The IBB vide notification dated June 14, 2017 has notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (“Regulations, 2017”). The Regulations include various provisions relating  to the eligibility of resolution professionals, proof pf claims, committee of creditors and their meetings and voting, conduct of the fast track process and the passing of the resolution plan. The salient features of the Regulations, 2017 are: 

• An insolvency professional (“IP”) shall be appointed as a resolution professional for a fast track process of a corporate debtor if he, and all partners and directors of the insolvency professional entity of which he is a partner/ director, are independent of the corporate debtor.
• In case of a claim by an operational creditor, other than the workman or employee of the corporate debtor, a valid proof of the claim to be submitted to the interim IP can be either records available with an information utility, a contract for supply of goods and services or an invoice for the same, financial accounts, or an order of a judicial body that has adjudicated on the same.
• In case of a claim by financial creditors, a valid proof of the claim to be submitted to the interim IP may be records available with an information utility, or a financial contract supported by financial statements, financial statements showing the nonpayment of debt, a record evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor, or an order of a judicial body that has adjudicated on the same.
• In case of a claim by workmen and employees, a valid proof of the claim to be submitted to the interim IP will be records available with an information utility, proof of employment for the period for which dues are claimed, evidence of notice demanding such payment and proof of noncompliance with such notice, or an order of a judicial body that has adjudicated on the same.
• After the appointment of the interim IP, within seven days 1 registered valuer shall be appointed to determine the liquidation value of the corporate debtor, with the lists of persons disqualified from such position listed in the Regulations, 2017.
• The IP may sell unencumbered asset(s) of the corporate debtor, other than in the ordinary course of business, if deemed necessary.

The Regulations further elaborate on the mandatory contents of a resolution plan, and the process to be followed for its approval.