{"id":9383,"date":"2025-09-04T11:46:24","date_gmt":"2025-09-04T11:46:24","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=9383"},"modified":"2025-12-31T13:47:25","modified_gmt":"2025-12-31T13:47:25","slug":"checklist-of-compliance-requirements-for-rps","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/","title":{"rendered":"checklist of compliance requirements for RPs under IBC"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4872\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2022\/08\/Liquidation-Estate-under-the-IBC-Code.jpg\" alt=\"Liquidation Estate under the IBC Code\" width=\"1118\" height=\"671\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dd149632056\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dd149632056\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Comprehensive_checklist_of_compliance_requirements_for_Resolution_Professionals\" title=\"Comprehensive checklist of compliance requirements for Resolution Professionals \">Comprehensive checklist of compliance requirements for Resolution Professionals <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Compliance_Responsibility_Framework_for_Resolution_Professionals\" title=\"Compliance &amp; Responsibility Framework for Resolution Professionals\">Compliance &amp; Responsibility Framework for Resolution Professionals<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Key_Compliance_Categories_for_Insolvency_Professionals_acting_as_Resolution_Professionals\" title=\"Key Compliance Categories for Insolvency Professionals acting as Resolution Professionals\">Key Compliance Categories for Insolvency Professionals acting as Resolution Professionals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Before_Commencement_of_Work\" title=\"Before Commencement of Work\">Before Commencement of Work<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#During_RPs_Stage\" title=\"During RP&#8217;s Stage\">During RP&#8217;s Stage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Compliance_Ethical_Obligations\" title=\"Compliance &amp; Ethical Obligations\">Compliance &amp; Ethical Obligations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Special_Sectoral_Responsibilities_Post%E2%80%932025_Real_Estate_Amendments\" title=\"Special Sectoral Responsibilities (Post\u20132025 Real Estate Amendments)\">Special Sectoral Responsibilities (Post\u20132025 Real Estate Amendments)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Common_Non-Compliance_Issues_Judicial_Observations\" title=\"Common Non-Compliance Issues (Judicial Observations)\">Common Non-Compliance Issues (Judicial Observations)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#General_Compliances\" title=\"General Compliances\">General Compliances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Important_Forms_Deadlines\" title=\"Important Forms &amp; Deadlines\">Important Forms &amp; Deadlines<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Submission_Platforms\" title=\"Submission Platforms\">Submission Platforms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#Updated_CIRP_Compliance_Tracker_2025\" title=\"Updated CIRP Compliance Tracker (2025) \">Updated CIRP Compliance Tracker (2025) <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/#IBC_CIRP_Regulations_Guidance_on_SoP_for_Resolution_Professionals\" title=\"IBC, CIRP Regulations Guidance on SoP for Resolution Professionals \">IBC, CIRP Regulations Guidance on SoP for Resolution Professionals <\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Comprehensive_checklist_of_compliance_requirements_for_Resolution_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Comprehensive checklist of compliance requirements for Resolution Professionals <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Comprehensive checklist of compliance requirements for Insolvency Professionals acting as Resolution Professionals (RPs) under the Insolvency and Bankruptcy Code 2016. Here&#8217;s a structured summary of its contents:<\/p>\n<p>Comprehensive guide for Insolvency Professionals acting as Resolution Professionals under the Insolvency and Bankruptcy Code (IBC), 2016. Here&#8217;s a structured summary of its key insights:<\/p>\n<p>Statutory Role &amp; Appointment : Defined under\u00a0Section 5(27)\u00a0of IBC. Powers include managing the corporate debtor, verifying claims, forming CoC, inviting resolution plans, and filing avoidance applications.<\/p>\n<p>Compliance &amp; Ethical Obligations : RPs are considered\u00a0public servants\u00a0under the\u00a0Prevention of Corruption Act, as per Jharkhand HC. Must adhere to IBBI\u2019s Code of Conduct: independence, confidentiality, integrity, and transparency. Subject to disciplinary action for misconduct.<\/p>\n<p>Duties Related to Claims : IP Must verify, collate, and update claims. IP Include\u00a0statutory liabilities\u00a0even if not formally filed. IP Failure to include can lead to extinguishment under\u00a0Section 31(1).<\/p>\n<p>Asset Inclusion &amp; Priority Issues : Assets not legally owned by the CD must not be included Inter-se priority among secured creditors is not mandatory but should be respected.<\/p>\n<p>Standard Operating Procedure (SoP) for RPs Includes: Appointment &amp; public announcement, Claim verification, CoC constitution, Valuation, IM preparation, RFRP issuance, Resolution plan evaluation, Filing with NCLT, Post-CIRP obligations<\/p>\n<p>Information Memorandum Checklist must include Assets &amp; liabilities, Financials, Defaults &amp; guarantees, Related party transactions, Avoidance transactions, Litigations, Regulatory approvals, MSME status, Real estate project details<\/p>\n<p>Resolution Plan Requirements must address Value maximization, Stakeholder treatment, Avoidance transaction proceeds, Feasibility &amp; viability, Performance security, Legal approvals, Monitoring mechanism<\/p>\n<p>Real Estate Insolvency (Post-2025 Amendments) : Project-wise resolution\u00a0mandated. Separate books, bank accounts, and CoC representation for each project. Enhanced role in coordinating with RERA and local authorities.<\/p>\n<p><span style=\"color: #000080;\"><strong>Judicial Precedents : <\/strong><\/span><\/p>\n<ul>\n<li>Essar Steel: RP is not an adjudicator; IP must ensure compliance.<\/li>\n<li>Jaypee Kensington: RP must engage with all stakeholders.<\/li>\n<li>Bhushan Power &amp; Steel: RP must verify Section 29A eligibility and file avoidance applications.<\/li>\n<li>Saranga Aggarwal v. Bhavesh Sheth (2025 INSC 314): Regulatory penalties not covered under moratorium.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Compliance_Responsibility_Framework_for_Resolution_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Compliance &amp; Responsibility Framework for Resolution Professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Key_Compliance_Categories_for_Insolvency_Professionals_acting_as_Resolution_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Key Compliance Categories for Insolvency Professionals acting as Resolution Professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Before_Commencement_of_Work\"><\/span><span style=\"color: #000080;\"><strong>Before Commencement of Work<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>Authorization for Assignment\u00a0(Regulation 7A)<\/li>\n<li>Submission of Form IP-1\u00a0(within 3 days of consent)<\/li>\n<li>Statutory Basis &amp; Appointment<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Section 5(27) IBC \u2192 RP = insolvency professional appointed to conduct CIRP (includes IRP).<\/li>\n<li>Key powers\/duties under IBC:\n<ul>\n<li>Management\/control of CD (Sec. 17, 20).<\/li>\n<li>Custodian of assets (Sec. 18).<\/li>\n<li>Constitute CoC, convene meetings (Sec. 21\u201324).<\/li>\n<li>Invite\/evaluate Resolution Plans (Sec. 25(2)(h), Sec. 30).<\/li>\n<li>File avoidance applications (Secs. 43\u201351, 66).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"2\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"During_RPs_Stage\"><\/span><span style=\"color: #000080;\"><strong>During RP&#8217;s Stage<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Appointment by CoC and AA<\/li>\n<li>Maintenance of creditor list<\/li>\n<li>Appointment of registered valuers<\/li>\n<li>Disclosure of relationships with professionals<\/li>\n<li>Submission of Information Memorandum (IM)<\/li>\n<li>Filing of CIRP forms (CIRP-3, CIRP-4, CIRP-6, CIRP-7, CIRP-8)<\/li>\n<li>Determination and filing of PUFE transactions<\/li>\n<li>Submission of CoC-approved resolution plan<\/li>\n<li>Regulatory Duties (CIRP Regulations)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Custody &amp; control of assets\/records with witnesses (Reg. 3A).<\/li>\n<li>Access to books, registries, creditors\u2019 data (Reg. 4).<\/li>\n<li>Submission of Information Memorandum (Reg. 36).<\/li>\n<li>Monitoring Committee involvement post-plan approval (Reg. 38, Feb 2025 amendment).<\/li>\n<li>Filing of reports, CIRP forms, disclosures with IBBI\/IPA.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"3\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Compliance_Ethical_Obligations\"><\/span><span style=\"color: #000080;\">Compliance &amp; Ethical Obligations<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>Must comply with Code of Conduct (IBBI IP Regulations, 2016).<\/li>\n<li>Maintain integrity, independence, confidentiality, objectivity.<\/li>\n<li>Conflict of Interest disclosures to IBBI\/IPA\/CoC (Reg. 3).<\/li>\n<li>Confidentiality of financial\/commercial data.<\/li>\n<li>Time-bound adherence to CIRP steps (strict timelines).<\/li>\n<li>Filing of regular reports, IM, CoC minutes.<\/li>\n<li>Liable for disciplinary action, penalties, suspension, prosecution for misconduct.<\/li>\n<li>Recognized as \u201cpublic servants\u201d under PC Act (Jharkhand HC, 2025), hence public accountability applies.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Special_Sectoral_Responsibilities_Post%E2%80%932025_Real_Estate_Amendments\"><\/span><span style=\"color: #000080;\">Special Sectoral Responsibilities (Post\u20132025 Real Estate Amendments)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>Project-wise CIRP \u2192 ring-fence assets\/liabilities per project.<\/li>\n<li>Separate books &amp; bank accounts per project (Reg. 4D).<\/li>\n<li>Homebuyers = financial creditors with CoC participation.<\/li>\n<li>Invite resolution plans per project.<\/li>\n<li>Coordinate with RERA, local authorities.<\/li>\n<li>Handover possession of units to allottees (Reg. 4E).<\/li>\n<li>Submit reports on development rights (Reg. 30C).<\/li>\n<\/ul>\n<ol start=\"5\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Common_Non-Compliance_Issues_Judicial_Observations\"><\/span><span style=\"color: #000080;\">Common Non-Compliance Issues (Judicial Observations)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>Failure to verify Section 29A eligibility of applicants.<\/li>\n<li>Non-filing of avoidance applications (Secs. 43\u201351).<\/li>\n<li>Inadequate engagement with operational creditors (esp. homebuyers).<\/li>\n<li>Poor documentation\/record keeping.<\/li>\n<li>Delay in disclosures &amp; filings.<\/li>\n<\/ul>\n<ol start=\"3\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"General_Compliances\"><\/span><span style=\"color: #000080;\"><strong>General Compliances<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul>\n<li>Membership and professional fees<\/li>\n<li>Annual and half-yearly returns<\/li>\n<li>Self-declaration forms<\/li>\n<li>Record maintenance (3 to 8 years)<\/li>\n<li>Conflict of interest and relationship disclosures<\/li>\n<li>Restrictions on employment and appointments<\/li>\n<li>Confidentiality and use of registration details<\/li>\n<li>MCA-21 filings (e.g., INC-28, SH-8, SH-9, MGT-7)<\/li>\n<li>CPE credit hours (10 per year, 60 in 3 years)<\/li>\n<\/ul>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Important_Forms_Deadlines\"><\/span><span style=\"color: #000080;\"><strong>Important Forms &amp; Deadlines<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Form AA: Before accepting assignment<\/li>\n<li>Form CIRP-3 to CIRP-8: Various stages of CIRP<\/li>\n<li>Form G: Expression of Interest<\/li>\n<li>Form H: Compliance certificate with resolution plan<\/li>\n<li>Form E: Professional fee disclosure<\/li>\n<li>Annual Self Declaration: By 15th April each year<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Submission_Platforms\"><\/span><span style=\"color: #000080;\"><strong>Submission Platforms<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>IBBI Portal: Most CIRP-related forms<\/li>\n<li>IPA Portal: Relationship disclosures, cost disclosures<\/li>\n<li>ICSI IIP Portal: Membership, half-yearly returns<\/li>\n<li>MCA-21 Portal: Company filings during CIRP<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Updated_CIRP_Compliance_Tracker_2025\"><\/span><span style=\"color: #000080;\"><strong>Updated CIRP Compliance Tracker (2025) <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Forms CP-1 to CP-5\u00a0replace older forms.<\/li>\n<li>Monthly reporting cycle introduced.<\/li>\n<li>Transition provisions for ongoing and closed CIRPs.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"IBC_CIRP_Regulations_Guidance_on_SoP_for_Resolution_Professionals\"><\/span><span style=\"color: #000080;\"><strong><em>IBC, CIRP Regulations Guidance<\/em><\/strong><strong> on SoP for Resolution Professionals <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><span style=\"color: #000080;\">Stage 1: Appointment &amp; Commencement :<\/span> <\/strong>Ensure valid appointment as IRP through NCLT admission order. CIRP commences from Insolvency Commencement Date (ICD). Reference: Sec. 16 IBC<\/p>\n<p><strong><span style=\"color: #000080;\">Stage 2: Public Announcement<\/span> : <\/strong>Issue Form A within 3 days of appointment. Publish in English &amp; regional newspapers; upload on IBBI\/CD website. Specify last date for claim submission. Reference: Sec. 15 IBC, Reg. 6 CIRP Regs<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 3: Collection &amp; Verification of Claims : <\/strong><\/span>Receive claims in Forms B\u2013F (financial, operational, employees, workmen, statutory). Verify claims within 7 days of receipt. Collate &amp; prepare updated list of creditors. Reference: Sec. 18(b), 25(2)(e), Reg. 13<\/p>\n<p><strong><span style=\"color: #000080;\">Stage 4: Constitution of CoC :<\/span> <\/strong>Constitute CoC within 7 days from last claim date. Classify creditors: Financial Creditors (FCs) vs. Operational Creditors (OCs). Reference: Sec. 21 IBC, Reg. 17<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 5: Valuation Exercise : <\/strong><\/span>Appoint two registered valuers (Reg. 27). Determine fair value &amp; liquidation value. Basis for assessing plan feasibility. Reference: Reg. 35 CIRP<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 6: Management as Going Concern : <\/strong><\/span>Take control &amp; preserve assets. Manage operations of CD as a going concern. Obtain CoC approval for interim finance (Sec. 28). Reference: Sec. 20, 25(2)(c), Sec. 28 IBC<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 7: Avoidance Transactions : <\/strong><\/span>Identify, investigate and file avoidance applications:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Preferential (Sec. 43)<\/li>\n<li>Undervalued (Sec. 45)<\/li>\n<li>Fraudulent (Sec. 66)<\/li>\n<li>Extortionate (Sec. 50),<\/li>\n<li>Form CIRP-8 to be filed with IBBI. <strong>Reference:<\/strong> Sec. 25(2)(j), Reg. 35A<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Stage 8: First CoC Meeting &amp; Appointment of RP : <\/strong><\/span>Convene first meeting within 7 days of CoC constitution. CoC may confirm IRP as RP or replace. Reference: Sec. 22, Reg. 17(1)<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 9: Withdrawal under Sec. 12A : <\/strong><\/span>If applicant seeks withdrawal \u2192 CoC may approve with 90% voting. File Form FA with NCLT. Reference: Sec. 12A, Reg. 30A<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 10: Information Memorandum (IM) : <\/strong><\/span>Prepare IM with: assets, liabilities, litigation, guarantees, etc. Share with CoC and eligible RAs after confidentiality undertaking. Reference: Sec. 25(2)(g), Reg. 36(2)<\/p>\n<p><strong><span style=\"color: #000080;\">Stage 11: Invitation for Resolution Plans :<\/span> <\/strong>Publish Form G (EoI) in 2 newspapers &amp; upload. Issue RFRP &amp; Evaluation Matrix in consultation with CoC. Ensure compliance with Sec. 29A eligibility. Reference: Reg. 36A\u201336B<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 12: Receipt &amp; Vetting of Resolution Plans : <\/strong><\/span>Vet plans against Sec. 30(2) requirements like Eligibility (29A), Payment to OCs (minimum liquidation value), Feasibility &amp; viability, Reject late or non-compliant plans.Reference: Sec. 30(2), Reg. 39<\/p>\n<p><strong><span style=\"color: #000080;\">Stage 13: Compliance Certificate to CoC :<\/span> <\/strong>Submit Form H with compliant resolution plans. Certify adherence to IBC, CIRP Regs, Sec. 29A. Reference: Reg. 39(4)<\/p>\n<p><strong><span style=\"color: #000080;\">Stage 14: CoC Voting :<\/span> <\/strong>Place all compliant plans before CoC. Approval requires 66% voting share. RP cannot \u201cchoose\u201d among plans. Reference: Sec. 30(4), Reg. 39(3)<\/p>\n<p><strong><span style=\"color: #000080;\">Stage 15: Filing before NCLT :<\/span> <\/strong>File CoC-approved plan under Sec. 30(6). If no plan approved then file for liquidation (Sec. 33). Reference: Sec. 30(6), 33 IBC<\/p>\n<p><span style=\"color: #000080;\"><strong>Stage 16: Post-CIRP Obligations : <\/strong><\/span>Assist in plan implementation or liquidation. Explore compromise\/arrangement under Sec. 230, Companies Act.Reference: Sec. 23, Reg. 39C.<\/p>\n<p><span style=\"color: #000080;\"><strong>You may also review the other article <\/strong><\/span><\/p>\n<ul>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/learn\/four-pillars-of-the-insolvency-bankruptcy-code\">Four Pillars of the Insolvency &amp; Bankruptcy Code<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/category\/insolvency-and-bankruptcy-code\/\">Category: Insolvency and Bankruptcy Code<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/\">checklist of compliance requirements for RPs under IBC<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/initiation-of-liquidation-under-the-ibc\/\">Overview on Initiation of Liquidation under the IBC<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/learn\/penalty-insolvency-professional-under-ibc-regulations\">Penalty Insolvency Professional under IBC regulations.<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/afa-under-ibc\/\">Overview on Mandatory Requirement of AFA under IBC Code<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/dos-donts-for-ips-during-moratorium-under-ibc\/\">Do\u2019s &amp; Don\u2019ts for IPs During Moratorium under IBC<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/tag\/ibc-regulation\/\">IBC Regulation<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/services\/ibc-help-homebuyers.php\">IBC Help Homebuyers<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Comprehensive checklist of compliance requirements for Resolution Professionals Comprehensive checklist of compliance requirements for Insolvency Professionals acting as Resolution Professionals (RPs) under the Insolvency and Bankruptcy Code 2016. Here&#8217;s a structured summary of its contents: Comprehensive guide for Insolvency Professionals acting as Resolution Professionals under the Insolvency and Bankruptcy Code (IBC), 2016. Here&#8217;s a structured &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1148],"tags":[1208],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9383"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=9383"}],"version-history":[{"count":3,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9383\/revisions"}],"predecessor-version":[{"id":9855,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9383\/revisions\/9855"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=9383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=9383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=9383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}