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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021. - IBBI/2021-22/GN/REG075 - Insolvency and Bankruptcy

Extract

..... ess for Corporate Persons) (Second Amendment) Regulations, 2021. (2) They shall come into force on the date of their publication in the Official Gazette. (3) They shall apply to every corporate insolvency resolution process ongoing or commencing on or after the date of coming into force of these regulations. 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 3,- (i) in sub-regulation (1), for the words “a resolution professional”, the words “an interim resolution professional or a resolution professional, as the case may be,” shall be substituted; (ii) in sub-regulati .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021. - IBBI/2021-22/GN/REG075 - Insolvency and Bankruptcy

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..... period of two years preceding the insolvency commencement date, the interim resolution professional or resolution professional, as the case may be, shall disclose all the former name(s) and registered office address(es) so changed along with the current name and registered office address in every communication, record, proceeding or any other document.” 6. In the principal regulations, in regulation 9A, in sub-regulation (1), for the word and figures “regulation 7, 8 or 9,”, the word and figures “regulation 7, 8, 8A or 9,” shall be substituted. 7. In the principal regulations, in regulation 13, in sub-regulation (2), in clause (b), after the words “corporate debtor”, the words “or their autho .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021. - IBBI/2021-22/GN/REG075 - Insolvency and Bankruptcy

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..... professional; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the period of five years preceding the insolvency commencement date; (d) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director. (4) The invoice for fee and other expenses incurred by a professional appointed under this regulation shall be raised in the name of the professional and be paid directly into the bank account of such professional.” 10. In the principal regulations, in regulation 35A, in sub-regulation (2), the words “under intimation to the Board” shall be deleted. 11. In the principal regulations, in regulation 40B, after sub-reg .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021. - IBBI/2021-22/GN/REG075 - Insolvency and Bankruptcy

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