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Regulation 40. Extension of the corporate insolvency resolution process period
(1) The committee may instruct the resolution professional to make an application to the Adjudicating Authority under section 12 to extend the insolvency resolution process period. (2) The resolution professional shall, on receiving an instruction from the committee under this Regulation, make an application to the Adjudicating Authority for such extension. 206 Omitted by Notification No. IBBI/2025-26/GN/REG130, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to omission it stood as under- “39C. Assessment of sale as a going concern. (1) While approving a resolution plan under section 30 or deciding to liquidate the corporate debtor under section 33, the committee may recommend that the liquidator may first explore sale of the corporate debtor as a going concern under clause (e) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 or sale of the business of the corporate debtor as a going concern under clause (f) thereof, if an order for liquidation is passed under section 33. (2) Where the committee recommends sale as a going concern, it shall identify and group the assets and liabilities, which according to its commercial considerations, ought to be sold as a going concern under clause (e) or clause (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (3) The resolution professional shall submit the recommendation of the committee under sub-regulations (1) and (2) to the Adjudicating Authority while filing the approval or decision of the committee under section 30 or 33, as the case may be.”. 207 Inserted by Notification No. IBBI/2025-26/GN/REG130, dated 14th October, 2025 (w.e.f. 14-10-2025). 208 Omitted by Notification No. IBBI/2025-26/GN/REG130, dated 14th October, 2025 (w.e.f. 14-10-2025). Before omission it stood as under- “(b) the period, if any, used for sale under clauses (e) and (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; and”
209 [Clarification: It is clarified that the resolution professional shall continue to discharge his responsibilities under the corporate insolvency resolution process, till the application for extension is decided by the Adjudicating Authority.] 210 [40A.Model time-line for corporate insolvency resolution process. The following Table presents a model timeline of corporate insolvency resolution process on the assumption that the interim resolution professional is appointed on the date of commencement of the process and the time available is hundred and eighty days: 211 [Section / Regulation Description of Activity Norm Latest Timeline Section 16(1) Commencement of CIRP and appointment of IRP …. T Regulation 6(1) Public announcement inviting claims Within 3 Days of Appointment of IRP T+3 Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) Submission of claims For 14 Days from Appointment of IRP T+14 212 [***] Regulation 13(1) Verification of claims received under regulation 12(1) T+21 209 Inserted by Notification No. IBBI/2023-24/GN/REG113, dated 15th February, 2024 (w.e.f. 15-02-2024), 210 Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). 211 Substituted by Notification No. IBBI/2022-23/GN/REG093, dated 16th September, 2022 (w.e.f. 16-09-2022). 212 Omitted by Notification No. IBBI/2024-25/GN/REG116, 24th September, 2024 (w.e.f. 24-09-2024). Prior to omission, it stood as under: - Regulation 12(2) Submission of claims Up to 90th day of commencement T+90
213 [***] Within 7 days from the receipt of the claim 214 [***] Section 21(6A) (b) / Regulation 16A Application for appointment of AR Within 2 days from verification of claims received under regulation 12(1) T+23 Regulation 17(1) Report certifying constitution of CoC T+23 Section 22(1) / Regulation 19(2) 1st meeting of the CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days’ notice. T+30 Section 22(2) Resolution to appoint RP by the CoC In the first meeting of the CoC T+30 Section 16(5) Appointment of RP On approval by the AA …… Regulation 17(3) IRP performs the functions of RP till the RP is appointed. If RP is not appointed by 40th day of commencement T+40 Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 47th day of commencement. T+47 215 [***] 213 Omitted by Notification No. IBBI/2024-25/GN/REG116, 24th September, 2024 (w.e.f. 24-09-2024). Prior to omission, it stood as “Verification of claims received under regulation 12(2)”. 214 Omitted by Notification No. IBBI/2024-25/GN/REG116, 24th September, 2024 (w.e.f. 24-09-2024). Prior to omission, it stood as “T+97”. 215 Omitted by Notification No IBBI/2026-27/GN/REG152, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, it stood as under:- “ Section 12(A) / Regulation 30A Submission of application for withdrawal of application admitted Before issue of EoI W CoC to dispose of the application Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later. W+7 Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA Within 3 days of approval by CoC W+10 ”.
Regulation 35A RP to form an opinion on preferential and other transactions Within 75 days of the commencement T+75 RP to make a determination on preferential and other transactions Within 115 days of commencement T+115 RP to file applications to AA for appropriate relief Within 130 days of commencement T+130 Regulation 36 (1) Submission of IM to CoC Within 95 days of commencement T+95 Regulation 36A 216 [Publication of brief particulars of invitation for expression of interest] Within 60 days of commencement T+60 Invitation of EoI Submission of EoI At least 15 days from issue of EoI (Assume 15 days) T+75 Provisional List of RAs by RP Within 10 days from the last day of receipt of EoI T+85 Submission of objections to provisional list For 5 days from the date of provisional list T+90 Final List of RAs by RP Within 10 days of the receipt of objections T+100 217 [Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the final list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135] 216 Substituted by Notification No. IBBI/2026-27/GN/REG152, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “Publish Form G”. 217 Substituted by Notification No. No. IBBI/2023-24/GN/REG106, dated 18th September, 2023 (w.e.f 18-09-2023). Before substitution words stood as- Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the provisional list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135
Regulation 39(4) Submission of CoC approved Resolution Plan to AA As soon as approved by the CoC 218 [T+150] Section 31(1) Approval of resolution plan by AA T+180] AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate Insolvency Resolution Process; CoC: Committee of Creditors; EoI: Expression of Interest; IM: Information Memorandum; IRP: Interim Resolution Professional; RA: Resolution Applicant; RP: Resolution Professional; RFRP: Request for Resolution Plan.] 219
(1) The committee may instruct the resolution professional to make an application to the Adjudicating Authority under section 12 to extend the insolvency resolution process period. (2) The resolution professional shall, on receiving an instruction from the committee under this Regulation, make an application to the Adjudicating Authority for such extension. 206 Omitted by Notification No. IBBI/2025-26/GN/REG130, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to omission it stood as under- “39C. Assessment of sale as a going concern. (1) While approving a resolution plan under section 30 or deciding to liquidate the corporate debtor under section 33, the committee may recommend that the liquidator may first explore sale of the corporate debtor as a going concern under clause (e) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 or sale of the business of the corporate debtor as a going concern under clause (f) thereof, if an order for liquidation is passed under section 33. (2) Where the committee recommends sale as a going concern, it shall identify and group the assets and liabilities, which according to its commercial considerations, ought to be sold as a going concern under clause (e) or clause (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (3) The resolution professional shall submit the recommendation of the committee under sub-regulations (1) and (2) to the Adjudicating Authority while filing the approval or decision of the committee under section 30 or 33, as the case may be.”. 207 Inserted by Notification No. IBBI/2025-26/GN/REG130, dated 14th October, 2025 (w.e.f. 14-10-2025). 208 Omitted by Notification No. IBBI/2025-26/GN/REG130, dated 14th October, 2025 (w.e.f. 14-10-2025). Before omission it stood as under- “(b) the period, if any, used for sale under clauses (e) and (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; and”
209 [Clarification: It is clarified that the resolution professional shall continue to discharge his responsibilities under the corporate insolvency resolution process, till the application for extension is decided by the Adjudicating Authority.] 210 [40A.Model time-line for corporate insolvency resolution process. The following Table presents a model timeline of corporate insolvency resolution process on the assumption that the interim resolution professional is appointed on the date of commencement of the process and the time available is hundred and eighty days: 211 [Section / Regulation Description of Activity Norm Latest Timeline Section 16(1) Commencement of CIRP and appointment of IRP …. T Regulation 6(1) Public announcement inviting claims Within 3 Days of Appointment of IRP T+3 Section 15(1)(c) / Regulations 6(2)(c) and 12 (1) Submission of claims For 14 Days from Appointment of IRP T+14 212 [***] Regulation 13(1) Verification of claims received under regulation 12(1) T+21 209 Inserted by Notification No. IBBI/2023-24/GN/REG113, dated 15th February, 2024 (w.e.f. 15-02-2024), 210 Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018). 211 Substituted by Notification No. IBBI/2022-23/GN/REG093, dated 16th September, 2022 (w.e.f. 16-09-2022). 212 Omitted by Notification No. IBBI/2024-25/GN/REG116, 24th September, 2024 (w.e.f. 24-09-2024). Prior to omission, it stood as under: - Regulation 12(2) Submission of claims Up to 90th day of commencement T+90
213 [***] Within 7 days from the receipt of the claim 214 [***] Section 21(6A) (b) / Regulation 16A Application for appointment of AR Within 2 days from verification of claims received under regulation 12(1) T+23 Regulation 17(1) Report certifying constitution of CoC T+23 Section 22(1) / Regulation 19(2) 1st meeting of the CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days’ notice. T+30 Section 22(2) Resolution to appoint RP by the CoC In the first meeting of the CoC T+30 Section 16(5) Appointment of RP On approval by the AA …… Regulation 17(3) IRP performs the functions of RP till the RP is appointed. If RP is not appointed by 40th day of commencement T+40 Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 47th day of commencement. T+47 215 [***] 213 Omitted by Notification No. IBBI/2024-25/GN/REG116, 24th September, 2024 (w.e.f. 24-09-2024). Prior to omission, it stood as “Verification of claims received under regulation 12(2)”. 214 Omitted by Notification No. IBBI/2024-25/GN/REG116, 24th September, 2024 (w.e.f. 24-09-2024). Prior to omission, it stood as “T+97”. 215 Omitted by Notification No IBBI/2026-27/GN/REG152, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, it stood as under:- “ Section 12(A) / Regulation 30A Submission of application for withdrawal of application admitted Before issue of EoI W CoC to dispose of the application Within 7 days of its receipt or 7 days of constitution of CoC, whichever is later. W+7 Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA Within 3 days of approval by CoC W+10 ”.
Regulation 35A RP to form an opinion on preferential and other transactions Within 75 days of the commencement T+75 RP to make a determination on preferential and other transactions Within 115 days of commencement T+115 RP to file applications to AA for appropriate relief Within 130 days of commencement T+130 Regulation 36 (1) Submission of IM to CoC Within 95 days of commencement T+95 Regulation 36A 216 [Publication of brief particulars of invitation for expression of interest] Within 60 days of commencement T+60 Invitation of EoI Submission of EoI At least 15 days from issue of EoI (Assume 15 days) T+75 Provisional List of RAs by RP Within 10 days from the last day of receipt of EoI T+85 Submission of objections to provisional list For 5 days from the date of provisional list T+90 Final List of RAs by RP Within 10 days of the receipt of objections T+100 217 [Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the final list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135] 216 Substituted by Notification No. IBBI/2026-27/GN/REG152, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “Publish Form G”. 217 Substituted by Notification No. No. IBBI/2023-24/GN/REG106, dated 18th September, 2023 (w.e.f 18-09-2023). Before substitution words stood as- Regulation 36B Issue of RFRP, including Evaluation Matrix and IM Within 5 days of the issue of the provisional list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP (Assume 30 days) T+135
Regulation 39(4) Submission of CoC approved Resolution Plan to AA As soon as approved by the CoC 218 [T+150] Section 31(1) Approval of resolution plan by AA T+180] AA: Adjudicating Authority; AR: Authorised Representative; CIRP: Corporate Insolvency Resolution Process; CoC: Committee of Creditors; EoI: Expression of Interest; IM: Information Memorandum; IRP: Interim Resolution Professional; RA: Resolution Applicant; RP: Resolution Professional; RFRP: Request for Resolution Plan.] 219
CHAPTER III or fraudulent or wrongful trading under Chapter VI of Part II of the Code...