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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020. - IBBI/2020-21/GN/REG064 - Insolvency and Bankruptcy

Extract

..... her to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020. (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 Corporat .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020. - IBBI/2020-21/GN/REG064 - Insolvency and Bankruptcy

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..... ipate in the meeting of the committee: Provided that creditors shall have a time window of at least twelve hours to submit their preliminary views, and the said window opens at least twenty-four hours after the authorized representative seeks preliminary views: Provided further that such preliminary views shall not be considered as voting instructions by the creditors.”. 4. In the principal regulations, in regulation 39, for sub-regulation (3), the following sub-regulations shall be substi .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020. - IBBI/2020-21/GN/REG064 - Insolvency and Bankruptcy

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..... under the Code. Illustration. - The committee is voting on two resolution plans, namely, A and B, simultaneously. The voting outcome is as under: Voting outcome % of votes in favour of Status of approval Plan A Plan B 1 55 60 No Plan is approved, as neither of the Plans received requisite votes. The committee shall vote again on Plan B, which received the higher votes, subject to the timelines under the Code. 2 70 75 Plan B is approved, as it received higher votes, which is not less than requisi .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020. - IBBI/2020-21/GN/REG064 - Insolvency and Bankruptcy

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