MANU/NMIC/0049/2024

Department/Board : Insolvency and Bankruptcy Board of India

Circular No. : IBBI/II/66/2024

Date : 12.02.2024

To

All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities 
All Registered Insolvency Professionals Agencies
(By mail to registered email addresses and on website of the Board) 

Dear Madam / Sir,

Sharing of report prepared by resolution professional to both debtor and creditor

1. The resolution professional (RP) in an insolvency resolution process of a debtor under Chapter III of Part III of the Insolvency and Bankruptcy Code, 2016 (Code) examines the application filed under section 94 or 95 of the Code and submits a report to the Adjudicating Authority under sub-section (1) of section 99 of the Code, recommending for approval or rejection of the application. Sub-section (10) of section 99 mandates the RP to share a copy of this report to the debtor or the creditor, as the case may be.

2. It has been observed that in certain cases, the RPs have not shared a copy of the report with both debtor and creditor, leading to a lack of equal information access among them.

3. Therefore, it is hereby advised that the RP shall provide a copy of the report to both debtor and creditor in all cases. This will ensure that the debtor and the creditor are well-informed about the evaluation and recommendations made by the RP, thereby promoting transparency and informed decision-making.

4. This is issued in exercise of powers conferred under section 196 of the Code.

Yours faithfully,
Sd/- 
(Sushanta Kumar Das) 
Deputy General Manager