Examples of CIRP Regulations in a sentence
We are executing this undertaking of confidentiality to maintain confidentiality in respect of the information contained in the IM as mandated by the IBC and CIRP Regulations.
The RP is to state on affidavit whether the Resolution Plan is compiled with Regulation 38 (2) (d) of the CIRP Regulations, 2016.
The CoC may approve a resolution plan by a vote of not less than 66% of the voting share of the financial creditors after considering the 'feasibility and viability' of such resolution plan and other requirements as may be prescribed by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).
The Court held that the amended Regulation 38 of the CIRP Regulations cannot be read to mean that financial and operational creditors, or secured and unsecured creditors, must be paid the same percentage of their claim amount under a resolution plan.
The Supreme Court clarified the scope of the amended Regulation 38 of the CIRP Regulations, which requires a resolution plan to state how the interest of all stakeholders of the corporate debtor, including financial and operational creditors, has been dealt with.
The Supreme Court observed that so long as a resolution plan complies with the provisions of the Code and CIRP Regulations, the commercial decision of the CoC to accept the plan by a majority must be respected.
As per the provisions of the Code and the CIRP Regulations, in the event that the Prospective Resolution Applicant is mentioned in the final list of prospective resolution applicants issued by the RP, the Prospective Resolution Applicant shall have the right to submit a resolution plan for the Corporate Debtor to the RP.
The Resolution Plan includes a statement under regulation 38(1A) of the CIRP Regulations as to how it has dealt with the interests of all stakeholders in compliance with the Code and regulations made thereunder.
All the EOIs received will be reviewed by RP in consultation with its advisors and COC and a provisional list of eligible PRAs shall be shared in accordance with the Code and CIRP Regulations.
The consideration, evaluation and approval of the resolution plans submitted by the RP to the CoC is within the power of the CoC under provisions of the Code and the CIRP Regulations.