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Home Acts & Rules Insolvency and Bankruptcy Regulation Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 Chapters List Chapter X RESOLUTION PLAN This
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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

Extract

..... it any refundable deposit, and attract penal action under the Code. (1A) A resolution plan which does not comply with the provisions of sub-regulation (1) shall be rejected.] 2[(2) The resolution professional shall submit to the committee all resolution plans which comply with the requirements of the Code and regulations made thereunder along with the details of following transactions, if any, observed, found or determined by him:- (a) preferential transactions under section 43; (b) undervalued transactions under section 45; (c) extortionate credit transactions under section 50; and (d) fraudulent transactions under section 66, and the orders, if any, of the adjudicating authority in respect of such transactions.] 13[(3) The committee shall .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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..... ther Plan A or Plan B, as per the tie-breaker formula announced before voting.] 7[(4) The resolution professional shall endeavour to submit the resolution plan approved by the committee to the Adjudicating Authority at least fifteen days before the maximum period for completion of corporate insolvency resolution process under section 12, along with a compliance certificate in 10[Form H of the Schedule and the evidence of receipt of performance security required under sub-regulation (4A) of regulation 36B].] (5) The resolution professional shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and the resolution applicant. 14[(5A) The resolution professional shall, .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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..... ed by non-implementation of a resolution plan approved under sub-section (1) of section 31, may apply to the Adjudicating Authority for directions.] ******************** Notes:- 1. Substituted vide Notification No. IBBI/2017-18/GN/REG22. Dated 31-12-2017, before it was read as, "(1) A resolution applicant shall endeavour to submit a resolution plan prepared in accordance with the Code and these Regulations to the resolution professional, thirty days before expiry of the maximum period permitted under section 12 for the completion of the corporate insolvency resolution process." 2. Substituted vide Notification No. IBBI/2017-18/GN/REG019. Dated 07-11-2017, before it was read as, "(2) The resolution professional shall present a .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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..... tion of the corporate insolvency resolution process, with the certification that- (a) the contents of the resolution plan meet all the requirements of the Code and the Regulations; and (b) the resolution plan has been approved by the committee: Provided that the timeline specified in this sub-regulation shall not apply to an ongoing corporate insolvency resolution process which has completed 130th day from its commencement date.]" 8. Omitted vide Notification No. IBBI/2018-19/GN/REG032 dated 05-10-2018 before it was read as "(b) an undertaking that it will provide for additional funds to the extent required for the purposes under sub-regulation (1) of regulation 38; and" 9. Omitted vide Notification No. IBBI/2018-19/GN/REG032 .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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  1. Notification No. IBBI/2020-21/GN/REG 066 - Dated: 13-11-2020 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020
  2. Notification No. IBBI/2020-21/GN/REG064 - Dated: 7-8-2020 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020.
  3. Notification No. IBBI/2019-20/GN/REG048 - Dated: 25-7-2019 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019
  4. Notification No. IBBI/2018-19/GN/REG032 - Dated: 5-10-2018 - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (FOURTH AMENDMENT) REGULATIONS, 2018
  5. Notification No. IBBI/2018-19/GN/REG031 - Dated: 3-7-2018 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018
  6. Notification No. No. IBBI/2017-18/GN/REG024 - Dated: 6-2-2018 - Insolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2018
  7. Notification No. IBBI/2017-18/GN/REG019 - Dated: 7-11-2017 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017
  8. Notification No. IBBI/2017-18/GN/REG22 - Dated: 31-12-2017 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017

 

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