CAIRR Update September 25, 2024

25/09/2024

Summary of the MCA Notification and IBBI Notification dated 24/09/2024.

These regulatory updates are integrated in our free-to-use website ca2013.com.

Filing of Form CSR-2 for the Financial Year 2023-24

Vide this notification, it is notified that form CSR-2 for the Financial Year 2023-24 shall be filed separately on or before December 31, 2024 after filing form AOC-4 or AOC-4 NBFC or AOC-4 XBRL, as the case may be.

Click here to view the MCA Notification.

IBBI notifies the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024

Key highlights of the amendment are:

1. Vide this amendment, it is specified that the Insolvency Professional (“IP”) selected by Interim Resolution Professional (“IRP”) being the choice of the highest number of financial creditors in the class in Form CA shall be considered, provided the said Form is received within the time stipulated in the public announcement.
2. It is further provided that till the application of appointment of authorised representative is under consideration before the Adjudicating Authority, the IP shall act as Interim Representative for the Class of Creditors.
3. The timelines w.r.t. submission of claims and verification of claims has been removed from the model timeline for the Corporate Insolvency Resolution Process mentioned in Regulation 40A of the Regulations.

Click here to view the IBBI Notification.