IBBI Update : Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022.

Regulation Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022 Comments Reg 2B Record or evidence of transaction, debt and default by operational creditor New Reg Inserted The operational creditor shall, along with application under section 9, furnish copies of relevant extracts of Form GSTR-1 and Form GSTR-3B filed under the provisions of the relevant laws relating to Goods and Services Tax and the copy of e-way bill wherever applicable Provided that provisions of this regulation shall not apply to those operational creditors who do not require registration and to those goods and services which are not covered under any law relating to Goods and Services Tax The Operational Creditor who is register under GST need to file form GSTR-1 and Form GSTR-3B and operational creditors which is not register under GST are not require to file the form Reg 2CSubmission of information along with application. New Reg inserted The financial creditor or operational creditor shall, while filing application under section 7 or 9, as the case may be, also furnish details of his/ its— (a) Permanent Account Number; and (b) Email-ID. The financial creditor filing the application need to submits its pan cards details and email id while filing the application Regulation 7 Claims by operational creditors.in sub-regulation (2), in clause (b), after sub- clause (iv), the sub-clause shall be inserted Copies of relevant extracts of Form GSTR-1 and Form GSTR-3B filed under the provisions of the relevant laws relating to Goods and Services Tax and the copy of e-way bill wherever applicable: Provided that provisions of this sub-clause shall not apply to those creditors who do not require registration and to those goods and services which are not covered under any law relating to Goods and Services Tax The operational creditors to whom the GST is applicable required to submit Form GSTR-1 and Form GSTR-3B Regulation 35 Fair value and Liquidation value, in sub-regulation (1), for clause (b) if in the opinion of the resolution professional, the two estimates of a value are significantly different, he may appoint another registered valuer who shall submit an estimate of the value computed in the same manner; and If the two estimates of a value in an asset class are significantly different, or on receip