IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
The operating rulebook for CIRP — claim submission, information memorandum, resolution plan process and CoC meeting conduct.
Public announcement and claims
Within 3 days of appointment, the IRP must make a public announcement inviting claims from creditors in the specified form, with claims to be submitted within 14 days — late claims can still be accepted at the IRP/RP's discretion up to the resolution-plan-approval stage, subject to verification.
Information memorandum
The RP prepares an information memorandum containing all information relevant for formulating a resolution plan (assets, liabilities, litigation, related-party transactions, avoidance-transaction findings) and shares it with resolution applicants under a confidentiality undertaking.
Resolution plan process and evaluation matrix
The RP invites resolution plans against a published evaluation matrix (criteria and weightage disclosed upfront), and the CoC evaluates conforming plans against that matrix before voting — a 2018 amendment mandated this evaluation-matrix transparency after early cases saw ad hoc, opaque plan comparisons.
CoC meeting conduct
CoC meetings require specified notice periods, quorum (33% of voting share) and can be conducted through video conferencing — voting can also occur electronically between meetings for time-sensitive decisions.