VARIOUS FORMS TO BE FILED BY THE STAKEHOLDERS UNDER IBC CODE 2016

“FORM F” TO BE FILED BY OTHER CREDITORS UNDER IBC CODE 2016 TO CLAIM THEIR DUES

VARIOUS FORMS TO BE FILED BY THE STAKEHOLDERS UNDER IBC CODE 2016

Under IBC 2016, only Financial Creditors and Operational Creditors can file for initiation of Insolvency proceedings.   For those investors who have been deceived by flat promoters, there has been no remedy available under IBC Code 2016 as they have to avail other legal remedies available to them under Contract Act, Consumer Act or RERA.

Flat buyers who have initiated an action against failed flat promoters under IBC code were unsuccessful in getting relief under IBC Code 2016 as held in

Col. Vinod Awasthy v. AMR Infrastructure Limited,

Pawan Dubey and another v. J.B.K. Developers Private Limited

Mukesh Kumar v. AMR Infrastructure Limited.

Introduction of New Form F

However , understanding the difficulties encountered by gullible home buyers who were cheated by flat promoters , Jaypee Infra house buyers ” Form F” added by IBBI ,by amending Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons (Amendment) Regulations 2017.

Form F has to be filed by other than operational or financial creditors as proof of claim by those house buyers who have been cheated by home promoters.

FORM F

Persons other than Operational or Financial Creditors

“ FORM F

Under Regulation 9A of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017]

FORM 5-IBC

To be filed by Operational Creditors

FORM 5-IBC

Sub-rule (1) of rule 6

FINANCIAL CREDITOR – FORM 1

To be filed by Financial Creditors

FORM 1-IBC

Sub-rule (1) of rule 4) Under section 7 of the Insolvency and Bankruptcy Code, 2016

Corporate Debtor – Form 6

To be filed by Corporate Debtor

FORM 6

Sub-rule(1) of rule 7 Under section 7 of the Insolvency and Bankruptcy Code, 2016

ADMISSION OR REJECTION OF A CASE BY NCLT UNDER IBC 2016

Sections 7, 9 and 10 of the IBC	NCLT to admit or reject an application for initiating insolvency proceedings within 14 days of initiating an action by a creditor or corporate debtor
Section 9 of the IBC	NCLT is required to provide the applicant 7 days to rectify any defects in his application.