelling the professional member. Circulars ] = Filing of CIRP Forms by IPEs i aa) The IBBI vide its circular dated September | , 2023 extended the online facility for i = submitting CIRP Forms on the website of IBBI to IPEs acting as IPs. The online facility enables the IPEs to access the said platform with the help of a unique ‘ ~ v 4 usernameprocess to andupload/password submitprovided the CIRPbyForms.the IBBIThereafter,and authorisethe authorisedan IP handlingIP wouldthe > & ' \ . be able to submit the CIRP Forms along with relevant information and records \p =e j j through his username and password as provided to him in capacity of individual IP. j . > ’ Clarification w.r.t Liquidators’ fee a — EA i -SaPet = “pee The IBBI vide its circular dated September 28, 2023 clarified the calculation of A i ore é.

pacity of individual IP. j . > ’ Clarification w.r.t Liquidators’ fee a — EA i -SaPet = “pee The IBBI vide its circular dated September 28, 2023 clarified the calculation of A i ore é. 3) } al - LiqReg u idatlati o r’sns, 2016fee under(LiquidationRegulationRegulations).4(2)(b)Theof CircularIBBI (Liquidationexplained theProcess)terms ——= = Amount realised’, ‘Other liquidation cost’, Amount distributed to stakeholders’ Participation at IAIR Annual Conference and AGM, Belgrade, Serbia, September, 2023 and Amount of Realisation/Distribution’ and advised the IPs who are currently Legal and Regulatory Framework underhandlingRegulation or have handled4(2)(b) anyof the liquidationLiquidation assignmentRegulationsin thein past,accordance to chargewith the feethe Amendments to CIRP Regulations clarifications given in the Circular. The IBBI notified the Insolvency and Bankruptcy Board of India (Insolvency Invitation of public comments on insolvency resolution process [of] PGsto CDs Resolution Process for Corporate Persons) (Amendment) Regulations, 2023 on The IBBI released a discussion paper on September 27, 2023 soliciting comments July 20, 2023. The amended regulations clarified that the regulatory fee under from the stakeholders on insolvency resolution process of personal guarantors Regulation 31A(I) of the IBBI (Insolvency Resolution Process for Corporate (PGs) to CDs. The last date for submission of comments would be October 19, Persons) Regulations, 2016 (CIRP Regulations) shall not be payable in cases where 2023.

Resolution Process for Corporate (PGs) to CDs. The last date for submission of comments would be October 19, Persons) Regulations, 2016 (CIRP Regulations) shall not be payable in cases where 2023. The discussion paper proposed to address three issues, namely: ~ the approved resolution plan in respect of insolvency resolution of a real estate (a) Appointment of RP in the insolvency resolution process of PGs to CDs; project is from an association or group ofallottees in such real estate project. (b) Sharing of report prepared by the RP under section 99 of the Code with the PG The IBBI notified the Insolvency and Bankruptcy Board of India (Insolvency and the creditors; and (c) Mandating summoning of meeting of the creditors under Resolution Process for Corporate Persons) (Second Amendment) Regulations, section 106 of the Code in case of insolvency resolution process of PGs to CDs. 2023 on September 18, 2023. The amended regulations:- (a) provided for filing of Other Authorities details of debt, default and limitation, along with evidence, in respect of . .

of PGs to CDs. 2023 on September 18, 2023. The amended regulations:- (a) provided for filing of Other Authorities details of debt, default and limitation, along with evidence, in respect of . . ‘ applications under section 7 or section 9 of the Code; (b) inserted provisions for Report of the Committers fo-examine the issues related to legacy stalled facilitating the custody and control of assets of corporate debtor (CD) by the real estate projects Interim Resolution Professional (IRP)/Resolution Professional (RP); (c) specified The Ministry of Housing and Urban Affairs had constituted a Committee under the timelines for filing claims by the creditors beyond the last date given in the public Chairmanship of Mr. Amitabh Kant, G 20 Sherpa (Ex-CEO, NITI Aayog) to examine announcement; (d) provided for the manner of verification of such late filing of all the issues related to legacy stalled real estate projects and suggest various ways to claims by the IRP/RP; (e) introduced provisions for replacement of the authorised complete these projects. The Committee presented its Report in July, 2023, wherein representative of creditors in a class; (f) specified fee and duties of authorised it concluded that the primary reason for stress in real estate projects is lack of representative of creditors in a class; (g) specified a timeline to provide the details financial viability of these projects, which has resulted in cost overruns, project and of assignment or transfer of debt, occurred during the insolvency resolution time delays.

rovide the details financial viability of these projects, which has resulted in cost overruns, project and of assignment or transfer of debt, occurred during the insolvency resolution time delays. The Committee observed that the steps to improve the Internal Rate of = ----- End of picture text -----

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Return of these projects would attract more funding and judicial interventions such successful auction purchaser on July 20, 2021. However, the next day, liquidator as IBC should be used onlyas a last resort. The recommendations of the Committee cancelled the auction and decided to hold auction afresh. Against which, the have been categorized as:- (a) Mandatory registrations of projects with Real Estate highest bidder filed an interlocutory application in which the AA, vide order dated Regulatory Authority (RERA); (b) Execution of registration/sub lease deeds for all August 12, 2021, directed the liquidator to proceed with the auction in favour of occupied units; (c) Occupancy/possession of all substantially completed projects; the auction purchaser. On the same date, the Punjab National Bank (financial (d) Proposal for State Government’s Rehabilitation Package for a promoter led creditor i.e. FC) filed appeal against this order of the AA before the NCLAT. resolution; (e) Framework for RERA and Administrator led revival of projects; However, the liquidator in compliance with AA order dated August 12, 2021 (f) Financing of stalled projects; and (h) Use of IBC for resolving projectsas a measure proceeded with the auction and issued sale certificate on September 15, 2021. of last resort. Vide order dated November 30, 2021, the NCLAT set aside auction with the Orders direction to the liquidator to re-conduct the e-auction. The auction purchaser Supreme[Court] filed appeal. before. SCF against the said order of NCLAT.

1, the NCLAT set aside auction with the Orders direction to the liquidator to re-conduct the e-auction. The auction purchaser Supreme[Court] filed appeal. before. SCF against the said order of NCLAT. Paschimanchal[Civil Appeal No. Vidyut 7976 Vitran of 2019]Nigam Ltd. Vs. Raman Ispat Pvt. Ltd.& Ors. alsoProductSC whilerelied(Gujarat) settingon Valji asideLimitedKhimji the & order Orsand and Company of NCLAT,held thatv. restoredOfficial‘ifevery confirmedLiquidator the order of sale passed Hindustan can be by setAA. asideNitro SC Paschimanchal Vidyut Vitran Nigam Ltd. (PVVNL) entered into an agreement for the result would be that no auction sale will ever be completed because always supply of electricity to the CD. The agreement provided that outstanding somebody can come after the auction or its confirmation offering a higher amount’. No electricity dues would constitute a charge on the assets of the CD. On default to further held that that para I(11A) in Schedule | to the Liquidation Regulations pay electricity dues, PVVNL attached the properties of the CD. Further, Tehsildar, (wef. September 30, 2021) does not imply that an auction sale or the highest bid Muzaffarnagar passed an order restraining transfer of property of the CD. prior to September 30, 2021 could be cancelled by the liquidator without Thereafter, CD got admitted into CIRP On rejection of resolution plan by CoC, furnishing any reason. the Adjudicating Authority (AA) directed liquidation of the CD. During liquidation, Tata Power Western Odisha Distribution Limited (TPWODL) & Anr. Vs.

f resolution plan by CoC, furnishing any reason. the Adjudicating Authority (AA) directed liquidation of the CD. During liquidation, Tata Power Western Odisha Distribution Limited (TPWODL) & Anr. Vs. the District Collector issued a notice for recovery of outstanding dues by auction Jagannath Sponge Private Limited [Civil Appeal No. 5556/2023] of movable and immovable properties on default by the CD in payment of Thei f ideration before SC hether the OC/: llant titled electricity dues. On challenging the same, the AA directed District Collector and f e Issue Tor Start el erore ose mw ether the lof nae a was ol ne Tehsildar to immediately release the property of the CD to enable sale of property or ee of arrears of electricity dues peau cL © resolution plan by in liquidation as per the Code. This order of AA was upheld by NCLAT. Aggrieved AA. SC, while dismissing the appeal filed by against N , LAT order, whereby it by the same, PVVNL approached the SC. had upheld order of the AA, observed that the electricity department cannot While disposing of the appeal, SC inter-alia observed that considering the applicantdemand payment(SRA) forofrestoration/grant arrears payable byof theelectricity CD, fromconnection.the successfulSC heldresolutionthat the Electricity Act, 2003, regulations made thereunder and agreement between the ‘clean slate principle’ would stand negated, if SRA is asked to pay the arrears parties, a charge was created on the assets of the CD. Therefore, PVVNL is a payable by the CD for the grant of an electricity connection in its name.

tand negated, if SRA is asked to pay the arrears parties, a charge was created on the assets of the CD. Therefore, PVVNL is a payable by the CD for the grant of an electricity connection in its name. secured operational creditor (OC). Itheld that: - RPS Infrastructure Ltd. Vs. Mukul Kumar & Anr. [Civil Appeal No. 5590 of e Section 238 of the Code overrides the provisions of the Electricity Act, 2003 2021) despite the fatter (ie.ety aer7s, Provisions which open with In this case the OC had filed arbitral claims after a delay of 287 days during the pendency of approval of resolution plan by AA. SC while dismissing the appeal of the e The specific mention of other class of creditors whose dues are statutory, OC, observed that it was not vigilant enough to find out that CIRP was initiated such as dues payable to workmen or employees, exclusion of the provident against CD. It observed that section |5 of the Code read with regulation 6 of CIRP fund, the pension fund, the gratuity fund under section 36(4) clarifies that not Regulations mandates public announcement through newspapers, providing all dues owed under statute are treated as 'government dues’. Further, dues impetus to the concept of ‘deemed knowledge’ and that the plea of not being aware payable to statutory corporations, whose dues do not constitute of the newspaper announcement, will not be available to a ‘commercial party’. It government dues or those payable into the respective Consolidated Funds, further held that merely the fact that the AA has not approved a resolution plan, does stand ona different footing.

party’. It government dues or those payable into the respective Consolidated Funds, further held that merely the fact that the AA has not approved a resolution plan, does stand ona different footing. not imply setting the clock back by making CIRP an endless process. In case, the e Dues payable or requiring to be credited to the treasury, such as tax, tariffs, belated claims are allowed there may be possibility that a claimant in similar situation etc. which broadly fall within the ambit of Article 265 of the Constitution are may jump onto the bandwagon. It observed that, ‘We find it difficult to unleash the ‘government dues’ under section 53(1)(e) of the Code. Accordingly, dues of hydra-headed monster ofundecided claims on the resolution applicant’. PVVNL do not fall within section 53(1)(e) but falls under section 53(1)(b) of Axis Bank Limited Vs. Naren Sheth & Anr. [Civil Appeal No. 2085 of 2022] the Code. The appellant challenged the order of NCLAT that had upheld the admission e Inthe case of Tax Officer v. Rainbow Papers Ltd., it did not notice the waterfall order passed by AA condoning the delay on the part of State Bank of India (FC).

NCLAT that had upheld the admission e Inthe case of Tax Officer v. Rainbow Papers Ltd., it did not notice the waterfall order passed by AA condoning the delay on the part of State Bank of India (FC). mechanism in section 53 that the separate and distinct treatment of amounts The issue before SC was whether FC be entitled to the benefit of section 18 ofthe payable to secured creditor on the one hand, and dues payable to the Limitation Act, 1963? In the facts of the case, SC noted that the CD has submitted Government on the other hand clearly signifies Parliament’s intention to one-time settlement offers, thereby acknowledging the debt. SC relied on its own treat the latter differently ie. having lower priority. The judgement has to be judgment in the matter of Dena Bank (Now Bank of Baroda) v. confined to the facts of that case alone. C. Sivakumar Reddy, and held that acknowledgments made by the CD, post Union Bank of India Vs. Financial Creditors of Amtek Auto Ltd. & Ors. declaration of non-performing asset (NPA) have given fresh limitation period in [Civil Appeal No. 4620/2023] terms of section I8 ofthe Limitation Act, | 963 and FC was able to prove sufficient ; ; SC cause’ as required under section 5 of the Limitation Act, 1963 for condonation of has upheld the order passed by five judge bench of NCLAT which held that the delay. It dismissed the appeal. power of review is not conferred on the Tribunal; whereas the power to recall its . a judgmentis inherent in it under rule | | of NCLAT Rules, 2016 on sufficient grounds. R. Raghavendran Vs. C. Raja John & Ors.

view is not conferred on the Tribunal; whereas the power to recall its . a judgmentis inherent in it under rule | | of NCLAT Rules, 2016 on sufficient grounds. R. Raghavendran Vs. C. Raja John & Ors. [Civil Appeal No.2552/2022] Employees Provident Fund Organization Vs. Fanendra Harakchand The limited question for examination by the SC was whether the cD being a Munot & Anr. [Civil Appeal No. 5424/2023] micro, small and medium enterprise (MSME) would have to compete with other , : a The resolution applicants to retain control of the CD. SC while allowing the appeal of Employees’ Provident Fund Organisation (EPFO) after the approval of RP observed the fundamental principle of the Code being maximization of value of resolution plan filed its claims before the AA which got rejected. EPFO filed an assets of the CD. Thereafter, it proceeds to discuss the scenario of a CD, which is appealfilingbefore of thebefore claimNCLAT by the which EPFO. was Aggrieved dismissed by on this the order, grounds EPFOof preferred inordinatean delay appeal in anof MSME,the Code qua to a the promoter. ineligibility This, as in terms one of maythe say, inapplicabilityis a special of privilegesection for 29A MSMEs. (c) & (h)It SC. While dismissing the appeal, SC held that the Commissioner and is, in ‘exceptional circumstances’ ifa CD is an MSME, not necessary for promoters employees of the EPFO must ensure that they comply with the timelines under to compete with other resolution applicants to retain control of the CD. SC held the Code.

SME, not necessary for promoters employees of the EPFO must ensure that they comply with the timelines under to compete with other resolution applicants to retain control of the CD. SC held the Code. It further observed that in case of failure to comply with the timelines, that, ‘The impugnedjudgment is predicated on a broad reasoning as ifipso facto there action must be taken against the erring employees. is no need to call other proposals ifit is an MSME. In view ofthe larger context it would Eva Agro Feeds Private Limited Vs. Punjab National Bank & Anr. [Civil have, we clearly observe and hold that this is not the correct position of law’. SC set Appeal No. 7906/2021] aside the NCLAT order. In this case, the question before SC was, whether NCLAT was right in cancelling Regen Powertech Private Limited Vs. Giriraj Enterprises & Anr. [Civil the e-auction held by the liquidator and directing to initiate fresh e-auction for Appeal Nos. 5985 & 6001 of 2023] CD’s assets? In the instant case, in e-auction sale conducted by the liquidator, the AA, by acommon order, dismissed the applications filed by CoC and customers of highest bidder (Eva Agro Feeds Private Limited - Appellant) was declared as TTT oOoO0NNNWW"— 2

SSS INSOLVENCY AND BANKRUPTCY NEWS

CD for consolidation of CIRPs of two interconnected CDs. On appeal filed by the secure the loan facility availed by BGPPL, the CD created a charge on its customers of CD, for consolidation of two CIRPs, NCLAT had allowed the same. immovable property. A corporate guarantee was also executed by the CD to The RP of CD (which owned the subsidiary) filed the present appeals. In view of secure Term Loan-ll of BGPPL. Yes Bank Ltd. assigned its debt and underlying the facts and circumstances of this case, SC held that the RP should not have filed securities in respect of the BGPPL in favour of Edelweiss Asset Reconstruction the appeals and should have maintained a neutral stand. It is for the aggrieved Company Ltd. (ARC). BGPPL had not committed any default in repayment of its parties, including the CoCs of the CDs, to take appropriate proceedings or file an loan to its creditor/assignee. Later, the CIRP was initiated by the Finquest Financial appeal before it. If required and necessary, the Court can take assistance and Solutions Pvt Ltd. (FC) in respect of the CD. During the CIRP the ARC filed its ascertain the facts from the RP in case an appeal(s) is preferred by the CoCs ora claim as secured FC with respect to the Term Loan Il. RP rejected the claim of the third party. SC dismissed the appeal. ARC, stating that the default was not committed by the principal borrower and High Court therefore, the ARC is placed in the category of other creditors.

of the third party. SC dismissed the appeal. ARC, stating that the default was not committed by the principal borrower and High Court therefore, the ARC is placed in the category of other creditors. ARC has not ESL challenged the rejection of claim and the notional value of | /- allotted to its claim. No. Steel1995 of Ltd.2023] Vs. Principal Commissioner, CGST, Ranchi & Ors. [WP(T) Whilefiled an theIA prayingIA filed forby RPrejection before AAof the forresolution the approvalplan.ofHowever, resolutiontheplan, AA the rejected ARC On July 21, 2017, FC initiated CIRP against CD, and on April 17, 2018 the the IA filed by the ARC and approved the resolution plan. Aggrieved by the resolution plan was also approved by the AA. However, in the interregnum, the aforesaid two orders, these appeals have been filed. Government had introduced Goods and Services Tax (GST) and all assessees had In this appeal filed by ARC, the Appellate Tribunal, relying upon SC judgement in to file form GST TRAN-I to get their existing CENVAT credit transitioned into Anuj Jain IRP Jaypee Infratech Ltd. v. Axis Bank Ltd. reiterated the distinction their GST portal as Input Tax Credit (ITC). During CIRR the CD also filed its provided in Code with regard to a FC and a creditor who has only security TRAN-I form on September 27, 2017 i.e. before the resolution plan was interest. It observed that:approved. SRA after taking over the CD had filed a revised TRAN-1 with the GST er F wae Department seeking to avail ITC on capital goods which was not availed earlier.

was interest. It observed that:approved. SRA after taking over the CD had filed a revised TRAN-1 with the GST er F wae Department seeking to avail ITC on capital goods which was not availed earlier. ° After moratorium is declared, there is prohibition on enforcement of any However, instead of allowing the revised TRAN-1I, the GST Department issued a security interest created by the CD in respect of its property. The show cause notice to SRA demanding of credit, interest and penalty which got prohibition from enforcement of any security Interest by one or other subsequently confirmed by the Additional Commissioner of CGST, against which creditor including secured FC or third party secured creditor is for a the SRA filed the writ before Jharkhand HC. The issue before the HC was - Firstly, purpose and object. FC who is part of the CoC is prohibited from enforcing whether proceedings for recovery of any alleged dues prior to approval of any security interest. Athird-partysecured interest like that of the Appellant resolution plan can be continued and secondly, whetherthe balance amount oftax is equally bound by the Provision of section 14(1)(c) and cannot claim any credit should be granted to the SRA or the same also gets expunged? On the first enforcement of security interest in the CIRP issue, HC held that past obligation of all dues gets extinguished after passing of the e In Committee ofCreditors ofEssar Steel India Ltd. v. Satish Kumar Gupta & Ors., resolution plan by AA.

he CIRP issue, HC held that past obligation of all dues gets extinguished after passing of the e In Committee ofCreditors ofEssar Steel India Ltd. v. Satish Kumar Gupta & Ors., resolution plan by AA. On the second issue, it held that the ITC available to the CD SC while considering the provisions of section 30, 50, 52 and 53 of the Code will not be available to SRAin the new avatar. has held that provision of sections 52 and 53 are not applicable in the Vineet Saraf Vs. Rural Electrification Corporation Ltd [W.P.(C) 3293/2023 insolvency resolution process as they are applicable only during liquidation. & CM APPL 2815/2023] Reference of section 53 under section 30(2) is for the purpose of computing The issue before Delhi HC was whether writ of prohibition can be issued against thesection payment53. to OCs and dissenting FCs to which they may be entitled under FC to prevent it from approaching NCLT against PG to CD? HC while dismissing . . . . a the said writ petition held that NCLT is the proper forum having jurisdiction to ° Regulation 37 of CIRP Regulations thus, is provision of the Code which is adjudicate, and not the HC. consistent to the Code and to carry out the provisions of the Code. EDAC Engineering, Ltd. Vs. Industrial Fans (India) Pvt Ltd. & Ors. partRegulation of the assets37(b) whetherindicate that resolution subject to any securityplan shall interestprovide orfor not. sale The of use of all or [Application No.s 2080 and 4609 of 2021] expression ‘subject to any security interest or not’ makes it clear that the fees/costsIn this case,by thethe arbitratorCD.

for not. sale The of use of all or [Application No.s 2080 and 4609 of 2021] expression ‘subject to any security interest or not’ makes it clear that the fees/costsIn this case,by thethe arbitratorCD. Aggrievedexercisedby actionhis statutoryof arbitrator,lien forCDnon-paymentfiled an applicationof his toassets any of securitytheCD interestcan be or dealt not. with The in existence the resolution of security plan whether interest itin is assets subject of before Madras HC seeking the direction to the arbitratorto release the lien on the CD does not preclude the assets to be dealt with or sold in the resolution arbitral award dated April 30, 2021 in view of the moratorium under section 14 of plan. Further, sub-clause (d) permits the resolution plan to contain provision the Code. HC while dismissing the application of CD noted that arbitral award for satisfaction or modification of any security interest. Thus, as per scheme was passed on April 30, 2021, which was prior to the moratorium order dated of regulation 37, security interest in assets of the CD can be dealt with, August 8, 2023. HC held that the appointment of arbitrator having been done by modified, satisfied and there is no exclusion to the resolution plan regarding the Court much prior to the initiation of CIRP the fee payable has to be treated as dealing of the security interest. part of CIRP costs.

ed and there is no exclusion to the resolution plan regarding the Court much prior to the initiation of CIRP the fee payable has to be treated as dealing of the security interest. part of CIRP costs. It observed that moratorium under section 14 of the Code e —CIRP and liquidation are two different concepts with two different does not affect the payment of fees to the arbitrator for the award passed before consequences. While in CIRP the claim of FCs is dealt with, there is no cap to the moratorium was declared. the effect that they are entitled to receive the amount equivalent to their KRBL Limited Vs. State of Gujarat [R/Special Civil Application No. 19804 debt which is owed by the CD. Despite FC having security interest in the of 2022] assets of the CD, they can be dealt with in the resolution plan in any manner ; ; ; ; ; The as per the commercial wisdom of the CoC. When the security interest of FC by thepetitionerliquidator.is thePost successfulauction biddersale, forthe CD’sState propertyGoods and in theServices auctionTax conducted(SGST) securitycan be dealtinterest withinin thethe assetsresolutionof theplan CDincannot any manner,claim aany third-partyhigher status havingor department had issued an order creating charge in the revenue records on the status different from the FC. auctioned property towards the outstanding dues of GST. Successful bidder ; ; a . . challenged order of SGST department before Gujarat HC.

in the revenue records on the status different from the FC. auctioned property towards the outstanding dues of GST. Successful bidder ; ; a . . challenged order of SGST department before Gujarat HC. While allowing the e When any asset including security interest is part of the CIRF, there is no petition of the successful bidder, HC noted that SGST department failed to lodge constraint or prohibition in the Code or Regulations to deal with the said its claim during the stage of liquidation. Relying on the judgments of SC in the cases asset including a security interest. The claim was filed by the ARC, and it was of Ghanshayam Mishra and Sons Private Limited and Paschimanchal Vidhyut Vitran part of the CIRF hence, its security interest can very well be dealt with in the Nigam Limited it held that once the resolution plan is approved, it becomes binding resolution plan. The scheme as delineated by regulation 37 of CIRP on the stakeholders including government OCs. It further observed that the SGST Regulations allows this. department having relinquished its interest under section 52, cannot continue e The NCLAT concurred with AA's observations that for extinguishment of insistence of maintaining the charge in the revenue records, rather will have to security interest of the Appellant, no prior consent of the Appellant was stand in order of priority under section 53. It further observed that charge in required.

evenue records, rather will have to security interest of the Appellant, no prior consent of the Appellant was stand in order of priority under section 53. It further observed that charge in required. It further held that when there is no default by the principal borrower terms of section 100 of the Transfer of Property Act, 1882 cannot be enforced as inthe present case and there is no actual loss to the ARC, and more so when against any person in whose name the property has been transferred for its security interest has been extinguished by the RP it could demand the consideration without notice. principal borrower to furnish additional security for better protection. National Company Law Appellate Tribunal e The Appellant at no point of[time][ challenged][the][ admission][ of][ its][ claim][by][ RP] Edelweiss Asset Reconstruction Company Ltd. Vs. Anuj Jain RP of Ballarpur as ‘other creditor’. The main distinguishing feature of present case with that Industries Ltd. & Ors. [CA (AT) (Ins.) No.517 & 518 of 2023] of[Jaypee][ Kensington][ Boulevard][ Apartments][Welfare][ Association][ &][ Ors.][v.][ NBCC] Yes J (India) Ltd. & Ors. is that inJaypee Kensington security interest of the lender of Bank Ltd. granted two term loans to BILT Graphic Paper Products Ltd. that case was not part of the CIRP but in the present case same was part of (BGPPL/Principal Borrower) an affiliate company of Ballarpur Industries Limited the CIRP (CD). Security for the loans was created in favour of the Security Trustee. To

present case same was part of (BGPPL/Principal Borrower) an affiliate company of Ballarpur Industries Limited the CIRP (CD). Security for the loans was created in favour of the Security Trustee. To

——————S INSOLVENCY AND BANKRUPTCY NEWS Manoj Stone Infra Pvt. Ltd. Vs. Railsys Engineers Pvt. Ltd. liquidation. NCLAT after examining the facts of the case, held that, ‘Corporate [I.A.No.2573/2023 in CA (AT)(Ins.) No. 763 of 2023] Debtor is to be revived or not by acceptance ofa particular resolution plan is essentially Appeal was filed against the order of AA by which section 9 application was a business decision and hence should be left to the CoC so long as it musters more than dismissed. There were three parties involved, OC who supplied goods to CD 66% vote share’. It noted that no settlement offer from the appellant or resolution who in turn supplied goods to another company. CD made only part payment for plan from prospective resolution applicants was available before the CoC and the thequalitygoods as a reason.supplied, Thereand existedfor the remaininga mutual businessno paymentunderstandingwas madebetweenciting poor OC extendeddecision of the CIRP CoC period to was entertain also comingthe resolutionto an end.pla I n thewithout givenpublication circumstances, the of Form and CD that payment was to be made by CD to OC, subject to receipt of money G cannot be viewed to be such a grave procedural non-compliance that the from another company. The issue before the Appellate Tribunal was peculiar to integrity of the entire resolution process was undermined. .

viewed to be such a grave procedural non-compliance that the from another company. The issue before the Appellate Tribunal was peculiar to integrity of the entire resolution process was undermined. . Further, no the facts of the case that whether there was an operational debt which was due consequence of non-compliance to regulation 36A of CIRP Regulations has been and payable. NCLAT held that since the claim of the OC arose out of a mutual provided. The language of CIRP Regulations must beread along with mandate and business understanding of partnership, the debt claimed by it did not fall within the objective of the Code which clearly emphasizes reorganization and insolvency definition of operational debt. It was further observed that the claim must bear resolution of CD in a time bound manner. When the CoC h‘as approved a some nexus with the provision of goodsorservices irrespective of who is to be the resolution plan by 100 % voting share after considering its feasibility and viability, supplier(ine) Nooor 13402 receiver.. ; 1345 of2027].ninvest Private. Limited. & Ors. [CA (AT) Tennysuchcommercialdecision Jose wisdom& Ors. Vs.of CoCof is Mr.the a commercial CoC. Prathap Pillai,decision. RP ofM/s.There Tennycan beJoseno Limitedfetters on [CAthe PG to CD filed an appeal before NCLAT seeking to quash AA's order of CIRP (AT) (CH). (Ins.) No. 95an of 2023] . against PG on the ground that another bench of AA is already dealing with the AA directed the erstwhile directors to refund the excess salary drawn along with liquidation proceedings against the same CD.

nst PG on the ground that another bench of AA is already dealing with the AA directed the erstwhile directors to refund the excess salary drawn along with liquidation proceedings against the same CD. NCLAT while setting aside the interest under section 66 of Code. The ex-directors challenged the order of AA order that theof AA, heldsaid provision that thewouldwords ‘a’be andapplicable ‘such’ usedonly inwhen sectiona 60(2)CIRP clearlyor liquidation indicate contendingposition and, thatthus, suchthe renumeration same is not in was nature drawn of whenfraudulent the CDtransaction. was in goodFurther, financial the proceeding ofaCD was pending before same bench of AA. The objective was that inference made on the basis of forensic report dated June 4, 2022 i-.e., after 206 whena[CIRP][or][liquidation][proceeding] of NCLT, a CD was pending before ‘a’ bench of days of commencement of CIRP which is beyond delay of 135 days as per before the applicationsame bench relatingof NCLT. to insolvency process of a CD/PG should be filed regulationknow about 35A.the NCLAT‘fraudulentwhiletrading’, rejectingshe the appealfiled the heldapplication that as soonwithin as RP45 camedays toof Jaydip Ghosh & Ors. Vs. Niraj Agarwal & Ors. [CA (AT) (Ins.) No. 839 & forensic135 days audit prescribedreport. underNCLAT regulation observed 35A, considering that ‘even, theif there fact that theis any said‘delay’ regulation beyond 861/2022] is ‘Directory in Character’, the same is not * Fatal”. AAs order approving the resolution plan was challenged by suspended directors Carissa Investments LLC Vs.

aid‘delay’ regulation beyond 861/2022] is ‘Directory in Character’, the same is not * Fatal”. AAs order approving the resolution plan was challenged by suspended directors Carissa Investments LLC Vs. Indu Techzone Private Limited & Ors. of CD, and unsuccessful resolution applicant on the grounds of change in the [Company Appeal (AT)(CH) (Ins.) No. 124 of 2022] nature of business of the CD proposed by the SRA. NCLAT while dismissing the Asettl db CD andan ARC. thereby the CD appeal observed that suspended directors have no locus to file an appeal against settlement agreement was executed between CD and an » thereby the the approved resolution plan. NCLAT, further held that change of nature of undertook to pay the amount to ARC in three tranches in full and final settlement business can be permitted, as CoC in its commercial wisdom has accepted the of the debt. CD repaid part of sums in two tranches and defaulted to make plan, after examining various factors namely i.e. CD not carrying on business aered orders of scinieion ot he ceohestion fed by ARC On coped fed by 2 activity for along time, licence got lapsed and not renewed, etc. shareholder of the CD, the issue before the NCLAT was whether the date of Ashique Ponnamparambath & Anr. Vs. BMW India Financial Services Pvt. default admitted as March 31, 2020, is exempted under section 10A. NCLAT Ltd. [CA (AT) (CH) (Ins.) No.301/2021] relied on the SC judgment in Ramesh Kymal v. M/s. Siemens Gamesa Renewable The issue for consideration was whether a co-borrower who has not been Power Pvt.

LAT Ltd. [CA (AT) (CH) (Ins.) No.301/2021] relied on the SC judgment in Ramesh Kymal v. M/s. Siemens Gamesa Renewable The issue for consideration was whether a co-borrower who has not been Power Pvt. Ltd and observed that the object of legislation was to suspend the disbursed any amount of loan, fall under the definition of FC under section 5(8) of operation of sections 7, 9 and |0 in respect of defaults arising on or after March 25, the Code? NCLAT while dismissing the appeal observed that the appellants have 2020 when the lockdown was disrupting the normal business operation. It held that taken over all rights and liabilities along with co-borrower in respect of the section 10A shall not apply in respect of the defaults committed prior to March 25, facilitiesFebruaryextended by the FC and the CD having passed a board resolution on 2020s provided in the explanation to section| OA and allowed the appeal. that the appellant23, 2018is consentinga co-borrower to assume and sectionthe liability7 application would cumulativelyunder the Codeproveis OceanNo. 514 Capital of 2023] Market Ltd. Vs. Uday Narayan Mitra & Ors. [CA (AT) (Ins) maintainable, AAwhile rejecting the approval of resolution plan has allowed objections raised by Mahendra Kumar Agarwal Vs. PTC India Financial Services Ltd. & Anr. dissenting FC because the personal and corporate guarantee extended to them [CA (AT) (CH) (Ins.) No. 8 of 2023] were to be assigned in favour of SRA as per the resolution plan.

l Services Ltd. & Anr. dissenting FC because the personal and corporate guarantee extended to them [CA (AT) (CH) (Ins.) No. 8 of 2023] were to be assigned in favour of SRA as per the resolution plan. It was proposed During the pendency of CIRP against the CD, AA admitted insolvency that an addendum be presented to CoC for approval, which will include the proceedings against PG to CD. While dismissing the appeal filed by the PG, modification of resolution plan pertaining to assignment of securities to SRA. On NCLAT held that insolvency proceedings against the PG to CD can be initiated appeal by SRA, NCLAT noted that SRA has submitted an affidavit that personal and even when no CIRP is pending against the CD or continueto be pending. corporate guarantees of the dissenting FCs shall not be assigned, and they will be . coo. Employees allowed to retain their personal guarantees. While disposing of the appeal, it Provident Fund Organization Vs. CA. S. Prabhu observed that to meet the ends ofjustice SRA be allowed to place an addendum [CA(AT)(CH)(Ins.) No. 176 of 2022] which incorporated the conditions mentioned in the affidavit filed by SRA AA dismissed the application of EPFO filed against the rejection of their claims by suggesting modification of resolution plan to not to assign the securities in favour the liquidator holding that EPFO has failed to place on record any order passed of SRA, before CoC for approval; in case such addendum is approved by CoC then Onunder the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

ailed to place on record any order passed of SRA, before CoC for approval; in case such addendum is approved by CoC then Onunder the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. it must be placed beforeAA for consideration. Employees’appealbyProvident EPFO, NCLATFund Scheme,noted that1952;in termsemployer-CDof paras 35wasandrequired36 of theto medicinePeter Beck Limited and Partner & Ors. [CA(AT)(Ins.) Vermogensverwaltung No. 912 of GMBH2023] Vs. Sharon Bioprepare contribution card which reflects dues payable. Although the contribution ; : ; amount was declared by the CD, remittance was made short of declared Unsecured FC who abstained against the resolution plan, challenged the contribution as per the establishment ledger. Keeping in view the aforesaid approved resolution plan before NCLAT on the grounds of discrimination in the provision and judgment of NCLAT in the matter of Jet Aircraft Maintenance payout between unsecured FC who voted in favour ofthe resolution plan and the Engineers Welfare Association v. Ashish Chhawchharia, Resolution Professional ofJet one who did not vote. NCLAT while dismissing the appeal observed that Form H Airways (India) Ltd. & Ors. and judgment of SC inJalan Fritsch Consortiumv. Regional categorically allows different payments to above two categories. Further, the Provident Fund Commissioner and Anr., set aside the order of AA and permitted the assenting FCs are entitled to payment as proposed in the resolution plan and liquidatorto admit the claims on the basis of establishment ledger.

and Anr., set aside the order of AA and permitted the assenting FCs are entitled to payment as proposed in the resolution plan and liquidatorto admit the claims on the basis of establishment ledger. dissenting FCs are entitled as per the minimum entitlement in terms of section . . . 30(2)(b) of the Code. Anil Kumar Vs. Jayesh Sanghrajaka & Ors. [IA No.1666 of 2023 in CA . i. . (AT)(Ins.) No. 513 & 753 of 2023] Assistant Commissioner of Central Tax Vs. Mr. Sreenivasa Rao : . ee . . In this, CoC withdrew its liquidation decision and approved a resolution plan Ravinuthala & Anr. [CA(AT)(CH)(Ins.); No. 346 of 2021]oo. . received subsequently, after application was filed before the AA, without inviting it The Central Tax Department was provided 0.13% of the claims in the resolution in Form G. Suspended director of the CD challenged the said decision that no plan approved by the AA, while the FC were provided higher amount. The fresh Form G was issued before allowing the resolution plan after decision of the Department filed appeal before NCLAT challenging resolution plan inter alia

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INSOLVENCY AND BANKRUPTCY NEWS

seeking to be treated as secured creditor in terms of section | |E of Central Excise the applications were dismissed by AA by a common order. An appeal was filed by Act, 1944 (Excise Act) considering the decision of SC in the matter of State Tax the customers before NCLAT for consolidation and simultaneous CIRP of both the Officer v. Rainbow papers Ltd. The NCLAT, while upholding the order of AA, held CDs. The two issues before the NCLAT were whether (a) the customer companies that the dues claimed by the Department, cannot be treated as a secured creditor are OCs; and (b) the consolidation of CIRP be done for the two CDs. The NCLAT as the term ‘secured interest’ as defined under the Code excludes charges created referred to sections 5(21) and 3(6) of the Code which defines ‘operational debt’ as by operation of law. It observed that dues under Excise Act would have charge ‘claim’ in respect of the provision of goods and services which in turn is the ‘right to only after the dues under the provisions of the Code are recovered. remedy for breach of contract’. It relied on the judgment of the Hon'ble SC in the TOatATes CH) (re sNe 202003) soe of Customs & Ors. Ltd.matter and of held Consolidated that purchasersConstruction ofgoodsConsortium and servicesLimited will bev. treatedHitro Energy as OCs Solutions under Pvt.the there furnishedpayment of bankcustoms guarantees (86s). . duty, in favour andof fixedDeputy depositCommissioner receipts (rors)of customs,in lieu ofto Coderelation since to.

s Solutions under Pvt.the there furnishedpayment of bankcustoms guarantees (86s). . duty, in favour andof fixedDeputy depositCommissioner receipts (rors)of customs,in lieu ofto Coderelation since to. thean supply‘Operational oforgoodsDebt’and serviceswill includefrom the a debtCD. arising from. a contract in procure raw material imported at the ports of Maharashtra. The issue before the On the issue of consolidation of CIRP of CDs, the NCLAT took into account the NCLAT was, whether such BGs and FDRs be returned to liquidator for criteria for consolidation viz., interlinking between the two CDs in terms of distribution of assets as per section 53 of the Code. NCLAT observed that economic unit, assets, liabilities, accounts, finances, compliances, control and such invocation of BG, in the present case, ‘is not about recovery ofany claim by customs Cree. factors. It ovserved that Porn the cDs hadrsp ected businesses ane authorities but is about revocation ofsurety provided by Corporate Debtor to customs was created for operationa convenience © - Ie clarified’ that intent authorities in the form of FDRs and BGs’. NCLAT, also relied on SC’s judgement the Code is such that the ‘synergy and value addition of the assets ought to be the State Bank of India v. Ramakrishnan & Anr. and reiterated that ‘The assets of the driving force’.

on SC’s judgement the Code is such that the ‘synergy and value addition of the assets ought to be the State Bank of India v. Ramakrishnan & Anr. and reiterated that ‘The assets of the driving force’. Reference was also made to the Report of the Mediator dated April surety are separate from those ofthe CD, and proceedings against the CD may not be 23, 07 I, wherein the Mediator had observed tat there was unanimity fat the seriously impacted by the actions against assets of third party like surety. BG can be sink ution p fossna e Sof bot anchat le an ri nod bres eto! Sa, ya invoked even during moratorium period issued under section | 4 ofthe IBC in view ofthe single entity tor purchase of both. also referred’ to the recommenciations amended provision under section 14 (3) (b) of the IBC’ of the Working Group constituted by IBBI for facilitation of Group Insolvency ; . SVA , Resolution and the executive summary published by the Ministry of Corporate (Ins.) No.Family 266 Welfare of 2023] Trust & Anr. Vs. Ujaas Energy Ltd. & Ors. [CA (AT) Affairsin Group (MCA).InsolvencyIt concurredcreate withdivergence the viewin thatthe adoptioneconomic of singlerealities entityof the approachgroup. CoC of M/s. Ujaas Energy Limited (CD) with requisite majority of 78.04% vote Thus, the view implied impending need for Group insolvency for value had approved the resolution plan which proposed a sum of % 45,00,00,000/maximization.

(CD) with requisite majority of 78.04% vote Thus, the view implied impending need for Group insolvency for value had approved the resolution plan which proposed a sum of % 45,00,00,000/maximization. NCLAT clarified that ‘there is no exercise of ‘Equity Jurisdiction’ in towards the value of CD and % 23,81,75,744/-_ towards release of personal ordering¢ Consolidation’.- Reliance was placed on its decision; > in theermatter of> guarantees.plan contravenesAA intheits orderprovisionrejectedof sectionthe resolution30(2)(e) ofplan theholdingCode asthat CoCresolutioncannot Radico KhaitanBank and other FinancialLtd. v. BT Creditors’& FC Pvt. Ltd.and &reiterated Ors. and Oasethat Asia because Pacific the Pte parameters Limitedv.Axis for extinguish right of another dissenting secured creditor to proceed against the PG consolidation have been fulfilled, the CDs can be treated as ‘single economic unit’. of the CD. Against AA's order, SRA filed an appeal. The issue before NCLAT was Agarwal Polysacks Limited Vs. K.K. Agro Foods and Storage Limited whethera clause in the resolution plan providing for extinguishment of personal [CA(AT)(Ins.) No. 1 126 of 2022] guarantee given to the FC is valid? NCLAT while allowing appeal, observed that . ; an . 4. . relinquishment of personal guarantee was a commercial decision of the CoC. The AA rejected FC s application under section 7 forfailing to prove the financial CompanyNCLAT reliedLtd. onv. Mr. its ownAnuj Jain, judgmentResolutionin theProfessional matter ofEdelweiss Asset Reconstructionof Ballarpur Industries Ltd.

section 7 forfailing to prove the financial CompanyNCLAT reliedLtd. onv. Mr. its ownAnuj Jain, judgmentResolutionin theProfessional matter ofEdelweiss Asset Reconstructionof Ballarpur Industries Ltd. & cety FC aseheld ‘hethat Whetinthe financial financialdebt ¢canoot.be provedDiettromwhileotherowing relevant the appealdocuments, filed Ors. and observed that resolution plan allocates a plan value for extinguishment of and itis not mandatory that written financial contract can be only basis for proving personal guarantee which has been accepted with 78.04%. votes of FC. NCLAT the financial debt. examined SC judgment in Lalit Kumar Jain v. Union of India and held that the Nitin Pannalal Shah & Ors. Vs. Vipul H. Raja [CA (AT) (Ins.) No. 379 of judgment cannot be read to mean as laying down law that personal guarantee 2021 &1.A No. 2204 of 2021] never: can be discharged in: a resolution plan. Resolution plan: submitted by the SRA Sus pended directorF of the CD filed an appeal againstF admissioncei order passed by cd not contravene section 30(2)(e) of the Code and directed AA to pass fresh AA on the ground that it is a stockbroker and not a corporate person under the order. Code. NCLAT, while setting aside the AA's order, held that that stockbrokers and Rakesh Kumar Gupta & Ors. Vs. Straight Edge Contracts Pvt. Ltd. financial service providers, are excluded from the scope of ‘corporate person’ in through its Resolution Professional & Ors. [CA (AT) (Ins.) No. 651, 370, terms of section 3(7) of the Code.

Pvt. Ltd. financial service providers, are excluded from the scope of ‘corporate person’ in through its Resolution Professional & Ors. [CA (AT) (Ins.) No. 651, 370, terms of section 3(7) of the Code. NCLAT while allowing the appeal observed, 444, 602, 651 & 1397 of 2022] ‘Legislature was well aware of the intricate nature of the financial services and have The issue for consideration was, whether application filed under section 9 in case of anAA active co can reca ll usion the order between of admission the parties?in purpCodeosely with except kept F i nancialon of[|] Notification Service Provider on FinancialSout of. Servicethe procedure Provider prescribed under Sectionunder 227 the by NCLAT while allowing the appeal filed by RP held that the AA has the jurisdiction the Central Government’. to recall its own order which has been obtained byplaying fraud upon it. Beetel Teletech Ltd. Vs. Arcelia IT Services Pvt. Ltd. [CA(AT)(Ins.) K. Jayant Prabhu & Anr. Vs. Pankaj Srivastava Liquidator of M/s. No. 1459 of 2022] Samruddhi Realty Ltd. [CA (AT) (CH) (Ins.) No. 254 of 2023] An appeal was filed against the order ofAA dismissing section 9 application holding Homebuyer entered Finto an agreement for sale and a constructionF agreement that the OC failed to establish the: minimum. thresholdP limit of= | crore. On appeal with CD, for purchase ofa plot and construction of residential Villa. CD had given DYine °© we NcLAT while oe aside the order AA, opserved nat him permissive possessionofthe Villa pending completion of some interior work.

ofa plot and construction of residential Villa. CD had given DYine °© we NcLAT while oe aside the order AA, opserved nat him permissive possessionofthe Villa pending completion of some interior work. although the default was committed prior to section Period, the llablity Meanwhile, the liquidation,thetheCD Homebuyerwent into insolvencyfiled an onapplication the applicationbefore filed AA by seekingan OC. direction During continuedshould not beduring the ignored whilesection computingl0A period,the thresholdinterest foraccrued initiatingduring CIRP. such period to the liquidator for (a) exclusion of Villa from liquidation estate, (b) for Dauphin Cables Private Limited Vs. Praveen Bansal [CA (AT)(Ins.) No. registration of the Villa and (c) completion of the remaining work. The AA 971, 972 & 973 of 2023] dismissed the application of Homebuyer holding that no sale deed was registered, The issue before NCLAT was whether shareholders ofa CD can seek from RP the resultantly he seer Perk was created 4. favour or the Homebuyer. NT details of documents and calculation based on which FC’s claim was admitted? b eing iny the oo oeefth the Frome ‘lnc an - served t Ke ao neeto hi to sell or NCLAT, while dismissingthe appeal filed by the shareholder of CD, held that AA is in possession of the property will not confer ownership rignts to nim. fully empowered for calling information or evidence from the parties and clarified Giriraj Enterprises Vs. Regen Powertech Pvt. Ltd. &Ors. [IA Nos.

e property will not confer ownership rignts to nim. fully empowered for calling information or evidence from the parties and clarified Giriraj Enterprises Vs. Regen Powertech Pvt. Ltd. &Ors. [IA Nos. 667, 668 that the scheme of the Code does not indicate that all information collected by RP & 669-2021 in CA (AT) (CH) (Ins.) No. 323-2021] has to be shared with shareholders. In the facts of the case, customer companies entered into supply agreement with IDBI Trusteeship Services Limited Vs. Direct Media Distribution RPPL for procurement and supply of Wind Turbine Generators, and another Ventures Private Limited [CA (AT) (Ins.) No. 850 of 2023] agreementren for operation and a4.maintenance was entered into by] them with RISPL CD issued non-convertible debentures (NCDs) for which the appell weetSenate Aenllt eerie goth Fe ores RN Tes actedas debenture= trustee. On May 22, 2020, debentures fell due forppellant redemption(FC) AA has approved the CoC approved resolution plan. However, while the Cot against which part of the sums were realised during September, 2020 in the form approved resolution. plan aewas under consideration before. AA CoC and of shares. FC again Neb. sea oce dared my 13, 2027 for the syinent cf customers 4 sums due under the s. iled section 7 application for the non-payment o It was also ofprayed RISPLthat filed a single applications RP should before be appointedAA for consolidatedfor both the CIRP CDs. ofHowever,the CDs. the NCDs, which was dismissed byAA on the ground of bar under section 10A of ——=©

led a single applications RP should before be appointedAA for consolidatedfor both the CIRP CDs. ofHowever,the CDs. the NCDs, which was dismissed byAA on the ground of bar under section 10A of ——=©

INS) VENCY AND BANKRUPTCY NEWS the Code. In this appeal filed by the FC, the NCLAT observed that on May 22, behind PUFE is not recovery but maximization of the value of assets of CD and if 2020 the NCDs fell due for redemption and CD defaulted in making payment of third party is allowed to pursue, it will become a recovery forum and the liquidator the principal amount and redemption premium, therefore the date of default is hit herein by assigning the debt / NRRA of the CD total of % 26 crore for a meagre by embargo under section I 0A. consideration of = 50,000/- is facilitating the enrichment of assignee, if pending three Kerala State Co-operative Bank Limited Vs. Mr. Aravindhakshan Nair R applications are allowed by AA, and (d)a dispute Baween assieos andipespomdert The secured creditor challenged the auction sale of assets of CD by the liquidator, for want of maximisation of value. The AA rejected this request. The secured IBBI creditor filed an appeal before NCLAT on the ground that the liquidator has Disciplinary Orders valueproceeded of the with assets independent and has sold decisions the assets overlooking at a diminishedthe matters‘Reserve of maximisingPrice’ without the During. the quarter, the Disciplinaryoa. Committee/. Authorised.

th assets independent and has sold decisions the assets overlooking at a diminishedthe matters‘Reserve of maximisingPrice’ without the During. the quarter, the Disciplinaryoa. Committee/. Authorised. Officer of the IBBI obtaining the requisite approval from Stakeholders’ Consultation Committee disposed of 11 show Cause’ Novices issued £0 the IPs/Registered Valuers (SCC) and did not adhere to regulations 32 and 32A of the Liquidation (RVs)/ Registered Valuer Entities for contravention of the provisions of law by Regulations. The NCLAT dismissed the appeal holding that the said diminished passing suitable orders. reverse price was well within the knowledge of the FC and it never objected such Corporate Processes reduction during the SCC meeting and observed that the liquidator had followed . oo. . ; . . the ‘Mode ofSale’ as specified under Schedule[|] of the Regulations. The data provided in this section regarding corporate processes is provisional, as . _ ; ; Soneko it is getting revised on a continuous basis depending on the flow of updated (AT) (Ins.)Marketing No. 807, 607, Pvt. 724Ltd. && 735 Ors. of Vs.2023 Girish &I.A. Sriram No. 2721 Junejaof 2023] & Ors. [CA informationFor example, as receiveda process frommay IPsultimately or the informationyield an orderin respect of for liquidationprocesseven changes.after Unsuccessful resolution applicant objected to the approval of resolution plan on approval of resolution plan or may ultimately yield resolution plan even after an the ground that CoC has approved the resolution plan before the Competition order forliquidation.

resolution plan on approval of resolution plan or may ultimately yield resolution plan even after an the ground that CoC has approved the resolution plan before the Competition order forliquidation. Commission of India (CCl) granted its approval. The aforesaid objection was Insolvency Resolution whilerejected dismissingby AA, the appealagainst whichheldan feappeal thewaspre-conditionfiled beforeis mandatory,NCLAT. ThehoweverNCLAT The provisions. relating. to CIRP came into; force on December I, 201 6. The details| of the timeline to obtain approval is directory i.e. the approval from CCI can be CIRP cases admitted and cloa s ated,the end of September, 2023 are given in Table | obtained after approval of CoC but before AA's approval on the resolution plan. and Figures | -2. Sectoral distribution of CDs under CIRP is presented in Figures 3-6. Saptarshi Nath & Ors. Vs. Kapil Dev Taneja, RP of Exit 10 Marketing Pvt. Table |: Details of CIRP cases as on September 30, 2023 Ltd. [CA(AT)(Ins.) No. 1356 of 2022] CIRP cases Number AA directed the erstwhile directors to refund certain amount as they had indulged in preferential transaction. Ex-directors of the CD challenged the orders of AA before NCLAT on the ground that no such direction could be issued to the erstwhile directors under section 44(1)(d) of the Code.

ential transaction. Ex-directors of the CD challenged the orders of AA before NCLAT on the ground that no such direction could be issued to the erstwhile directors under section 44(1)(d) of the Code. The NCLAT while allowinga person thewho appealhas observedreceived thatbenefits as perfrom sectionthe 44(1)(d)CD, whereas directioncreditors can be given towere | ResolutionResolutionplansapprovedplansiep presse = TBaos benefited in the preference transactions and not the CD. As such in the facts ofthe case, direction could be issued against the creditors not the directors. Vinod Kumar Kothari Vs. Sneha Techno Equipments Private Limited [CA(AT)(Ins.) No. 316 of 2023 & IA No. 1079 of 2023] . . AA held that the forfeiture of earnest money deposit (EMD) by liquidator is not Figure i Corporate Insolvency Resolution Process co appropriate and directed him to return the amount of EMD with interest. While © a ‘9 dismissing the appeal filed by the liquidator, NCLAT observed that the ‘9 © ae amendmentand dated July 25, 2019 was in vogueas on July 8, 2020.As such the terms 2 i conditions provided by the liquidator in the expression of interest for KN fa rt 8 ry repayment of the sale consideration; overlooking the terms and conditions as 3 3 a < mu ' envisage in Schedule | of the Liquidation Regulations, was untenable. ° Ls 8 National Company Law Tribunal 5 ro g ; - x 3 5 In the matter of Go (Airlines) India Ltd. [I.A.

conditions as 3 3 a < mu ' envisage in Schedule | of the Liquidation Regulations, was untenable. ° Ls 8 National Company Law Tribunal 5 ro g ; - x 3 5 In the matter of Go (Airlines) India Ltd. [I.A. No.2850, 2944, 3048, 3254, 2g a bs 3 g Si SN a The3277 aircraft & 32820 lessors of 2023 have in filed CP the (IB)-264(PB)/2023] [As before AA for direction to CD to refrain the eet ia= ST 8 rT8 =| | | CD fromse operating or . flying ‘ithe aircrafts and prayedi for grantingFi . necessary. “Ason~ As= on Ason Ason As on As on As on As on As on permissions to conduct inspection of the four engines. AA while disposing of the Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Jun23 Sep 23 CDIAs andheld thatthat physicalin termspossessionof section of14(1)(d) aircraftsmoratoriumare with CD,hasasbeen suchimposedit would onnotthebe mm Admittedim Closuretm@ Oncolneo within the rights of aircraft lessors to claim possession of the aircrafts/engines. Note: These CIRPsare in respectof6784 CDs. Further, it was observed that as long as the aircrafts are registered, they can be This excludes | CD which has moved directly from Board for Industrial and Financial used for flying to keep CD as a going concern. Reconstruction (BIFR) to resolution. Inquest Fintech Pvt. Ltd. Vs. Ms. Maya Gupta Liquidator of Rain Source: Compilation from website of the NCLT and filing by IPs. Automotive India Pvt. Ltd.[ IA-35, 36 & 57/2022 in CP No. (IB). 1095(ND)/2019] Figure 2: Mode of Closure of CIRPs During liquidation, the liquidator filed three separate avoidance applications under Commencement section 45, 50 and 66.

36 & 57/2022 in CP No. (IB). 1095(ND)/2019] Figure 2: Mode of Closure of CIRPs During liquidation, the liquidator filed three separate avoidance applications under Commencement section 45, 50 and 66. Later, with the approval ofthe SCC, the liquidator assigned the of Liquidation actionable claims (i.e. PUFE transactions) fora total consideration of= 50,000/- after 44% following the bidding process. Thereafter, a deed of assignment for assignment of these actionable claims was entered into between the liquidator and the assignee. When the assignee filed three [As before AA for impleadment in the assigned matters, the AA denied the impleadment and inter-alia observed that (a) as there will be room for arbitrariness and the liquidator may assign not readily realisable assets (NRRA) for an arbitrary or meagre amount in the absence of adjudication of PUFE marian suiners proceedings by AA, the proceeds of PUFE proceedings can only be recovered once Withdrawn such proceedings are concluded or determined and the entitlement of the CD is 56% crystallised, (b) RP/ liquidator cannot assign as section 43, 45, 50 and 66 talks of application by RP or liquidator only and there is no concept of assignee, (c) the intent

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r cannot assign as section 43, 45, 50 and 66 talks of application by RP or liquidator only and there is no concept of assignee, (c) the intent

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----- Start of picture text ----- Figure 3: Sectoral Distribution of CIRPs: Admission while about 80% of CIRPs having an underlying default of more than = 10 crore Transport Others were initiated on applications by FCs. The share of CIRPs initiated by CDs is 3% 11% declining over time. Electricity3% \ t Manufacturing TablePeri 2: Year-wise and Stakeholder-wiseIRP initi: Initiationb ofCIRPs Total Hotels — 38% eriod CIRP initiated by otal me FC fole cD “~& 4 2016-17 es ee 2 ee? RS 2017-18 | 286 | 0 | | 707 | 2018-19 1157 Wholesale & 2019-20 1054 1988 Retail Trade L 21%YX 2021-22 Construction i 2022-23 [261 i Aprl-jun2023—[ tar | tos [te [aT jul=Sep, 2023 Figure 4: Sectoral Distribution of CIRPs: Appeal/Review/ | Total ——s—s'||— 314 | = 3491 | 422 | 7054 Settled/Withdrawn Note: This excludes four cases wherein applications filed by the RBI were admitted u/s 227 of the Code. Electric Transport(J r* omens .

al ——s—s'||— 314 | = 3491 | 422 | 7054 Settled/Withdrawn Note: This excludes four cases wherein applications filed by the RBI were admitted u/s 227 of the Code. Electric Transport(J r* omens . Figure 7: Stakeholder-wisetae gs Distribution and Trends = ececty *\ Manufacturing of Initiation of CIRPs 8 2 § = g oN 5 3 oO r=) © 32 @ [ \ +f 5 NBg aBf Hotel:jotels YS 5=8oO “ 223: ce Be Re ee: Wholesale & oN gum e au > ~ Retail Trade 8% As on As on As on As on As on Ason Ason_- Ason As on T_T: Real Estate26% Mar17 @ Mar18Financial MarCreditors 19 Mar™ Operational 20 = =Mar 21CreditorsMar 22[™§ CorporateMar23 Jun23Debtors Sep 23 Construction 14% ° Note: This excludes four cases wherein applications filed by the RBI were admitted u/s 227 of the Code. The outcome of CIRPs, initiated stakeholder-wise, as on September 30, 2023 is . coe, . presented in Table 3. Of the OC initiated CIRPs that were closed, more than 53% Figure 5: Sectoral Distribution of CIRPs: Resolution Plans were closed on appeal, review, or withdrawal.

br>. coe, . presented in Table 3. Of the OC initiated CIRPs that were closed, more than 53% Figure 5: Sectoral Distribution of CIRPs: Resolution Plans were closed on appeal, review, or withdrawal. Such closures accounted for more 2% than 70% ofall closures by appeal, review, or withdrawal. Flecwcity _ | Table 3: Outcome of CIRPs, initiated Stakeholder-wise, as on Sep 30, 2023 Outcome Description CIRPs initiated by Hotels2%wnae——_ & 4\ on [ner][s] StatusCIRPs of {Closure by—|Closure byAppeal/Review/SettledWithdrawal u/s 12A || 320]FCs260] 725]OCs679]CDs8]8]FiSPs|0] Total1053947] CT1% Closure by Commencement of Liquidation | 1042] 979] 228] 0} 2249 Construction Manufacturing 1057 | 827| V6] 2001 RealEstate15% Ssg \ yieldingCIRPsone —| RealisationLiquidationee ae Valueby Creditorsas % of 177.5} 129.4}148.1 | 160.4 | 168.5 Figure 6: Sectoral Distribution of CIRPs: Commencement Resolution|Realisation byCreditorsas % of their Claims Transport of Liquidation Plans Average Time taken for Closure of CIRP | 659| 662] 563] 632] 653] 3% Others yielding [Average Time taken for Closure 493| 468] 394 472 tions aS 12% Liquida- [ofCIRP jotels H e2% mm | TillResolution PlansFY 2022-23, 682 CIRPs had yielded resolution plans. The creditors realised Manufacturing & 2.88 lakh crore under the resolution plans, in these cases. The liquidation value WholesaleRetail Trade& 41% oflakh thecrore assetsagainst available the with thesetotal claims CDs,of the whencreditors they entered worth % the9.03 CIRPlakh wascrore.

cases. The liquidation value WholesaleRetail Trade& 41% oflakh thecrore assetsagainst available the with thesetotal claims CDs,of the whencreditors they entered worth % the9.03 CIRPlakh wascrore. at = The1.73 13% Real sate realisation to the creditors was 31.91% and 166.49% as against their admitted im ° claims and liquidation value, respectively. Construction Till June, 2023, 720 CIRPs had yielded resolution plans. The creditors realised ™% % 2.92 lakh crore under the resolution plans, in these cases. The liquidation value _ _ ; . Theigure distribution of stakeholder-wise initiation of CIRPsis presented4" Table and oflakhthe crore assets against available the with these total claims of CDs, the when creditors they entered worth % the 9.23 CIRPlakh was crore. at €1.74 The and /. OCs triggere . 6% of the CIRPs, followed by about 44.50% by Cs realisation to the creditors was 31.62% and 167.18% as against their admitted remaining: by the CDs. It is observed that aabout 80% of CIRPs~~ having an claims and liquidatiiquidation value,| respectively.ivel underlying default of less than & | crore, were initiated on applications by OCs ----- End of picture text -----

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spectively.ivel underlying default of less than & | crore, were initiated on applications by OCs ----- End of picture text -----

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----- Start of picture text ----- During the quarter July — September, 2023, 7 more CIRPs were reported as these CDs, when they entered the CIRP was estimated at % 2.92 lakh crore and yielding resolution plans, pertaining to the prior period, as presented in Part A of % 1.87 lakh crore, respectively, as against the total claims of the creditors worth Table 4. 85 CIRPs yielded resolution plans during the quarter July — September, % 9.92 lakh crore. The creditors have realised 168.54% of the liquidation value 2023, the details of which are presented in Part B of Table 4. Four CDs which had and 86.31% of the fair value (based on 713 cases where fair value has been earlier yielded resolution have since either moved into liquidation or the process estimated). The haircut for creditors relative to the fair value of assets was around has been ordered to be restarted, taking the total resolution plans approved to 14%, while relative to their admitted claims is of around 68%. Furthermore, this 808 till September, 2023. realisation does not include the CIRP cost, and many probable future realisations Till September 30, 2023, the creditors have realised ¥ 3.16 lakh crore under the such as equity, realisation from corporate and personal guarantees, funds infused f . aren . .

ture realisations Till September 30, 2023, the creditors have realised ¥ 3.16 lakh crore under the such as equity, realisation from corporate and personal guarantees, funds infused f . aren . . into the CD including capital expenditure by the resolution applicants, and resolution plans. The fair value and liquidation value of the assets available with : or recovery from avoidance applications. Table 4: CIRPs Yielding Resolution Plans SI. NameofCD Defunct Date of Dateof | CIRP Amount (in crore) Realisable Value as % of (Yes/ Commen- Approval initiated Total Liquid- Fair Total Admit- Liquid - Fair No) cement of Resolu- by Admitted ation Value Realisable ted ation Value of CIRP tion Plan Claims Value Value Claims Valu | || MaaAnandamoyee Himghar Private Limited | No | 03-10-19] 19-02-21 | FC [TT | 6 | EnaarSteel&AlloyPrivateLimited | Yes | 01-07-22 | 27-06-23 | CD [16.08 | 4.39[ 6.28] 10.23] 63.63 | 232.90] 163.03 | | 7| MS.MiningandConsultancyPvtLtd | No_| 17-03-20] 30-06-23 | OC | 10.83] 2.137 3.35] 3.05] 28.17 | 143.35] 91.09 | | 1 | RiteBiteTradingPvt.Ltd No | 02-06-22] 04-07-23 | OC [79.147 068T OTT OST 33 | 154.23 [147.33 _| [6 | Malar Energy And infrastructure Private Limited] Yes | 05-07-19 10-07-23 | FC | 68.66 | 40.55| 5735| 21.02| 30.62 | 51.85] 36.66 | | 7 | S&HGearsPrivateLimited | Yes | 09-01-20] 10-07-23 | FC [788 TS 620.77] 7.18] 96.07 | 13.34] 82.72 | | 8 | JainShoppersPrivateLimited | Yes | 17-02-22 10-07-23 | OC | 0.19] 0.18] 0.36] 0.2] 65.63 | 68.49] 34.34 | |.9| Capricorn FoodProductsIndiaLimited |

620.77] 7.18] 96.07 | 13.34] 82.72 | | 8 | JainShoppersPrivateLimited | Yes_ | 17-02-22 10-07-23 | OC | 0.19] 0.18] 0.36] 0.2] 65.63 | 68.49] 34.34 | |.9__| Capricorn FoodProductsIndiaLimited | No | 13-11-20] 12-07-23 | OC [227.68 | 99.31 | 134.69] 79.44] 34.89 | 80.00] 58.98 | | 10 | RPAFerro-IndustriesPrivateLimited | = No__| 15-03-22 | 12-07-23 | FC [N08 | 38.67] 52.88] 25.11] 22.60 | 64.93 47.48 | | 11 | SloganInfotechPrivateLimited | No | 15-07-22] 12-07-23 | FC [| 24 | 0.02] 0.02] 0.67.49 | 5151.88 | 5151.88 | [TZ | Polycoat India Private Limited | Yes | 02-12-20 | 13-07-23 | FC| 145.93 | 4.30[ 6.18| 7.85| 5.38 | 182.29 | 126.99 | 16 | SivanaRealtyPrivateLimited | = No | 11-08-20] 19-07-23 | OC | 459.43 | 178.25] 35.06] 303.08] 65.97 | 170.03 | 864.47 | | 18 | OpalLuxuryTimeProductsLimited || Yes| 03-08-21 | 20-07-23 | OC | 2132] 0.00] 0.00] 56] 7.32 | | | | 19 | DhartiDredgingAnd Infrastructure Limited | No | 05-04-22 | 20-07-23 | FC | 408.74 | 58.55] 97.10] 56.81] 13.90 | 97.03 | 58.51 | 6642.39 735.00] 1742.00] 1603.54) 24.14 | 218.17] 92.05 | 27 | XionGems &JewellersPrivateLimited —|—No| 13-10-21 | 25-07-23 | FC | 2.25] Ol] 0.21] 0.07].

97.10] 56.81] 13.90 | 97.03 | 58.51 | 6642.39 735.00] 1742.00] 1603.54) 24.14 | 218.17] 92.05 | 27 | XionGems &JewellersPrivateLimited —|—No| 13-10-21 | 25-07-23 | FC | 2.25] Ol] 0.21] 0.07]. 791.16 | 32.58 | | 28 | FourpolElectricalsPrivateLimited | No_ | 04-10-21 | 26-07-23 | FC [0.78 | 0.06] 0.06] 0.06] 7.67 | 105.04] 98.12 | | 29 | RathiGraphicTechnologiesLimited | No | 03-02-20] 27-07-23 | FC | 249.74 | B27 7 78T 3.12 | 95.9T 70.06 | | 31 | SewaSteelsPvt.Ltd | Ves | 25-05-22 | 31-07-23 | OC | 36.18] 7.60] 9.60] 9.24] 25.54 | 12156] 96.21 | | 34 | AbloomInfotechPrivateLimited | = No_| 11-03-21 | 01-08-23 | FC | 50.72] 46.19] 58.22] 41.39] 816i | 89.60] 71.09 | | 36 | Sampark Land And Builders PrivateLimited [Yes | 30-04-21] 02-08-23 | CD [JT |38 | ForgeIndiaPveLtd | No | 12-01-22] 04-08-23 | OC [69.22 | N35[ 15.24] 1.80] 17.05 | 103.92| 77.45 | | 39 | Bhandari Deepak Industries Private Limited | Yes | 19-11-19 | 04-08-23 | OC [| 2460 { 9.73| 13.35] 13.08] 53.18 | 134.41 | 98.02 | | 40 | Broadband Pacenet (India) PrivateLimited | No | 10-03-22] 04-08-23 | FC | -340.39|0.07[ 0.08] 0.04] 0.01 | 55.70] 52.04 | [2142 | | TransGlobeTextilesLimitedKings Electronics Prvare Limes |[WasYes_| 25-10-21O41 ETS]| 008207-08-23 | OCOC [| 126;Tar 0.00]aN ah0.00]87 0.05]902) 4.342880 |e| 1167.05 | 1167.05 | | 45 | Global Cold Chain Solutions IndiaPrivateLimited| Yes | 27-04-22 | 09-08-23 | OC [| 3.23 0.57] 0.69] IS] 35.48 | 200.65 167.24 | | 47 | Mahendra Investment Advisors PrivateLimited | Yes | 28-04-21 | 10-08-23 || FC [| 217.64 | 14.27] 17.38

Limited| Yes | 27-04-22 | 09-08-23 | OC [| 3.23 0.57] 0.69] IS] 35.48 | 200.65 167.24 | | 47 | Mahendra Investment Advisors PrivateLimited | Yes | 28-04-21 | 10-08-23 || FC [| 217.64 | 14.27] 17.38] 6.10] 2.80 | 42.74] 35.10 | | 50 | E&GGlobalEstatesLimited | Yes_| 24-06-20] 11-08-23 | FC [23.22 | 12.25[ 15.24] 18.83] 81.10 | 153.66 | 123.56 | LST| 52 || [SreilnfrastructureFinanceLimited] SreiEquipmentFinanceLimited —_{| ~~NoNo__|| (08-10-216-10-21}| 11-06-2311-08-23 | | RBI|RBI | 3308043 | 4910.23) 7983.23) 13784.76/ 41.71 | 260.74] 172.67, | 55 | KGSSugarAndInfraCorporationLimited [| _Yes| 10-10-19] 11-08-23 | FC [556.78 | 85.82[ 18.51] 133.42] 23.96 | 155.47] 112.58 | |.[S7[HtButiwerraetited56 | Shivansh DiamondPrivateLimited [Ne| =~ No || 10-03-21teapaaf| rasa17-08-23 |[reFC [10183[teat [76s]| 1.06] 6.26]teen] 2.23]925] aes2.19 || 209.64]tanas | 35.60o878 | ----- End of picture text -----

See INSOLVENCY AND BANKRUPTCY NEWS

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----- Start of picture text ----- SI. NameofCD Defunct Date of Date of CIRP Amount (in crore) Realisable Value as % of (Yes/ Commen- Approval initiated Total Liquid- Fair Total Admit- Liquid - Fair No) cement ofResolu- by Admitted ation Value Realisable ted ation Value ofCIRP tion Plan Claims Value Value Claims Valu Net4 India Limited 08-03-19 | 18-08-23 472.73 |__11.00| 17.80 17.79 161.76 | 99.97 || 6061 || JMT UBSMidland AutoPublishers PolymersLimited Distributors Limited Pvt Ltd 062321-10-22 -0 12 -2 32 | | 21-21-08-2318- 08-23 | FC | 285]220.7761.35] | [105.03]] 2.64]1.99] 4.70]144.202.66] 2.32]2.49]124.04] 56.184.0581.30 | | 1 1 87.9124.748.10] 49.278693 . 0259 SNS Laboratories Limited 11-08-22 | 22-08-23 | OC [0.99 | 0.36] 0.45] 0.54] 54.90 151.45 | 121.24 aycon Infrastructure Limited 07-10-19 |_23-08-23 128.71 | [_11.53|] 22.96 11.97|___9.30| _ 103.79 | _ 52.13 Swati Health And Education Services Private Ltd. 04-03-22 | 24-08-23 35.05 24.75 33.13 23.57 67.27 95.24 7115 | 66 | UCALSubi Chemicals Products PrivatePvt Ltd Limited 2510 -1 12 -2 12 || 25-08-23 19413 .8 62 | 265] 4.10] = 231] 1.19 | 118.9687.30| 4356 .

24-08-23 35.05 24.75 33.13 23.57 67.27 95.24 7115 | 66 | UCALSubi Chemicals Products PrivatePvt Ltd Limited 2510 -1 12 -2 12 || 25-08-23 19413 .8 62 | 265] 4.10] = 231] 1.19 | 118.9687.30| 4356 . 3382 || 6869 | | VaasanGB]BhumyaHot M e Teadicalls PrivateCompany Center LimitePrivate(In ia) d LimitedPrivate Limited Ol-11-2105-04-2219-04-22 | | 25-08-23 28-08-23 [|FCT390.37169.87 203.25]12.83 260.9918.36 169.87|20.50 _ 100.00 159.7783.57| | 111.6365.09 Arhan Infratech Private Limited 06-09-19 | 30-08-23 42.52 | 1.08; 2.06f 0.00] 0.00 | 0.00] 0.00 Radiant Castings Private Limited 24-08-22 | 30-08-23 100.93 42.14 64.05 30.00] 29.72 71.20 OliverCPSMetrik SteelEngineeringInfraprojects India PrivatePvt.Private Limited Ltd. Limited 25-04-2226-04-2216-04-21 ||| 08-09-2331-08-2312-09-23 806.5350.2733.70] ss99.37 141] 153.8098] 90]110.55|29.96] 59.6056413.71 || 12705.74185.15]T11.25| |96.15847571 . 0288 | Cengres Tiles Limited 27-04-22 | 13-09-23 100.17 49.88 68.54 44.20) 44.13 88.61 | 64.49 Cura Technologies Limited 16-03-22 | 14-09-23 13.96 [| O.OT] OTT 7] 4.80 | 6894.00 | 6894.00 Superdrawn Wire Industries Private Limited 16-03-22 | 19-09-23 55.31] 1.30] 2.08] 75] 3.16 | 134.63 84.00 Gujarat HydrocarbonsAnd Power Sez Limited 18-11-20 | 19-09-23 2363.54 206.68 306.34 131.43 63.59 42.90 |80_| VMEBKM Properties Industries Limited Private Limited 0230 - 09-2112-20 | 20-19- 09-23 1 9381 . 95 3 [134.7215T | 4615 . 9934 34.3114.50 17.69 12698 .

2363.54 206.68 306.34 131.43 63.59 42.90 |80_| VMEBKM Properties Industries Limited Private Limited 0230 - 09-2112-20 | 20-19- 09-23 1 9381 . 95 3 [134.7215T | 4615 . 9934 34.3114.50 17.69 12698 . 0382 | |___73.0294.52 | 81 | Uniply Decor Limited 11-03-22 | 20-09-23 45.07 38.03 49.53 27.50| 61.03 72.32 | 55.53 Saalim Shoes Private Limited 22-09-20 | 20-09-23 188.14 59.00 77.00 121.17 64.40 205.37 157.36 BBN Foods Hi-Tech Processing Private Limited 17-12-19] 21-09-23 | Oc | 566/ 048] 062] 0.99] 17.47 204.72 | 159.00 Action Ispat And Power Private Limited 23-03-22 | 26-09-23 3741.40 212.09 293.37 256.00 120.70 [__87.26 Leela Trade Steel And Commodities India 18-02-21 | 27-09-23 153.48 30.57 40.94 79.27| 51.65 259.30] 193.63 Private Limited Total (July - September, 2023 | [65246.57] | _9456.75| 15579.98| 20771.31| 33.01 |_219.64|133.32 | Total (Till September, 2023) 991815.55 | 187460.63 |292433.62| 315937.20| 31.85 | 168.54| 86.31*| Notes: Figure 9: Reasons for Withdrawal of CIRPs I. In 808 resolved CDs, 200 applications in respect of avoidance transactions to the tune 350 of = 1.13 lakh crore have been pending before AA. 2. CIRPs in 29 matters which yielded resolution plans and were reported earlier in this table have since moved into liquidation. The CIRPs have restarted in 22 cases and 267 CIRPs in 2 matters, where liquidation orders were passed earlier, have yielded 224 resolution plans. 3. During the quarter, there are 24 CIRPs where the realisable value was less than the liquidation value of the CD.

liquidation orders were passed earlier, have yielded 224 resolution plans. 3. During the quarter, there are 24 CIRPs where the realisable value was less than the liquidation value of the CD. While realisable value is significantly influenced by the value of asset of the CD while entering the resolution process and time taken for resolution, 55 * wisdomit is also the ofthe outcomeCoC. of a market determined price discovery process and commercial | a48 Based on 713 cases where fair value has been estimated Full settlement Full settlement Agreement Other Others Aboutyielded38%resolution of theplans, CIRPs were (310 out earlier of with 804BIFRfor whichand/or. defunctdata are (Figure available),. 8). In which these: applicantwith the withcreditorsother into future settle withsettlements creditors CDs, the claimants have realised 22.44% of their admitted claims and 156.98% of Note: Data awaited in 3 CIRPs liquidation value. Figure 10: Distribution of CIRPs Withdrawn Figure 8: CIRPs Yielded Resolutions: State of CD at the (as per Admitted Claims) commencement of CIRP > 2100 crore < %1000 crore o———— 4% > %50 crorei,\\ > ~1000 crore 4% © <%100 crore 1% Others62% O a crore Earlier with sz Peon BIFR/defunct J <@erore 38% >I crore 7 54% <%10crore 25% Note: Data awaited in 3 CIRPs Data awaited in 4 cases ee Liquidation Withdrawals under Section 12A Till FY 2022-23, a total of 2030 CIRPs had yielded orders for liquidation, of which : . . the final reports were submitted in 520 cases.

4 cases ee Liquidation Withdrawals under Section 12A Till FY 2022-23, a total of 2030 CIRPs had yielded orders for liquidation, of which : . . the final reports were submitted in 520 cases. Till June, 2023, 2120 CIRPs had Till September, 2023, a total of 947 CIRPs have been withdrawn under section yielded orders for liquidation, of which the final reports were submitted in 555 12A of the Code. The reasons for withdrawal and distribution of claims in these cases. During the quarter July — September, 2023, || more CIRPs were reported CIRPs are presented in Figures 9 and 10. Almost three fourth of these CIRPs had as yielding orders for liquidation, pertaining to the prior period. Further, 118 claims of [less][ than] [10 crore.] CIRPs ended in orders for liquidation during the current quarter. Two CDs which ----- End of picture text -----

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----- Start of picture text ----- See INSOLVENCY AND BANKRUPTCY NEWS had earlier yielded order of liquidation have since either been ordered to be [19 [Lata€xportApparelsPrivateLimited [10-4-19] 13.13[ 249[ [2542.33]] 11-08-23 tarted or h b ithd taking the total CIRP ding in liquidation t BP Ferrium Industries Private Limited | 21-07-22 416.72] 0.03] 0.03] ——-|:16-08-23 restarted or nave been wi rawn, taking le fe) al S$ ending In liquidation to Orchid Textiles Private Limited@* 16-08-23 [iat -| -f | 16-08-23 2249. Of these, final reports have been submitted in 597 cases. SunpowerSolar Technick Private Limited] 16-04-21 365.48| 0.05] 0.00] __—-| _17-08-23 There are 1652 ongoing liquidation processes, whose status as on September 30, Nowe Services Private | 21-08-23 Post oT] 21-08-23 2023 is presented in Figure I. The details of the mode of closure of liquidation Quantum Concrete LLP 22-01-21[ 040] 0.32] 0.40 | 0.00 22-08-23 duringprocess. theare quarterpresentedJuly— September,in Table 5. 2023The aredetails presentedof liquidation.in Table 6.processes closed TE [AlchemistGlisterimite Hospitality Hospitals Gurgaon Gurgaon) Private | 28-06-22T5081 | O19]EK 906) 005]WI 0.02 28-08-23085 Fi VTi line: O: .

presentedof liquidation.in Table 6.processes closed TE [AlchemistGlisterimite Hospitality Hospitals Gurgaon Gurgaon) Private | 28-06-22T5081 | O19]EK 906) 005]WI 0.02 28-08-23085 Fi VTi line: O: . Li idati Private Limited > igure II: Timeline: Ongoing Liquidations TirupurSriSenthil Cotton Mills Limited| 29-05-20] O.17[ 001] -| -| 31-08-23 < 90 days Snehdaxa Infrastructure Private Limited} | 1-12-19 yd ed es 01-09-23 180 days@—————_ East Mond nfraand Trade Private Limited | 29-09-22 226.60 08-09-23 6% < 90 days Brinzk Powertech Private Limited 15-07-19 1642| 9.43[ [_8.05|] 6.10] 11-09-23 7% Total (July-September, 2023) [| 5462.60| 54.19| 4652| 40.58] NA| Total (Till September,2023 [| 79906.57| 2965.01 [2850.44 | [2618.35[] NA | <> 270180 daysdays aa '-'meansNote: no value 1% I @ Direct dissolution > 270 days *Claims pertain to CIRP period < year '0' means an amount below two decimals. 5% $ indicates Sale as going concern é >Two years # Information awaited > One year 55% NA means Not Applicable < Two years 20% ar . . More than 77% of the CIRPs ending in liquidation (1713 out of 2229 for which Table 5: Mode of Closure of Liquidation Processes data are available) were earlier with BIFR and/or defunct (Figure 12).

ore than 77% of the CIRPs ending in liquidation (1713 out of 2229 for which Table 5: Mode of Closure of Liquidation Processes data are available) were earlier with BIFR and/or defunct (Figure 12). The Status of Liquidation TillJune, Jul-Sep, Totalason economic value in most of these CDs had almost completely eroded even before 2023 2023 Sep 30,2023 they were admitted into CIRP These CDs had assets, on average, valued at 7% of Initiated 2131 | 118 | 2249* the outstanding debt amount. Final Report submitted Figure 12: CIRPs ending with Order of Liquidation: Closed by Dissolution State of CD at the Commencement of CIRP ClosedbyGoingConcernSale | 31 | st] 32 Ongoing processes 1565 1652 Others *This excludes 24 cases where liquidation order has been set aside by NCLT/NCLAT/HC/SC. 23% Table 6: Details of Closed Liquidations SI. NameofCD Date of Amount (in% crore) Date of it Order of Admitted Liquid- Sale Distri- Orderof Either with Liquid- Claims ation Proce- butedto Dissol- BIFR/defunct ation Value eds Stake- ution/ 17% holders Closure Part A: Reported for Prior Period (Till June 30, 2023) AesysLimited@*TechnologiesIndia Private 11-03-22 11-03-22 Notes: KalpyogSMVPrivateCommodities Limited Chemicals Privateand Trading LimitedIndia __| 09-11-2121-09-20 43.975.52) 27-03-2314-12-22 higher|.. There thanwereliquidationee|29 CIRPs, value. where CDs were in BIFR or non-functional but had resolution value |4 _| Sathya Solutions Private Limited 26-03-21 | 0.90 ——-0.00[ 0.00] ~——0.00 02-05-23 2.

thanwereliquidationee|29 CIRPs, value. where CDs were in BIFR or non-functional but had resolution value |4 _| Sathya Solutions Private Limited 26-03-21 | 0.90 ——-0.00[ 0.00] ~——0.00 02-05-23 2. Includes cases where no resolution plans were received and cases where liquidation value is Mahavir Richab Investments Private 24-08-22 09-05-23 3. Data of 20 CIRPs is awaited. S| NamrathaLimited Power Private Limited 27-07-22] ——3.33{ o.oo] Ss -] fs (08-05-23 zero or not estimated. [8 | NetRainbow WorkIndustrialTelelink Private Park Private Limited Limited] 28-02-1931-05-22[ 0.01]372.26]0.340.00 0.00]0.69| ~~0.02{-]—«112 9 -05-23 The AA passes an order for liquidation undererfour circumstances. As on September,. [9[VRV Textiles Limited 31-0522) |26-05-23 2023, 2249 orders for commencement of liquidation have been passed. The details '° | VijaiPrivate MahalaxmiLimited Spinning Mills India| 27-04-18 76.65 rd 31-05-23 of liquidation in these circumstances are presented in Figure | 3. [11[JangipurBharat Bitumen Private Limited@ [08-06-23] ||=]| (08-06-23 Figure 13: Reasons for Liquidations GalaxyMedicareCosmetics Private Private Limited Limited 2815 -0 1-19419| a0.07} 0.15]2)0.03] 0.01]| 13-06-23 1499 Incom Wires and Cables Limited 19-01-21] 15.96] 2.50] 2.77[ 2.25] 15-06-23 Brown Kraft Industries Limited 27-08-18 148.82;

ited Limited 2815 -0 1-19419| a0.07} 0.15]2)0.03] 0.01]| 13-06-23 1499 Incom Wires and Cables Limited 19-01-21] 15.96] 2.50] 2.77[ 2.25] 15-06-23 Brown Kraft Industries Limited 27-08-18 148.82; 6.45 2.30] 1-91] 23-06-23 Part B: For July — September, 2023 || ]S.Nanda Industries Private Limited@* [04-07-23] ss149)J] 04-07-23 |3_| KyatiPurna Metals Pharmaceuticalsand Trading Private Private Limited Limited]| 22-01-2022-11-21 41.55]2439f=]0.06{ 0.06 ~~ -]_(07-07-2310-07-23 SAV Industries Private Limited@* 10-07-23 265.48]ff 10-07-23 665 16 | GVSMaestria Infr P a &intsIndustries India Private Private Limited Limited | 02 1-0 59 -2 32|372.72a a 1 74 -07-23 1819 __||AuroBhagwandasRutika MiraCreationsBiopowerIspatPrivatePrivateIndia PrivaLimi Limited te Limited |d 160814-02-20 - 1007 - 1820 112.84]18.07|_159{15.38] 143,10.54 —~*1.30| 18-07-2320-19- 07-23 Indian Gem & Jewellery Imperial 22-01-21 3.28) 3.12 2.84) 20-07-23 61 [11 Private[SamudraBioPharmaPrivateLimited Limited _ | 03-10-18 20.08 26-07-23 ap ap24 2 FatheyporKarvin Cuisines Gardens Private Private Limited Limited 04-06-1909-01-23[ 2810.031.22] ool]O5{__1.03|= o.olf 087] 27-07-2327-07-23 CoCoe decided to AA did. not AA rejected. the CD contravenedwoe [1414 | TEbusiusinessware (India)— Private Limited— | 03-02-23 a ee ee 27-07-23 liquidate. the CD receive. any resolution plan. provisions.

d to AA did. not AA rejected. the CD contravenedwoe [1414 | TEbusiusinessware (India)— Private Limited— | 03-02-23 a ee ee 27-07-23 liquidate. the CD receive. any resolution plan. provisions. of 1515 | TSpipice Infra-Trading, Private= Limited— 31-07-19 400.08[ 0.01] 0.74 0.28) 04-08-23 duringu/s 33(2 CIRP resolutionf planf forith th non-compliance: " resolutionu/s 33(3plan [16| Sriaranath Logistics Limited$ 22-09-21 75.01 12.26| 12.26] 04-08-23 (u/s 33(2)) ws iw wt ws Bh) $ (u/s 33(3)) Cosmos Forgings Limited 01-06-22 82.19] 0.02}0.02]} 10-08-23 (us 33(1)(@)) (u/s 33(1)(6)) Devesh Engineering Enterprises 01-06-22 28.15) 10-08-23 Private Limited 13) ----- End of picture text -----

SSS INSOLVENCY AND BANKRUPTCY NEWS

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----- Start of picture text ----- Regulation 12 of the Liquidation Regulations requires the liquidator to make a Large Cases (Admitted Clamis> %1,000 crore) public announcement calling upon stakeholders to submit their claims as on the Of the 808 CDs rescued under the Code as on September 30, 2023, 138 had liquidation commencement date (LCD), within 30 days from the LCD. The details admitted claims of more than ~1,000 crore. The realisable value of the assets of the claims admitted by the liquidators in 1971 liquidations, for which data are available with these 138 CDs, when they entered the CIRP was only 1.64 lakh available, are presented in Table 7. crore, though they owed % 8.78 lakh crore to the creditors. Till September 30, Table 7: Claims in Liquidation Process 2023, realisation by the claimants under resolution plans in comparison to My tin? liquidation value is | 75.28%, while the realisation by them in comparison to their (Amount in ¥ crore) claims is 32.84%. These realisations are exclusive of realisations that would arise Stakeholders Numberof Amountof — Liquidation Amount Amount from value of equity holdings post-resolution, resolution of PGs to CDs, and from under Section Claimants ClaimsAdmitted Value _Realised Distributed disposal of applications for avoidance transactions.

value of equity holdings post-resolution, resolution of PGs to CDs, and from under Section Claimants ClaimsAdmitted Value _Realised Distributed disposal of applications for avoidance transactions. The details are presented in 597 Liquidations where Final Report*** Submitted Table 8. 12571.32 505.60] 496.35 474.54 Table 8: Details of Large Cases as on September 30, 2023 53(I)(@) 369.53 (Amount in # lakh crore) 53 (1) (b) 4226 93123.95 4103.48 CIRP cases (Admitted Claims > ¥ 1,000 crore) Till July- Till 53(1)(c) 3440 92.86 11.05 June, Sep, _— Sep, 53(I)(dse 11855.63 5336.88 |4754.71# 142.75 Resolution] No.ofCases | 202328] 202310] 202338 53()(6)53(1) (f) 6073 7830.947359.52 107.1225.87 approvedplans || LiquidationAdmitted Claims Value [_a22[056] 8.78 | 53 (1) (h) 53.60 RealisableValue as % of Admitted Claims 32.89 32.97 32.84 Total (A) P 15403, 132087.82 5842.48 5251.06#| 5244.11 ealisable Valueas % of Liquidation Value 172.28 3 175.28 | COngoing 13761376 LiquidationsLiquidations si Of 2249 CDs ending up with orders for liquidation, 187 had admitted claims of 53(I@ more than % 1,000 crore. These CDs had an aggregate claim of % 8.43 lakh crore. 46282 773914.47 53(I)(b) However, they had assets, on the ground, valued only at ¥ 0.43 lakh crore. YONG) 36207 1434.02 Avoidancevoidance TFransactions; . 53(1) (@) 13626 14308729 The Code read with Regulations require the RPs and Liquidators to file 53(1)(e) applications for avoidance of transactions, with the AA seeking appropriate 3320 41809.55 | 53708.94** NA NA directions.

e read with Regulations require the RPs and Liquidators to file 53(1)(e) applications for avoidance of transactions, with the AA seeking appropriate 3320 41809.55 | 53708.94** NA NA directions. 1025 applications seeking avoidance of transactions have been filed 53 (1) (f) 1985943 98329.13 with the AA till September 30, 2023 as presented in Table 9. 53 (1) (g) 585.64 Table 9: Details of avoidance applications and disposal 53 (1) (h) 105643 4118.30 (Amount in % crore) Total (B) 2191088 1063278.40 SI. Nature of Applications Filed Applications Disposed Grand Total} 2206491 1196166.22 59551.42 transactions Numberof Amount Numberof Amount Amount (A+B) trans- involved trans- involved clawed # Inclusive of unclaimed proceeds of Rs.6.95 crore under liquidation. actions actions back * Data for otherongoing liquidations is not available. [|_| Preferential | _—'150 | 15102.34 798.98 34.79 Outof 1652 ongoing cases, liquidativalue of o nlyn | 590 CDsis available. Liquidation value Undervalued [19 [|] 925.05 362.42 of 1279 CDs taken during liquidation process is Rs.47,354.41 crore and liquidation value of 89595.10 1169.26 rest of the 31 | CDs captured during CIRP is Rs.6,354.53 crore. [4 | Extortionate [| 3 | 70.68 ee eX) ee * Dataof 2 Final Report cases awaited. 213604.30 42561.26| 5183.46" Sale as Going Concern Inotal | 1025 | 319297.47 | 203 | 44892.01 | [5229.61] | Till March, 2023, 26 CDs were closed by sale as a going concern under liquidation back the to matter the CD.

46" Sale as Going Concern Inotal | 1025 | 319297.47 | 203 | 44892.01 | [5229.61] | Till March, 2023, 26 CDs were closed by sale as a going concern under liquidation back the to matter the CD. of TheJaypee 858 Infra, acres of possession of land was earlier 758 acres valued out at of¥ 5500total crore. 858 acres of land was given process. The number of cases closed by sale as a going concern reached to 31 till Resolution of FiSPs June, 2023. One case of sale as going concern has been reported during the : ; ; ; ; . ; ; quarter July — September, 2023, taking the total no. of closures through the said CIRPs of three financial service providers (FiSPs) i.e. Dewan Housing Finance mode to 32. These 32 CDs had claims amounting to = 21,920.13 crore, as against Corporation Ltd., Srei Equipment Finance Limited and Srei Infrastructure Finance the liquidation value of = 787.71 crore. The liquidators in these cases realized Limited have yielded resolutions under the Code. The details of the resolutions % 869.37 crore and companies were rescued. are presented in Table | 0 below: - Timeline of Ongoing CIRPs Table 10: Details of applications admitted for FiSPs The status of ongoing CIRPs as of September, 2023 in terms of time taken is (Amount in & crore) presented in Figure |4. SI. Claims of Financial Creditors Dealt Under Resolution Resolution . . .

The status of ongoing CIRPs as of September, 2023 in terms of time taken is (Amount in & crore) presented in Figure |4. SI. Claims of Financial Creditors Dealt Under Resolution Resolution . . . . Figure 14: Timeline: Ongoing CIRPs Name of FiSP AdmittedAmount AmountRealized Re a lizations%of Realisationas %of Applicant admitted Liquidation claims value < 90 days Dewan Housing Finance |87247.68/37167.00 42.60% | 138.42%| Piramal Capital 10% Corporation Ltd & Housing Finance Ltd. 2 | Srei Equipment Finance |33050.43|13784.76 42.12% | 280.74% | National Asset > 90 days < 180 days Limited Reconstruction 10% Company Ltd. > 270d 3 | Srei Infrastructure National Asset 67% Company Ltd. [ ‘ays CIRPFinance Limitedin respect of one FiSP i.e. Reliance Capital Limited is underway,Reconstructionas per the > 180 days <‘oO 270 days provisions of the Code. ----- End of picture text -----

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----- Start of picture text ----- See eee INSOLVENCY AND BANKRUPTCY NEWS Voluntary Liquidation Of the 1649 corporate persons that initiated voluntary liquidations (excluding A a | liquidati dineifmaioribrel ds withdrawals) till September 30, 2023, the reasons for these initiations are directorscorporate person may Initiate voluntary liquidation proceedingif majorityof the available for 1571 cases, which are presented in Figure 17. Most of these the or designated partners of the corporate person make a declaration to corporate persons are small entities. 1022 of them have paid-up equity capital of effect that (i) the corporate person has no debt or it will be able to pay its debts less than % | crore. Only 234 of them have paid-up capital exceeding % 5 crore. in full, from the proceeds of the assets to be sold under the proposed liquidation, The corporate persons, for which details are available, have an aggregate paid-up and (ii) the corporate person is not being liquidated to defraud any person. capital of 12,040 crore (Table I 1). Till FY 2022-23, 1562 corporate persons initiated voluntary liquidation of which Figure 17: Reasons for Voluntary Liquidation final reports were submitted in 1039 cases and |7 cases were withdrawn. Till June, 2023, 1612 corporate persons initiated voluntary liquidation of which final P _ ee— | reports were submitted.

final reports were submitted in 1039 cases and |7 cases were withdrawn. Till June, 2023, 1612 corporate persons initiated voluntary liquidation of which final P _ ee— | reports were submitted. .in | 123 cases and |8 cases were withdrawn.: was formedurposeaccomplished for which company / Contract Miscellaneous At the end of September, 2023, 1668 corporate persons initiated voluntary Termination 10% liquidation, of which final reports have been submitted in | 179 cases. Further, 19 processes have been withdrawn by September 30, 2023. The details of commencement of voluntary liquidations are presented in Figure 15. The status of Promoters 470 ongoing% voluntary liquidationsar 5 is5 presented in. Figure 16. unableaffairs to manage Figure 15: Commencement of Voluntary Liquidations a 1562 1612 1668 Commercially 1242 unviable business operavons Na 1198 16% 69% 1056 940 Table | |: Details of 1649 Voluntary Liquidations (Excluding | 9 Withdrawals) 689 723 Details of No. of Amount (in% crore) 416 59 Liquid- Paid-up Assets Out- Amount Surplus 272 ations capital* standing paidto 184 debt creditors a: ni Liquidations for which 1179 6426| 8482 8137 As on Ason As on Ason Ason As on As on Ason Final Reports submitted** Mar 18 = Mar 19 Mar20. = Mar21.=s Mar22.=s Mar 23.

184 debt creditors a: ni Liquidations for which 1179 6426| 8482 8137 As on Ason As on Ason Ason As on As on Ason Final Reports submitted** Mar 18 = Mar 19 Mar20. = Mar21.=s Mar22.=s Mar 23. Jun23 Sep 23 Ongoing Liquidations 5615| 3276# Figure 16: Timeline of Ongoing Voluntary Liquidations Note: * Paid-up capital is not available in case of eight companies as they are limited by guarantee companies where there exist no shareholders and paid-up capital. ** Data for 20 Final Report cases are awaited. it S9012%days a > Two39% Years ***For#It Assetswas ongoingreported of 385 liquidations,cases arein the available.lastdata isnewsletter not available.that dissolution orders were passed in > 90 days< 180 days respect of 571 voluntary liquidations. Dissolution orders in respect of 7 more 8% voluntary liquidations, which were issued during the earlier period, were 4 reported later, as indicated in Part A of Table 12. During the quarter July — >180 days < 270 days September, 2023, dissolutions orders in respect of 66 voluntary liquidations were > 17% — 4 issued taking the total dissolutions to 644. These 644 corporate persons owed 270 days < | year<— > One year < Two Years z 46.66 crore to creditors and through voluntary liquidation process, they were 8% 16% paid full amount. Table | 2: Realisations under Voluntary Liquidations SI.

ear<— > One year < Two Years z 46.66 crore to creditors and through voluntary liquidation process, they were 8% 16% paid full amount. Table | 2: Realisations under Voluntary Liquidations SI. Name of Corporate Person Date of Date of Amount (Inz crore) Commence- Dissolution Realisation Due to Paid to Liquidation Surplus ment of Assets Creditors Creditors Expenses Part A: For Prior Period (Till June 30, 2023) | _ | Athena Globus Private Limited 07-12-2020 | 22-12-2022, | 0.02] 0-02] 0.02 OTT Gencor Cultech India Private Limited 01-12-2021 | 20-03-2023, | 0.20 | ODTB Kanazawa Machine & Tool India Private Limited 19-02-2019 13-04-2023 TulyaCNOTT Services (India) Private Limited 07-03-2019 | 28-06-2023 | 3.72 GST [SPT] TS | 6 | BonfiglioliAlloy RenewableCastings Limited Power Conversion India Private Limited 22-11-202124-09-2021 | 28-06-202328-06-2023 || O55107]TBool; oolf 006] 0.32‘1.00 || DCS BPO Private Limited 01-06-2022Part | 28-06-2023 | ss .4tTT.88 | 1 | Contentmart Private Limited 23-04-2019B: For| July-September,03-07-2023, [ 2023 O19 04 04T 0.06 | 0.09 VSNGopivotal Pan Products Limited O1-01-2021 | 04-07-2023 | 0.93f [TOD] TO. Cisco DevelopmentSoftware IndiaIndia Private Private Limited Limited 24-03-202129-09-2021 04-07-202304-07-2023 | o097/18.98[ —3.77, 0.09]77S — 9 CT | Ci15.06 [6 Naisargik Agritech (India) Limited 30-09-2020 | 05-07-2023 | Of | NBCC International Limited 26-09-2022 | 05-07-2023 | 03 OT] OTT OS | 0.97 Fullerton Securities & Wealth Advisors Limited 24-01-2019 06-07-2023 2999[ ff fT ||_9

-09-2020 | 05-07-2023 | Of | NBCC International Limited 26-09-2022 | 05-07-2023 | 03 OT] OTT OS | 0.97 Fullerton Securities & Wealth Advisors Limited 24-01-2019 06-07-2023 2999[ ff fT ||9_| 8 _| KPS Systems Private Limited 05-04-2021 | 06-07-2023 | 72] 897 | 26.02 | |_10|I1|| ShinmaywaSumitomoIndi Shopee ConstructionIndustriesPrivate Limited India Machinery Private LimitedIndia Private Limited 05-09-202226-02-202230-09-2020 | 11-07-202317-07-202319-07-2023 [42[|[4.29f020P250.01 ECL Engineering Services India Private Limited 19-02-2021 19-07-2023 | ss t.27] S38]BTS| 89 Pavanraj Fabs India Private Limited 30-03-2021 | 19-07-2023, [2.677 OTT OTT BT 2.35 | Aaroh Finance and Investments Private Limited 14-10-2021 19-07-2023 [| = 037]P08 | Pole Star Enterprises Private Limited 16-11-2022 | 19-07-2023 | 0.48] 0.02] 0.02 |S ----- End of picture text -----

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INSOLVENCY AND BANKRUPTCY NEWS

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----- Start of picture text ----- | 16 | MoogEMSolutions(India)PrivateLimited 25-03-2022 | 20-07-2023 | 38] 0.07] .o7] ZT | [17 | Nexter Systems indiaPrivateLimited | 24-02-2021 | 24-07-2023 [ia ——S—CSCSCS~—YCOSC“‘“‘ SSSOCdC«SY | 18| 19 || AceKetonesPrivateLimitedLazardIndiaPrivateLimited |16-09-2020(5-1-2021 || 25-07-202325-07-2023 [238TH| TTT TOT9 [20 [AtturShriGangaChitFundsPrivateLimted | 01-08-2020 | 26-07-2023 | o25|. ~~ -i|~—S~SYSCSC~‘“‘~‘i SCSCC*‘ CS [21 | Penske Supply Chain Solutions IndiaPrivateLimited | 18-11-2021 | 26-07-2023 | 4.6{———-i|—SY SCSCSC~sO | SC*«T [22 [DeltaleSindiaPrivateLimited SSCS «Sd O-2022~||27-OT-2OD. | SOT | CCC~SCOC“‘(SNC-C‘(#‘OSSYOC(«OOA [ 2 34 | [TaskAudi NilT Insti t uteand Reportingof ProcessExcellenceLSolutions Pr vate i mited Limited 19-02-20| 15-03- 2 0230 || 28-0728-07 -2023 [2.80]| 0.09[__0.05|OTTO0.05] 001]0038 | 0032.67 | | 28 | MakemytripTravelServicesPrivateLimited | 28-09-2017 | 01-08-2023, | 57] 0.08] 0.08] 09 | SSI [29 | ParmanandOverseasLimited —SSSSSCS~S~S~S~ «CVD | 1-0B-20B | SCD] SCC‘“‘()$’C: OC-LCOOC~C‘C#OWOSCL CBA [30 | NeutrikindiaPrivateLimited ——=—=—S—S—S~S~ «(8 -ON-202T| 02-0B-2023—| 2 C|SCSC~“‘YLSC‘CSC(OCOSO2OBY || 3! | Dimensions TradeandCommerceLtd | 28-03-2022 | 02-08-2023 | 27POD0.25 139[—-|——SYdtCSC~“‘C“OOT'*YLOC‘*d‘;SOY [ 3 32 | AkarshanMultitradePrivateLimitedTop Right Group IndiaKnowledge Services PrivateLimited23-05-2022| 20-03-2018 | 0 42 - 08-202308-2023 | 0.2| CO TT |35

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OOFYLOOOCCY] || 53 | InvaluedTradingPrivateLimited ts -ON-2021 | 1-09-2023, [20H0.066 | 5 54 | TeradyneVrikshaRealtyPrivateLimEngineering(Ind i a)tedPrivateLimited 25-08-| 2 1-06-2021021 | 11-09-202311-09-2023 , || 4]OPPONT OT ON TS |57|[56 |OnchoIndiaPrivateLimited___——S~S~wTaisei «202-2023 | 1-09-2023_—| —SSCS~—~—YC“‘(KSW.OC“iLCOUOC~C‘“C##OWSYLSOOC*‘ SY [58 Pelican ProductsandServicesindiaPrivateLimited | 01-03-2021 | 12-09-2023 | oos|.—-|—Sss—S—SC | SCCSC~‘i STC [ 52 [ TnventecManufacturingAFAExportsPrivatelimitedIndia)PrivateLimived——SSSCSCSC~*wd=| «CS ‘O7 - O70G - 2021_2ODT| [12-09-2012-09-20 23 || SSB7B] SCTCOT ] C C ‘TLCOC~‘iOTY CSOCi“ |BOT | | 62 | AksharaEnterprisesPrivateLimited | 28-03-2023 | 15-09-2023 | 6PORTS | 63 | North KeralaFootwearConsortiumPrivateLimited | 25-03-2022 | 21-09-2023, [| 4 OAT. | 64 | BhuvanaaFabricAgenciesPrivateLimited | (03-03-2022 | 25-09-2023, [| OT OD 0.08 [65 | BuffalogridProjectPrivateLimited _—~—~—~=~S~S~S~S~S (03-02-2020 | 26-09-2023 | tI iOS OC~“‘COWOOY”COW#C#‘#NOS:YY~OC~‘é‘' | 66 | SolopgangServicesIndiaPrivateLimited “15-03-2021 | 27-09-2023 3.37 P B85 | |088ATotal(July-September,2023) |0488S Total(TillSeptember,2023) T4666 46.66]8AT 128.5220.27 | 3042 1 0.07.71 | '0' means an amount below two decimals '-' means no value # Data awaited ----- End of picture text -----

Time For Conclusion of Processes

66]8AT 128.5220.27 | 3042 1 0.07.71 | '0' means an amount below two decimals '-' means no value # Data awaited ----- End of picture text -----

Time For Conclusion of Processes

The average time taken for completion ofvarious processes is presented in Table | 3. Table |3: Average Time for Approval of Resolution Plans/Orders for Liquidation

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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Time|(In|days)|
|SI.|Average time|As on March, 2022|As on March, 2023|April, 2023 to Sep, 2023|
|No.of|Time (indays)|No. of|Time (in days)|No. of|Time|(in days)|
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SS |NSOLVENCY AND BANKRUPTCY NEWS Corporate Liquidation Accounts Figure 18: Details of Cases Withdrawn before Admission The Regulations require a Liquidator to deposit the amount of unclaimed 30000 4000000 dividends, if any, and undistributed proceeds, if any, in a liquidation process along 932881.27 with any income earned thereon into the corporate liquidation account before he 25000 ‘ ‘ati , : , 609482.17 800000 submits an application for dissolution of the corporate person. It also provides a process for a stakeholder to seek withdrawal from the said account. Similar 20000 iain spo000 provisions exist for voluntary liquidation processes. The details of these accounts q5000 at the end of September, 2023 are presented in Table 14. 400000 Table | 4: Corporate Liquidation Accounts as on September 30, 2023 10000 (Amount in & lakh) 5000 200000 Name of Account Opening Deposit Withdrawn _ Balance at a Balance during during the end of o As on Mar, 21 As on Mar, 22 As on Aug, 23 the period theperiod theperiod | 2019-20 | 00] 47626] oat | 476.05 | (b) A number of initiatives are being taken to improve the outcomes of the | 020-21 =| aoa] = tt6.i8} 00 | 592.28 | **C** IRPs.ode. TheseFurther, includethe monitoringIBBI revised ofcasesits mechanisms pending forforadmissionreal-time andsharing ongoingof information regarding applications for the initiation of CIRP with the IU.

TheseFurther, includethe monitoringIBBI revised ofcasesits mechanisms pending forforadmissionreal-time andsharing ongoingof information regarding applications for the initiation of CIRP with the IU. | 2022-23 =| i332] 56.10] + 0.00] 1209.42 | Thesevid **e** nced byinitiativesthe incrhav **e** asehadin NCLT-approveda substantial impact resolutionson the andIBC the admiproces **s** sion, as of cases initiated by FCs. Figure 19 below highlights the improvement in ratio of number of cases ending with resolution vis-a-vis cases in which Liquidation orders : | 109-70 | 109-70 “ms 0.4v . 0.44 0.3 02 0.21 Pre-Packaged Insolvency Resolution Process 0 The Central Government enacted the Insolvency and Bankruptcy Code ie i ihc ahi ceca cc a8 (Amendment) Act, 2021 on August 11, 2021 which was deemed to have come Ss fOut into force on April 4, 2021 introducing the Pre-packaged Insolvency Resolution ummary oFutcomes Process (PPIRP) for corporate MSMEs. On April 9, 2021, the Central (a) The primary objective of the Code is rescuing lives of CDs in distress. The Government notified the Insolvency and Bankruptcy (Pre-packaged Insolvency Code has rescued 2808 CDs (808 through resolution plans, 1053 through Resolution Process) Rules, 2021 prescribing the manner and form of making appeal or review or settlement and 947 through withdrawal) till September, application to initiate PPIRP and the IBBI notified the IBBI (Pre-packaged 2023. It has referred 2249 CDsfor[liquidation.] The[ resolved] CDs[resulted][in] Insolvency Resolution Process) Regulations, 2021.

ation to initiate PPIRP and the IBBI notified the IBBI (Pre-packaged 2023. It has referred 2249 CDsfor[liquidation.] The[ resolved] CDs[resulted][in] Insolvency Resolution Process) Regulations, 2021. The Regulations provide for realisation of around 32% as against the admitted claims and more than manner of carrying out certain processes and tasks under PPIRP As per the 168% as against the liquidation value. Resolution plans on average are information available with the Board, six applications have been admitted as on yielding 86.31% of fair value of the CDs. Till September, 2023, 597 CDs September, 2023, out of which one has been withdrawn and resolution plans has have been completely liquidated. These 597 CDs together had outstanding been approved in three cases i.e., Amrit India Limited, Sudal Industries Limited claims of = 1.32 lakh crore, but the assets valued at ¥ 0.06 lakh crore. The and Shree Rajasthan Syntex Limited. The details of the ongoing cases are in Table liquidation of these companies resulted in 90% realisation as against the 15. liquidation value. Table 15: List of ongoing cases for PPIRP as on September 30, 2023 (b) The Code endeavours to close the various processes at the earliest. The 808 i CIRPs, which have yielded resolution plans by the end of September, 2023 lad dae admissionieo NCLTpanes Bench took on. average 541 days (aftera excluding. the time excluded by the AA) for | 1 | GCCLinfrastructure &ProjectsLtd.

esolution plans by the end of September, 2023 lad dae admissionieo NCLTpanes Bench took on. average 541 days (aftera excluding. the time excluded by the AA) for | 1 | GCCLinfrastructure &ProjectsLtd. | 14-09-21 | Ahmedabad _| conclusliquidat **ion** valueof process, and 0.73%while of resolutionincurring value.an averageSimilarly,cos **t** heof 22491.23%CIRPs,of which ended up in orders for liquidation, took on average 472 days for conclusion. Further, 597 liquidation processes, which have closed by Other Outcomes submission of final reports took on average 536 days for closure. Similarly, : ; , oo (a) 1179 voluntary liquidation processes, which have closed by submission of A distressed asset hasa life cycle. Its value gradually declines with time if final reports, took on average 408 days for closure. distress is not addressed. The credible threat of the Code, that a CD may = change hands, has changed the behaviour of debtors. Thousands of debtors Individual Processes are resolving distress in early stages of distress. They are resolving when Insolvency Resolution Process default is imminent, on receipt of a notice for repayment but before filing an _ F . F . oe . on ; ce The provisions relating to insolvency resolution and bankruptcy relating to PGs to application, after filing application but before its admission, and even after P . . . aor aes : . CDs came into force on December |, 2019. As per the information received from admission of the application, and making best effort to avoid consequences . . of resolution. process. Most companies. are rescued at these stages.

ember |, 2019. As per the information received from admission of the application, and making best effort to avoid consequences . . of resolution. process. Most companies. are rescued at these stages. Till: the applicants,. IPs, and data collectedonfrom various: benches of NCLT and Debt A oe aren . Recovery Tribunal (DRT), 2289 applications have since been filed as of September ugust, 2023, 26,518 applications for initiation of CIRPs of CDs having 30. 2023. for initiation of linsol luti PIRP) of PG underlying default of % 9.33 lakh crore were withdrawn before their ; ser inidiasiote! persertal insolvertey rexelution process( yar MGs . CDs. Out of them, 284 applications have been filed by the debtors and 2005 admission (Figure 18) 

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INS) VENCY AND BANKRUPTCY NEWS<br>applications by the creditors under sections 94 and 95 of the Code, respectively. Bankruptcy Process<br>Among them 50 nave been filed eee benches of DRT and 2239 have If the resolution process fails or repayment plan is not implemented, the debtor or<br>been filed before different benches of NCLT (Table 16). the creditor may make an application for initiation of the bankruptcy process. As<br>Table 16: Insolvency Resolution of Personal Guarantors per the information received from the applicants, IPs and data collected from<br>(Amount in % crore) various benches of NCLT and DRT, 19 bankruptcy applications have since been<br>filed as of September, 2023.

nformation received from the applicants, IPs and data collected from<br>(Amount in % crore) various benches of NCLT and DRT, 19 bankruptcy applications have since been<br>filed as of September, 2023. All the 19 applications are initiated by the creditors<br>Period Applications filed by Total Adjudicatng under Section 123 of the Code. Among them, one application has been filed<br>Debtors Creditors Authority before DRT, Chennai and 18 applications have been filed before different benches<br>(u/s 94) (u/s 95) of NCLT.<br>No. Debt No. Debt No. Debt NCLT DRT 5 ice P: id<br>Amount Amount Amount ervice Froviders<br>2019-20 | 3| 49.66;22| 3289.85 3339.51| 24]1 Insolvency Professionals<br>2020-21 2485.94 37632.83 40118.77| 256]6 | An individual, who is enrolled with an IPA as a professional member and has the<br>2021 -22 | 86 3397.57 63616.92 961 | 67014.49 required qualification and experience and passed the Limited Insolvency<br>2022-232022-23 | 70]70} 10396.90]10396.90| 67]687| 35886.93|35886.93|  _757|757| 46283.83|46283.83| 756]756 1| (FourthExamination,Amendment)is registeredRegulations, as an IP Pursuant2022 read to thewith IBBIIBBI (Insolvency(Model  Professionals)Bye-Laws and<br>Apr<br>- Jun, 2023 1364.43 3047.52 44i1.95| 114]<br>| Totalul—Sep, [2023] _—_—| 2844 17974.24279.74 | 2005 145942.592468.54 | 2289| 163916.832748.28 | 2239] 50o| 2022, theGoverning BoardIP An IP needsIPEs haveanofauthorizationInsolvency been permitted Professionalfor assignmentto register Agencies)as IP(AFA) to (Amendment) carryto take on theup an activit Regulations,ass i esgnment of an<br>Note: Z

Es haveanofauthorizationInsolvency been permitted Professionalfor assignmentto register Agencies)as IP(AFA) to (Amendment) carryto take on theup an activit Regulations,ass i esgnment of an<br>Note: Z ; : ; ; - ; under the Code with effect from January |, 2020.<br>Debt dataThenotdat a arevailable prov i sional.n 469 cases. These are revised ona continuous basis as further information is received. The IBBI made available an online facility from November 16, 2019 to enable an IP<br>Of the 2289 applications,. 88 applicationsoo. have been withdrawn/. rejected/. toThereafter,make ananapplicationIPA processesfor issuance/renewalsuch applications ofelectronically. AFA to theTheconcerneddetails ofIPA.IPs<br>dismissed before the appointment of RP and RPs have been appointed in 991 registered as on September 30, 2023 and AFAs held by them, IPA-wise, are<br>cases. After neappointment of RP 62 cases have een withdrawn/ Isiectel presented in Table 19.<br>dismissed and cases have been admitted. The details are given in Table 17. Table 19: Registered IPs and AFAs as on September 30, 2023<br>Table | 7: Status of filed applications for initiation of Insolvency Resolution City /Region Registered IPs IPs having AFA<br>Process of PGs to CDs (Number) IP ICSI IPA Total IP ICSI IPA Total<br>Period No.of Beforeappointment No. of After No.

initiation of Insolvency Resolution City /Region Registered IPs IPs having AFA<br>Process of PGs to CDs (Number) IP ICSI IPA Total IP ICSI IPA Total<br>Period No.of Beforeappointment No. of After No. of ICAI IP of ICAI ICAI IP of ICAI<br>Vie<br>filed | Appli-Appli-| Appli-Appi= || RPshaveRPshave Appli-|Apotis| Appli-Apel ||cedted  iam QCoSSUNCRUSIC-  cn] Ci PE I) 2deC<br>cations cations been cations cations [Mumbai | 430 153| —39| 622| 237] 75| 24/336<br>with dismissed/ appointed* with dismissed/ Rest ofWestern Region<br>00-21 | 262| 6] 1| 35| 2] 1] 9] —[Kotata——=«|;235 42 26] 302] 145[ _21| 14] 100<br>2002-23 | 757[17| 30 | 485 13| 20] 196| —[Toeal(ndividua) [2703 [1192 | 411 | 4306| 1436] 636] 236| 2310<br>[Total | 2289] 38] S50 | = | 24] 38 | 282 | Of the 4404 IPs registered till date, registrations of 8 IPs have been cancelled<br>*This includes the admitted cases and cases, which are withdrawn or dismissed or rejected through disciplinary action, and registrations of2 IPs cancelled on failing to fulfil the<br>after appointment of RP requirement of fit and proper person status. As per information available, 23 IPs<br>Out of the 282 admitted PIRPs, 90 have been closed. Of these, 7 have been have passed away. The registrations and cancellations of registrations IPs, quarter<br>. .<br>withdrawn; 62 have been closed on non-submission_ or rejectionoe of repayment wise, till September 30, 2023 are presented in Table 20.<br>plan; and 21 have yielded approval of repayment plan.

>. .<br>withdrawn; 62 have been closed on non-submission_ or rejectionoe of repayment wise, till September 30, 2023 are presented in Table 20.<br>plan; and 21 have yielded approval of repayment plan. In these cases, the creditors Table 20: Registration and Cancellation of Registration of IPs<br>have realised % 91.27 crore, which is 5.22% of their admitted claim. During the Year / Quarter Regis- Registered Cancelled during the Registered<br>quarter July - September, 2023, seven PIRPs have yielded approval of repayment tered duringthe period on account of at the<br>plan. The details are given in Table 18. at the period Discip- _ Failingtofulfil Death endof<br>Table 18: PIRPs Yielding Approval of Repayment Plan oe a thefaa ao<br>(Amount inz crore) oO a e rocess bes Sa perio:<br>Sl.Nameofthe period ‘fit and proper<br>PG Nameofthe CD initiatedPIRP commenDateof approvalDateof admittedTotal RealisableAmount Realisable%of person’ status<br>by cement of plan_ claims realisation 2016-17 977 977<br>of PIRP (Nov-Dec) #<br>K Ramesh Reddy] Chadalad  |Creditor |21-09-22| 13-09-23] 278.07 | 68.17 24.52 2016-17 (en-vanl (Jan-Mar of [60] || of96 |<br>Infratec 2017-18 | vis oo | [ot]<br>[2[fT|KSuresh Yosanahar Reddy 2019-2020-21 | s00e[raso| ssa]soe of0 | [||] | 5| 353 0 0 4 |<br>[5 FrshriGanes m2 | al mov 2 [ o| _s| ame<br>[é[rDevender | Jul-Sep,Arjun 302s | asffof0, of a<br>Total 2023 ara]TT O46<br>Total (July - September, 2023) 278.07 | 68.17 | 24.52% Total (Individual) | NA| 4339/8 | 2 | 23] 4306 |<br>(Till September, 2023) 1749.95| 91.27 | 5.22% Total(IPEasIP) | NA| 65{ O| oj of 65]<br>#

6<br>Total (July - September, 2023) 278.07 | 68.17 | 24.52% Total (Individual) | NA| 4339/8 | 2 | 23] 4306 |<br>(Till September, 2023) 1749.95| 91.27 | 5.22% Total(IPEasIP) | NA| 65{ O| oj of 65]<br># Registration with validity of six months. These registrations expired by June 30, 2017.<br>oe (2)<br>**----- End of picture text -----**<br>


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INS) VENCY AND BANKRUPTCY NEWS<br>An individual with 10 years of experience as a member of the ICAI, ICSI, ICMAI or Figure 20 : Replacement of IRP with RP<br>a Bar Council or 10 years of experience in the field of law, after receiving a<br>Bachelor’s degree in law or |0 years ofexperience in management, after receiving 38% aerial<br>a Master’s degree in Management or two year full time Post Graduate Diploma in (all cases)<br>Management or I5 years of experience in management, after receiving a<br>Bachelor’s degree is eligible for registration as an IP on passing the Limited<br>Insolvency Examination.<br>The Post Graduate Insolvency Programme (PGIP) is a first of its kind programme eeeeeeeece eeeeeecesan= 22%<br>for those aspiring to take up the profession of IP as a career without having to wait<br>for acquiring the specified 10/15 years of experience. The IBBI has granted<br>approval to two institutes to conduct PGIP - the Indian Institute of Corporate<br>Affairs and the National Law Institute University, Bhopal, who commenced PGIP<br>from the year 2019 and 2022 respectively.

val to two institutes to conduct PGIP - the Indian Institute of Corporate<br>Affairs and the National Law Institute University, Bhopal, who commenced PGIP<br>from the year 2019 and 2022 respectively. The IBBI has granted 32 registrations<br>based on this qualification, until September 30, 2023. cb oc FC<br>Table 21 presents distribution of IPs as per their eligibility (an IP may be amember CIRP Initiated<br>of more than one Institute) as on September 30, 2023. Of the 4306 IPs (individual) _ we<br>as on September 30, 2023, 432 IPs (constituting about ten per cent of the total Insolvency Professional Entities<br>registered IPs) are female. During the quarter under review, four IPEs were recognised. As on September<br>Table 21: Distribution of IPs as per their Eligibility as on September 30, 30, 2023, there were I 13 IPEs (Table 23).<br>2023 Table 23: IPEs as on September 30, 2023<br>Eligibility No. of IPs Quarter No. of IPEs<br>Male Female Total Recognised Derecognised At the end<br>5a<br>[Memberofiest rer| tote tzdancmty |<br>[tee]<br>[Memberonicral tos | favre|| ls<br>owe<br>|<br>Ee<br>||<br>fami 2 ce<br>a OO<br>The Regulations provide that an IP (individual) shall be eligible to obtain an AFA if poop | tt tor |<br>he has not attained the age of 70 years.

|| ls<br>owe<br>|<br>Ee<br>||<br>fami 2 ce<br>a OO<br>The Regulations provide that an IP (individual) shall be eligible to obtain an AFA if poop | tt tor |<br>he has not attained the age of 70 years. Table 22 presents the age profile of the IPs | Apr-Jun,2023 |i ts<br>garmin ener 20 a<br>Table 22: Age Profile of IPs (individual) as on September 30, 2023 ey<br>Age Group Registered IPs IPs having AFA# Insolvency Professional Agencies<br>ie veal ~ ical Tova) ical ~~ ical lee’ ee are froneefine reguators and responsibie iordeveroping and regulating the<br><3I>30<40 || _2i7|_71|tet ft16] 304] |]129] 48]| 9 | 186] insolvency l egay i slative,ng downprofession.executive, standards andand codeTheyquasi-judicial.discharge of conductthreeTt h roughe kindsquasi-legislative byelaws,of functions, whichfunctions arenamely, bindingquasi-cover on<br>all members. The executive functions include monitoring, inspection, and<br>[>50<60 investigation of professional members on a regular basis, addressing grievances of<br>|>eo<70 ——«||-_-g09| 334] 104] 1247| 430] 193] 63 | 686] aggrieved parties, gathering information about their performance, etc., with the<br>Isyo<e0> 70380 || 649|s7|s1|ot 344]Sl 2062626 ] 1199 |134]134 | 339]NalNA 179NA|NA|NA | | 134NA | nal652NA suitablejudicialoverarchi disciplinary actions.fu n gctions objectiveinclude of promotingdealing with bestcomplaints practices and conduct against mem b yer IP s .

NA 179NA|NA|NA | | 134NA | nal652NA suitablejudicialoverarchi disciplinary actions.fu n gctions objectiveinclude of promotingdealing with bestcomplaints practices and conduct against mem b yer IP s . Theand  quasi-taking<br>l>sox9 | 2] 6] 3] tt | NA; _NA| NA Al As on September 30, 2023, there are three IPAs registered in accordance with the<br>ae ee ee Code and Regulations. The IBBI interacts with the Managing Directors (MDs) of<br>[Total =| 2703 | 1192| 411 | 4306 |1436| 638 | 236 | 2310] the IPAs and the IU every month, to obtain feedback on areas of concern for the<br># Excluding B 914 AFAs which are expired / not renewed profession of IPs and discuss the resolutions and the way forward. Table 24<br>:<br>NA: P , presents the details of activities by the IPAs. Table 25 gives detail of number of<br> Not Applicable. continuing professional education (CPE) hours earned by IPs.<br>Replacement of IRP with RP Table 24: Activities by IPAs<br>Section 22(2) of the Code provides that the CoC may, in its first meeting, by a Period Numberof<br>majority vote of not less than 66% of the voting share of the FCs, either resolve to Pre- CPE Training Other Discip- | Compl-<br>appoint the IRP as the RP or to replace the IRP by another IP to function as the RP regist- Progra- Work- Work linary aints<br>Under section 22(4) of the Code, the AA shall forward the name of the RP ration = mmes_ shops shops/ Orders (Forwar-<br>proposed by the CoC, under section 22(3)(b) of the Code, to IBBI for its Courses cond- forlPs _Webinars/ Issued = ded by<br>confirmation and shall make such appointment after

shops/ Orders (Forwar-<br>proposed by the CoC, under section 22(3)(b) of the Code, to IBBI for its Courses cond- forlPs _Webinars/ Issued = ded by<br>confirmation and shall make such appointment after such confirmation. However, conducted ucted Larabie! Bee"<br>to save time in such reference, a database of all the IPs registered with the IBBI has<br>been shared with the AA, disclosing whether any disciplinary proceeding is lois-19 | tw | | ft | a |<br>pending against any of them and the status of their AFAs. While the database is }2oi9-20 S|] | 30 | ts [8 | ta<br>currently being used by various Benches of the AA, in a few cases, the IBBI [2020-21 | 14/ 193 | 66 | tor f 42 | ‘102 |<br>receives references from the AA and promptly responds to it. Till September 30, f2o21-22>—«<|~S':~CO | 33 |e ]™~SCSs(‘(‘éiS*SLSSSCC@d<br>2023, as per updates available, a total of 1516 IRPs have been replaced with RPs, as<br>shown in Figure 20. It is observed that IRPs in about 38% of CIRPs initiated by CD<br>are replaced by RPs, in 33% of CIRPs initiated by OCs and in 22% of CIRPs |Apr-Jun,2023] 1 | 45] I5[ 2 f 2 | 37 |<br>initiated by FCs. Fiul-Sep.2023 | 1| se} | | _o| ar]<br>tot | | eo | a6 | vor | toe | as |<br>**----- End of picture text -----**<br>


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37 |<br>initiated by FCs. Fiul-Sep.2023 | 1| se} | | _o| ar]<br>tot | | eo | a6 | vor | toe | as |<br>**----- End of picture text -----**<br>


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SS  INSO)VENCY AND BANKRUPTCY NEWS<br>Table 25: CPE Hours earned by the IPs RVOs and to guide them in discharge of their responsibilities. The details of<br>Period Number of CPE Hours earned by members of individual RVs, RVO-wise, as on September 30, 2023, are given in Table 26. A total<br>HIP ul of 5411 individuals have active registrations, three of them are registered for all<br> ICAI ICSIIIP IPAICAI Total three asset classes, 85 are registered for two asset classes and the balance 5232<br>2019-20 | sto | 695 | 320 | 2175 are registered for one asset class. As on September 30, 2023, the registration of<br>2020-21 18465 8746 4647 31858 four RVs have been cancelled and registration of 3 individuals are under<br>20212022-23-22 D18514123 107327890 38723433 2588536350 suspension.Table 26: Registered Valuers.  as on September 30, 2023<br>Apr-Jun, 2023 1612 2726 |66| 4999 (Number)<br>Jul-Sep, 2023 1737 1694 4279 SI. Registered Valuer Organisation No.

3433 2588536350 suspension.Table 26: Registered Valuers.  as on September 30, 2023<br>Apr-Jun, 2023 1612 2726 |66| 4999 (Number)<br>Jul-Sep, 2023 1737 1694 4279 SI. Registered Valuer Organisation No. of registration granted<br>‘tot - | SamaAverase[ CPEhanaesours ra 7e1 | [105846] | LandBuild-& RessiieececeePlant&Machi- orSecurities Financial Total<br>TheInformation Code provides Utilitythat the data with the IU facilitates the CIRP The Record of | RVOFoundati“_— Estate “ Managers and Appraisers; a<br>Default (RoD) of the IU provides evidence of debt and default and assists the AA in IOV Registered Valuers Foundation 1557 | 248] iat | 1986<br>deciding on an application for admission of insolvency proceedings against a CD. ICSI Registered Valuers Organisation | of of 252] 252]<br>Sections 7(3) & 9(3) of the Code read with the Insolvency and Bankruptcy IIV India registeredValuers Foundation<br>(Application to Adjudicating Authority) Rules, 2016, require submission of RoD g<br>from an IU as evidence of default, among various other options, along with ICMAI RegisteredValuers Organisation<br>application for initiation of CIRP The RoD issued by an IU has evidentiary value in 16 | ICAI Registered Valuers Organisation } of ol 1068 | 1068<br>IBC;information,processes..

aluers Organisation<br>application for initiation of CIRP The RoD issued by an IU has evidentiary value in 16 | ICAI Registered Valuers Organisation } of ol 1068 | 1068<br>IBC;information,processes.. securityIt - containsdetails,P completedefault .information,details F of thedetailspartiesa" of communicationto the oedebt, debtwith- PVAI Valuation,  Professional7  Organisation— } 321] 56] 138] 515]<br>debtor and authentication status by the counter parties ofthe debt categorized in 8 | CVSRTA Registered Valuers Association } 209) 61] ~~ 0| 270]<br>accordance2017. with regulation 21 of the IBBI (Information Utilities) Regulations, 3 | Associationof Certified Valuators and Analysts<br> The IU issues RoD in every defaulted loan (unique debt) reported to it on Ev Appraisers - 4 rm<br>completingthe process of authentication. | 10 | CEV Integral Appraisers Foundation | 48] 45] 3 | 196 |<br>There is one IU, namely, the NeSL that provides authenticated financial 11 | Divya Jyoti Foundation a a)<br>information to the users. The IBBI interacts with the MD & CEO of the IU along | 12 |Nandadeep Valuers Foundation | ¢| of tf 7]<br>withauthentication the MDs ofof IPAsfinancial everyinformation.

)<br>information to the users. The IBBI interacts with the MD & CEO of the IU along | 12 |Nandadeep Valuers Foundation | ¢| of tf 7]<br>withauthentication the MDs ofof IPAsfinancial everyinformation. month to discussDuring theinteractionissues relatingin this toquarter,receipt andIPAs 13 | All India -Institute -ofValuers Foundation*— | 4f 2] i]s<br>were requested to encourage their members to make use of the information International BusinessValuers Association | 4f tT 0] 85<br>stored with the IU for verification of claims during CIRP As at the end of All India Valuers Association<br>September,ecosystem. Figure2023, 21NeSLprovideshas  detailsissued  ofaboutthe registered1,12,017 RoDsusers andto supportinformationthe withIBC [16 | Assessorsand RegisteredValuers foundation a<br>NeSL, as submitted by it. 2727|_538| 2153 | 5418<br>. . . .<br>Figure Note: NA signifies that the RVO is not recognised for that asset class.<br>21: Details of Information with NeSL *The RVO has merged with IOV Registered Valuers Foundation and the transfer of<br>12.00 (Number in Lakh) 322.81 343.47, 350.00 membershipofmembers is under process.<br>10.00 2280 —, & 8 7 300.00 RVs are permitted to form an entity (Partnership / Company) for rendering<br>x, oom a valuation services. There are 98 such entities registered as RVs as on September<br>8.006.00. 448.588 142.2057 gyef KoesGS 3 250.00200.00150.00 class.classes,30, 2023, The| 7 registration areas presentedregistered of RVsin forTable till two September asset27.

RVs as on September<br>8.006.00. 448.588 142.2057 gyef KoesGS 3 250.00200.00150.00 class.classes,30, 2023, The| 7 registration areas presentedregistered of RVsin forTable till two September asset27. 43 classesof 30, them and 2023are38is are givenregisteredregistered in Tablefor 28.forthree one assetasset<br>4.00, 19.56 95.85, qix g 100.00 Table 27: Registered Valuers (Entities) as on September 30, 2023<br>200 Ey coo 8g ~ Registered Valuer Organisation Number Asset Class<br>iees SES 50.00 of  Land& = Plant& Securities<br>0.00 0.00. Entities Building Machinery or Financial<br>2018-19 2019-20 2020-21 2021-22 2022-23 Apr-Jun, Jul- Sep, Assets<br>2023 2023 RVO Estate Managers and Appraisers 5 5 4<br>No. of debtors registered = == No. of records authenticated Foundation<br>Value of “Aenttakh crore) ~ — No: of Lean records onboarded IOV Registered Valuers Foundation<br>Registered ICSI Registered Valuers Organisation | 4] of<br>The Valuer Organisations IIV India RegisteredValuers Foundation a a ee<br> Companies (Registered Valuers and Valuation) Rules, 2017 (Valuation Rules) ICMAI Registered Valuers Organisation | tof of |<br>made under section 247 ofthe Companies Act, 2013 provide a unified institutional iCAl Resistered Valuers Oreanisath<br>framework for development and regulation of valuation profession. Its remit is [ICAlRegisteredValuers Organisation | 16] 0 | ||<br>limited to valuations required under the Companies Act, 2013 and the Code.

ork for development and regulation of valuation profession. Its remit is [ICAlRegisteredValuers Organisation | 16] 0 | ||<br>limited to valuations required under the Companies Act, 2013 and the Code. The PVAI Valuation Professional Organisation a a ee<br>exercisesIBBIrecognisesperformsregulatoryRegisteredthe functionsoversightValuer ofOrganisationsoverthe Authoritythem, while(RVOs)underRVOsandthe serveValuationregistersas front-lineRVsRules.andIt CVSRTACEVI ntegra’ RegigisteredTAppraisersAppraisers ValuersAssociationFoundatiFoundationiati et<br>regulators for the valuation profession. Divya Jyoti Foundation<br>An individual having specified qualification and experience needs to enrol with an All|ndia Institute ofValuers Foundation a ee ee<br>examinationRVO, complete conductedthe educationalby IBBI, beforecourse seekingconductedregistrationby the withRVO,IBBI clearas an theRV. International Business Valuers-  Associationa es<br>There are currently 15 RVOs, Assessors and Registered Valuers Foundation being Nandadeep Valuers Foundation a ee<br>the latest RVO recognised. The IBBI meets MDs / CEOs of RVOs every month to Tot sis] 8<br>discuss the issues arising from the valuation profession, to resolve queries of the<br>om (2)<br>**----- End of picture text -----**<br>


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Table 28: Registration of RVs till September 30, 2023 (Number) Table 31: Receipt and Disposal of Grievances and Complaints till<br>Year/Quarter Land & Plant & Securities or Total September 30, 2023<br>Building Machinery Financial Assets (Number)<br>2017-2018 roof of of Year/ Complaints and Grievances Received Total<br>2018-2019 | ver | tat |e | 8 | Quarter Under the Through Through Recei- Dispo- Under<br>2019-2020 Regulations CPGRAM/ Other ved sed Exami-<br>PMO/MCA/ Modes nation<br>Authorities)<br>oza-2ora | |Ts6a | ivedece- sedDispo- ivedRece- sedDispo- _ived__Rece- sedDispo-<br>morr-vore | ve] of st of [tts]]<br>Note: Registration of 4 RVs have since been cancelled and registration of 3 RVs are under 2018-2019 | iu] st] 333] 290] 713 | 380 1157<br>Asregistered)on September are from30, metros, while2023, 1387 4031RVsRVs(constituting (constituting26% 74%of ofthe the totaltotal  RVsRVs 2020-2021 | 268] 260] 358| 378] 990 | 1364 | 166] 2002 | 361<br>registered)i  are fifrom non-metro-| locations.locations.

7 4031RVsRVs(constituting (constituting26% 74%of ofthe the totaltotal  RVsRVs 2020-2021 | 268] 260] 358| 378] 990 | 1364 | 166] 2002 | 361<br>registered)i  are fifrom non-metro-| locations.locations. TheTh  region-wiseion-wi  detailil ofof RVsRVs isis givengiven ini 2021-2022 | are[ 279] 574] 570] oi | 704] 1461 1633 |<br>Table 29: Region wise RVs as on September 30, 2023 2022 - 2023 | 235 211] 399] 386] 238] 272] 872] 869] 192]<br>a oe<br>Year / Quarter BuildingLand & MachineryPlant & _ FinancialSecurities Assets or Total yut-Sep.2023 | 62] 34] 145| 50] 65 | 56] 272] 240] 257<br>New Deh P90] [37/260] 387 —‘|oet_| snes] 1062| 2167) 2099] 3976 | save] 731a| 7057] 257<br>Examinations<br>[MumbaRest Tt5325]501} Limited Insolvency Examination<br>ofWestern Region | 793 ss] 380 1308 The IBBI publishes the syllabus, format, etc. of the examination under regulation<br>3(3) of the IP Regulations. It reviews the same continuously to keep it relevant<br>-<br>Rest with respect to dynamics of the market. It has successfully completed seven<br> of Southern Region a a ee) 1702 phases of the Limited Insolvency Examination. The eighth phase is going on since<br>[Kolata fff tts] Julyvarious1, 2023.locationsIt isa computeracross India. basedNSEIT onlineLimited examinationis the availablecurrent  ontest dailyadmini ba s istrator.from<br>Rest of Eastern Region a a a The details ofthe examination are given in Table 32.<br>The average age of RVs as on September 30, 2023 stood at 48 years across asset HiEse Jone. eee Noone<br>classes.

r>Rest of Eastern Region a a a The details ofthe examination are given in Table 32.<br>The average age of RVs as on September 30, 2023 stood at 48 years across asset HiEse Jone. eee Noone<br>classes. It was 49 years for Land & Building, 54 years for Plant & Machinery and 43 Cae Gneateem " empts<br>years for Securities or Financial Assets (Table 30). Of the 5418 RVs as on P<br>September 30, 2023, 541 RVs (constituting about 10% of the total RVs) are Jan, 2017—Jun, 2017 5329 1201<br>females.<br>Table 30: Age profile of RVs as on September 30, 2023, 2023 Jan, 2017—Jun, 2017 5329 1201<br>Age Group Land & Plant & Securities or Total Jul, 2017—Dec, 2017 6237 W112<br>(inyears) Building Machinery Financial Assets Jan, 2018—Oct, 2018 6344 1013<br><<br>= Jul, 2019—Dec, 2020 so} 06<br>Sixth Jan, 2021 —Feb, 2022 2741 474<br>fort [sas]<br>1 |<br>Ee T5537 |<br>otal mm7|sss| 283] sala) | neni’The IBBI, being the authority under the Valuation Rules commenced the Valuation<br>Complaints and Grievances Examinations for asset classes of: (a) Land and Building, (b) Plant and Machinery<br>The IBBI (Grievance and Complaint Handing Procedure) Regulations, 2017 and (), Securities or Financial Assets, on March 31, 201 8. It reviews the<br>enable a stakeholder to file a grievance or a complaint against a service provider. examinations continuously to keep it relevant with the changing times.

ssets, on March 31, 201 8. It reviews the<br>enable a stakeholder to file a grievance or a complaint against a service provider. examinations continuously to keep it relevant with the changing times. The third<br>Beside this, grievance and complaints are received from the Centralised Public phase of the examinations concluded on June 30, 2022 and the fourth phase<br>Grievance Redress and Monitoring System (CPGRAMS), Prime Minister’s Office commenced from July |, 2022. It is a computer based online examination available<br>(PMO), MCA, and other authorities. The receipt and disposal of grievances and from several locations across India. National Institute of Securities Markets is the<br>complaintstill September 30.2023 is presented in Table 31 current test administrator. The details of the Examinations are given in Table 33.<br>**----- End of picture text -----**<br>

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Table 33: Valuation Examinations Table 35: Capacity Building Programmes for IPs till September 30, 2023<br>Phase Period Number of Attempts Number ofSuccessful Year / Basic Advanced Other Webinars Round- Trainings Total<br>(somemore than candidatesone attempt) made Attemptsin Asset Class Period Work-shops Work-shops Work-shops tables<br>BuildingLand& Plant&Machi- orSecurities Financial BuildingLand& Plant&Machi- orSecuritiesFinancial qe<br>nery Assets nery Assets p2orp-20 | ATT [Te]<br>Mar, 2019 pore es<br>Second|Ap.2019-| 3780 757] 4795 66] [Romaa eT<br>Third [Jun,2020-| 8370 2015 8377| 620 781 [ Jul-Sep,2023 | =| =f 4 TAT tT<br>mec Prat S| | ae | | as | | aon |<br>Fourth | Jul, 2022— 2487 504 1478 211 128<br>Sep, 2022<br>Dec, 2022 | Applicability of Pari ~ 11 [of][ TBC]<br>jarors-Mar, 2023 | 205[ ao] 7] 24 1, CorporatesRF 1. Fresh Stert Process<br>2. Liquidation 2. Insolvency Resolution Proce<br>Apr,2023-| 248 4l 207 29 4 22 3. Voluntary tiauidtion 5 Banbrnster Proce aN<br>Jun, 2023 4, fast Track Process<br>5. Prepach Process ~<br>Mishuwsn Defaute Minimo Defanli Rs.

vency Resolution Proce<br>Apr,2023-| 248 4l 207 29 4 22 3. Voluntary tiauidtion 5 Banbrnster Proce aN<br>Jun, 2023 4, fast Track Process<br>5. Prepach Process ~<br>Mishuwsn Defaute Minimo Defanli Rs. 1000 1s 2%) ath | :<br>ju2023- | 264] 43 144] 37/7 27 oak cassia picasa gente 3 nk.#<br>Sep, 2023 RA grote tt a a<br>Building E t Webinar on 'Insolvency Resolution Process of PGs to CDs:<br>uliding Ecosystem An Overview', August 21, 2023<br>Roundtables<br>; ; ;<br>During Advocacy and Awareness<br>the quarter, the IBBI organised roundtables with stakeholders as Virtual Program on Stressed Assets Management and IBC: Way Forward<br>presented in Table 34:<br>.<br>Table Mr. Ravi Mital, Chairperson, IBBI addressed the participants in the Virtual Program<br>34: Roundtables with stakeholders on ‘Stressed Assets Management and Insolvency and Bankruptcy Code’ organised<br>Sl. D Particul by Centre for Advanced Financial Research and Learning on July 11, 2023. He<br>pate arbiculals addressed the participants on ‘Implementation of IBC: Learnings for Bankers’.<br>1 31-07-2023 Proposed amendments [to][ CIRP][ Regulations] Theseniorparticipants officials workingincludedin credit,Headslegalof cell/lawStressed departmentAsset Management of Banks/Non-bankingvertical and<br>2 | 14-09-2023 Roundtable meeting with IMF Article IV mission team finance companies/Financial Institutions.<br>on recent advancements and strides made in Training programme on IBC<br>insolvency and bankrupteyin Inala The Board organized a two-day training programme on IBC in association with<br>Pandit Deen Dayal Upadhyaya Nati

ments and strides made in Training programme on IBC<br>insolvency and bankrupteyin Inala The Board organized a two-day training programme on IBC in association with<br>Pandit Deen Dayal Upadhyaya National Academy of Social Security, Employees’<br>Provident Fund Organisation (EPFO), Ministry of Labour& Employment, Govt. of<br>aia - i> India on September 22-23, 2023. The IBC workshop formed part of the five days’<br>, a<br>wt. ? — aed] on-campus training programme on Compliance Management in EPFO. The<br>j tae " ii&  : | ij‘ 00 Commissioners)objective of the workshopof the EPFO was toabout apprisethe andcritical, updateconceptual the Groupand A officersprocedural(PF<br>; v2 © d aspects ofthe insolvencyand bankruptcy process.<br>) Ale a © _ —<br>x ==" " 4‘ :_<br>fl .  * @ teat 4a rae) a ( 5 bs<br>on P 4» J : 'd-<br>Roundtable on proposed amendments to CIRP Regulations, July 31, 2023<br>IP Workshops<br>IBBI has been organising workshops for registered IPs with the aim to deliver — :<br>specialised and deep level learning through a classroom, non-residential mode. It —<br>organised several Workshops for the IPs during the quarter through online mode.<br>The details of the workshops conducted till September 30, 2023, is given in Table Mr. Shiv Anant Shanker, CGM, IBBI at Two-day training programme on IBC, New<br>35. Delhi, September 22, 2023<br>**----- End of picture text -----**<br>


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es INS) VENCY AND BANKRUPTCY NEWS

## Other Programmes 

```text
|Other ProgrammesProgrammes|Other ProgrammesProgrammes|Other ProgrammesProgrammes|Other ProgrammesProgrammes|Other ProgrammesProgrammes|Other ProgrammesProgrammes|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|The IBBI inassociationwithvarious stakeholders,organisedadvocacyandawarenessprogrammesaspresented inTable 36.||||||||||||
|Table36:Advocacyand|||andAwareness Programmes,July-September,2023|||||||||
|SI.|Date||Particulars||Topic||||Inassociationwith|||
|1|02-07-23||Meeting on UNIDROIT project along with Insolvency LawAcademy|Academy|The Cape Town Convention and||||UNIDROIT and|||
||||||Bank Insolvency||||Insolvency|LawAcademy||
||05-07-23||Workshop on reviewing Liquidation Regulations (Part I)||Reviewing Liquidation Regulations||||ICSI IIP|||
|3|07-07-23||Workshop for deliberations on Discussion Paper released by||Discussion paper released on||||IIIP ICAI|||
||||IBBI on June 7, 2023||June 7, 2023|||||||
|4|12-07-23||Workshop on reviewing Liquidation Regulations (Part Il)|& Voluntary | Reviewing Liquidation Regulations&|||||ICSIIIP|||
||||Liquidation Regulations||Voluntary Liquidation Regulations|||||||
||13-07-23||Webinar with IIIP ICAI on CIRP Best practices||CIRP Best practices||||IIIP ICAI|||
|16|| 13-07-23||Workshopon Peerreview||Peerreviewofregistered valuers||||ICAIRVO|||
|7|19-07-23||Workshop on reviewing IP Regulations, IPA regulations &|Model|Reviewing IP Regulations, IPA||||ICSI IIP|||
||||Bye Laws Regulations||regulations & Model Bye Laws Regulations|||||||

VO|||
|7|19-07-23||Workshop on reviewing IP Regulations, IPA regulations &|Model|Reviewing IP Regulations, IPA||||ICSI IIP|||
||||Bye Laws Regulations||regulations & Model Bye Laws Regulations|||||||
||21-07-23||Workshop on Liquidation and Voluntary Liquidation— Best Practices | Liquidation and Voluntary Liquidation—||||||IIIP ICAI|||
||||||Best Practices|||||||
|lo||26-07-23||Workshoponreviewing InspectionandGRCRegulations||Reviewing InspectionandGRC Regulations||||ICSI IIP|||
||28-07-23||Workshop on DisciplinaryAspects & Governance under IBC, 2016||DisciplinaryAspects& Governance under||IBC, 2016||IPAICAI|||
||02-08-23||Workshop on reviewing IU Regulations||Reviewing IU Regulations||||ICSI IIP|||
|12|| 09-08-23||Workshop on reviewing Insolvency resolution and bankruptcy||Reviewing Insolvency resolution and||||ICSI IIP|||
||||process of Personal Guarantor Regulations||bankruptcy process of|||||||
||||||Personal Guarantor Regulations|||||||
||12-08-23|||WebinaronCase Study—CIRP& Liquidation||CIRP& Liquidation process||||IP ICAI|||
|14|| 16-08-23||Workshop on reviewing Prepacked insolvency resolution|Regulations||Reviewing Prepacked insolvency<br>resolution Regulations||||ICSI IIP|||
||21-08-23 |||Trainingon IBCand NCLT:Anoverview||IBCand NCLT:Anoverview||||NACIN, Faridabad|||
|16|| 21-08-23 to}<br>22-08-23||Training for Law Officers ofBank of India on IBC||IBC||||Bank of India|||
|17|| 21-08-23 to|||2-dayWorkshop on IBC with Law officers ofBank ofBaroda||IBC||||Bank ofBaroda|||
||22-08-23|||||||||||

23||Training for Law Officers ofBank of India on IBC||IBC||||Bank of India|||
|17|| 21-08-23 to|||2-dayWorkshop on IBC with Law officers ofBank ofBaroda||IBC||||Bank ofBaroda|||
||22-08-23|||||||||||
|18|| 22-08-23||Webinaron ‘Managing Corporate Debtors as Going Concern<br>under CIRP’||Managing Corporate Debtors as Going<br>Concern under CIRP||||IIIP ICAI|||
|19|| 25-08-23||Workshop on Common Issues on Monitoring/Inspection & Peer<br>Review||Common Issues on Monitoring/Inspection<br>& Peer Review||||IIIP ICAI|||
|20|| 02-09-23 to <br>03-09-23|||First Residential Specialised Valuation Training Programme at<br>Coimbatore with IOV RVF||Valuation||||IOVRVF|||
|22|| 16-09-23||ASSOCHAM 8: National Summit on Insolvency& Bankruptcy<br>Code and Valuation, Worli, Mumbai||IBC||||ASSOCHAM|||
||16-09-23||One-day conference on Insolvency and Bankruptcy||||||WIRC, ICAI and CIBC, ICAI|||
|24|| 23-09-23||Workshop on disciplinary, grievance and complaints mechanism||Disciplinary, grievance and complaints||||IIIP ICAI|||
||||||mechanism|||||||
|25|| 29-09-23||Workshop on Best practice -Appointment ofprofessionals<br>and CoC meetings||Best practice -Appointment of<br>professionals and CoC meetings||||IIIP ICAI|||
|i|5|||||=<br>cm LU<br>»<br>By<br>&||||:|Torrey<br>(||
|feyhe<br>j<br>_<br>ee<br>'<br>at)<br>on<br>ar<br>|<br>vay<br>-<br>~~<br>.||||4|wets<br>ae<br>cad<br>bas<br>,<br>a<br>fy,oe af:<br>4<br>oie<br>areeas<br>“<br>=|7|4<br>i<br>=?||||a¥|
||Mr. C. Ramachandra Rao, GM, IBBI at Trainingon ‘IBCandNCLT:||||Mr.

<br>vay<br>-<br>~~<br>.||||4|wets<br>ae<br>cad<br>bas<br>,<br>a<br>fy,oe af:<br>4<br>oie<br>areeas<br>“<br>=|7|4<br>i<br>=?||||a¥|
||Mr. C. Ramachandra Rao, GM, IBBI at Trainingon ‘IBCandNCLT:||||Mr. Rajesh Tiwari, GM, IBBI at Two-day|Workshop on IBCwith Law officers of||||||
|||An overview’, Faridabad, August 21, 2023|||Bank ofBaroda, Vadodara,|||August|22, 2023|||
|Fi25)||||||||||||

INSOLVENCY AND BANKRUPTCY NEWS

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----- Start of picture text ----- aA—sates= 28Insolvency‘ 8" Notional &he Bankruptey.;Summit ptcySppn=ae ii BESIEY P,, castrat cvrijoo"" OSBIca4]DPica4]DPi4]DPiDPii Prudentudentudent PT)=Lan Famwazzpawez=Lan FamwazzpawezLan Famwazzpawez Famwazzpawezpawez ¥ Code.and Valuation 7 oe -, c.. 3 ek 7 a , ‘| y 4 rot \a\ dyn; ’ ct = . he 3s: aluf a} : | ~ -* . 1 “hss. f\l i |wewe Mr. Ravi Mital, Chairperson, IBBI at ASSOCHAM 8" National Summit on Mr. Ritesh Kavdia, ED, IBBI at One-day conference conference on IBC, Ahmedabad, Insolvency & Bankruptcy Code and Valuation, Mumbai, September 16, 2023 September 16, 2023 officers of IBBI IBBI participated as guests and faculty in several programmes during the quarter, the details of guests and faculty in several programmes during the quarter, the details of and faculty in several programmes during the quarter, the details of faculty in several programmes during the quarter, the details of in several programmes during the quarter, the details of several programmes during the quarter, the details of programmes during the quarter, the de

veral programmes during the quarter, the details of in several programmes during the quarter, the details of several programmes during the quarter, the details of programmes during the quarter, the details of during the quarter, the details of the quarter, the details of quarter, the details of the details of details of of which are presented are presented presented in Table Table 37. 37: Participation of Senior Officers Senior Officers Officers in Programmes Programmes SI. Date Organiser Subject Participation 13-07-23 Pension Fund Fund Regulatory and and Development Induction Training Program for Training Program for Program for for Mr. Ritesh Kavdia, ED Authority (PFRDA) Newly Recruited Assistant Managers Recruited Assistant Managers Assistant Managers Managers in PFRDA 2 02-09-23 CIBC and and EIRC, ICAI IBC Conclave Conclave Mr. Sudhaker Shukla, WTM Sudhaker Shukla, WTM Shukla, WTM WTM Mr. Santosh Shukla, ED Santosh Shukla, ED Shukla, ED ED 3 22-09-23 IIIP ICAI Conference on ‘Developing Market for Mr. Ravi Mital, Chairperson Stressed Assets in India’ SURGENGE “ea, tavinsen 3 x ST=LLAR : _ » ST=LLAF ‘ io): a= \ N fa = one Mois (5)arereet onerel , A Ee CONCLAVE ON * { ~ - aa |” Mr. Santosh Shukla, ED, IBBI at IBC Conclave, Kolkata, September 2, 2023 Mr. Sudhaker Shukla, WTM, IBBI at IBC Conclave, Kolkata, September 2, 2023 ybad ’ on encPoy, a>% =S 5 & : aANC/E Mr.

ED, IBBI at IBC Conclave, Kolkata, September 2, 2023 Mr. Sudhaker Shukla, WTM, IBBI at IBC Conclave, Kolkata, September 2, 2023 ybad ’ on encPoy, a>% =S 5 & : aANC/E Mr. Ravi Mital, Chairperson, IBBI at Conference on ‘Developing Market for Stressed Assets in India’, New Delhi, September 22, 2023 ----- End of picture text -----

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----- Start of picture text ----- BESIEY P,, castrat cvrijoo"" OSBIca4]DPica4]DPi4]DPiDPii Prudentudentudent PT)=Lan Famwazzpawez=Lan FamwazzpawezLan Famwazzpawez Famwazzpawezpawez ES oe -, y 4 a} : | ~ -* . 1 f\l i |wewe Mr. Ritesh Kavdia, ED, IBBI at One-day conference conference on IBC, Ahmedabad, September 16, 2023 ----- End of picture text -----

Senior officers of IBBI IBBI participated as guests and faculty in several programmes during the quarter, the details of guests and faculty in several programmes during the quarter, the details of and faculty in several programmes during the quarter, the details of faculty in several programmes during the quarter, the details of in several programmes during the quarter, the details of several programmes during the quarter, the details of programmes during the quarter, the details of during the quarter, the details of the quarter, the details of quarter, the details of the details of details of of which are presented are presented presented in Table Table 37. Table 37: Participation of Senior Officers Senior Officers Officers in Programmes Programmes

e details of the details of details of of which are presented are presented presented in Table Table 37. Table 37: Participation of Senior Officers Senior Officers Officers in Programmes Programmes

SI. Date Organiser 13-07-23 Pension Fund Fund Regulatory and and Development Authority (PFRDA) 2 02-09-23 CIBC and and EIRC, ICAI 3 22-09-23 IIIP ICAI

Subject Participation Induction Training Program for Training Program for Program for for Mr. Ritesh Kavdia, ED Newly Recruited Assistant Managers Recruited Assistant Managers Assistant Managers Managers in PFRDA IBC Conclave Conclave Mr. Sudhaker Shukla, WTM Sudhaker Shukla, WTM Shukla, WTM WTM Mr. Santosh Shukla, ED Santosh Shukla, ED Shukla, ED ED

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es (NSO! VENCY AND BANKRUPTCY NEWS

List of Abbreviations

of India

aIPA ICAI eeInsolvency Professional Agency of Institute of Cost

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