Corporate Updates – 31-05-2017


The provisions of Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code), provide that the Adjudicating Authority (AA) shall make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an Insolvency Professional (IP) who may act as an Interim Resolution Professional (IRP) in case an operational creditor has made an application for Corporate Insolvency Resolution Process (CIRP) and has not proposed an IRP. The Board is under an obligation, as per the provisions of Section 16(4) of the Code, to recommend the name of an IP to AA within 10 days of receipt of the reference from AA. In this regard, the Board has issued guidelines, namely “Insolvency Professionals to act as Interim Resolution Professionals (Recommendation) Guidelines, 2017”. For the purpose ofIdentification of IP, two new criteria have been introduced, that the IP is located in the vicinity of registered office of the corporate debtor and has expresses his interest to act as IRP of the CIRP in response to invitation of interest by the Board. The expression of interest must be received by the Board in Form A within 24 hours of invitation of expression of interest.


SEBI has issued a Circular regarding the Disclosure Requirements for Issuance and Listing of Green Debt Securities. Accordingly, a debt security shall be considered as a Green Debt Securities if the funds raised through issuance of the debt securities are to be utilised for project(s) and/or asset(s) of Renewable and sustainable energy, Clean transportation, Sustainable water management, Sustainable waste management and Biodiversity conservation etc. The Circular also provides for the disclosures to be made by the issuer Company in the Offer Document and list of Continuous Disclosures to be made in the half yearly and annual financial results and in the annual report.

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