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