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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

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..... Process for Corporate Persons) (Third Amendment) Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 26, sub-regulation (1A) shall be omitted. 3. In the principal regulations, after regulation 25, the following regulation shall be inserted, namely: - “25A. Voting by Authorised Representative. The authorised representative shall cast his vote in respect of each financial creditor or on behalf of all financial creditors he represents in accordance with the provisions of sub-section (3) or sub .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

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..... thin three days of signing of Form-2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 or Form-AA of the Regulations, as the case may be. CIRP 1 From Commencement of CIRP till Issue of Public Announcement: This includes details of IRP, CD, and the Applicant; admission of application by AA; public announcement; details of suggested Authorised Representatives; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. IRP Within seven days of making the Public Announcement under section 13. CIRP 2 From Public Announcement till confirmation / replacement of IRP: This includes details of Authorised Representative selected by IRPs for a class of creditors; taking over management o .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

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..... th AA for approval of resolution plan; details of resolution plan approved by the AA; initiation of liquidation, if applicable; expenses incurred on or by RP; appointment of professionals and the terms of appointment; relationship of the RP with the CD, Financial Creditors, and Professionals; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. RP Within seven days of the approval or rejection of the resolution plan under section 31 or issue of liquidation order under section 33, as the case may be, by the AA. CIRP 6 Event Specific: This includes: a. Filing of application in respect of preferential transaction, undervalued transaction, fraudulent transaction, and extortio .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

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..... ion made thereunder, including refusal to issue or renew Authorisation for Assignment, for- (i) failure to file a form along with requisite information and records; (ii) inaccurate or incomplete information or records filed in or along with a form; (iii) delay in filing the form.”. 7. In the principal regulations, in the Schedule, - (i) in Form B, for serial number 9 and the entries thereto, the following shall be substituted, namely:- “9. Details of: a. any security held, the value of security and its date, or b. any retention of title arrangement in respect of goods or properties to which the claim refers”; (ii) in Form H, - (a) for paragraph 7, the following shall be substituted, namely:- “7. The amounts provided .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

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..... or the payment to the financial creditors who did not vote in favour of the resolution plan? (d) provides for the management of the affairs of the corporate debtor? (e) provides for the implementation and supervision of the resolution plan? (f) contravenes any of the provisions of the law for the time being in force?”. Dr. M. S. Sahoo Chairperson [ADVT . - ________] Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG004, dated 30th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and was subsequently amended by- 1) The Insolvency and Bankruptcy Board o .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

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..... February, 2018; (6) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018 published vide notification No. IBBI/2017-18/GN/REG030, dated the 27th March, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 124 on 28th March, 2018; 7) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 published vide notification No. IBBI/2018-19/GN/REG031, dated the 3rd July, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 253 on 4th July, 2018; 8) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Ame .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

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