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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG091 - Insolvency and Bankruptcy

Extract

..... esolution Process for Corporate Persons) (Third Amendment) Regulations, 2022. (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’), the word “Schedule” shall be substituted with the word and mark “Schedule-I”, wherever it is appearing. 3. In the principal regulations, after regulation 34A, the following regulations shall be inserted, namely:- “34B. Fee to be paid to interim resolution professional and resolution professional. (1) The fee of interim resolution professional or resolution p .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG091 - Insolvency and Bankruptcy

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..... the insolvency resolution process cost.” 4. In the principal regulations, after Schedule-I, the following shall be inserted, namely: - “Schedule-II (Under Regulation 34B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) Minimum Fixed Fee. 1. Minimum fixed fee as per the table -1 below shall be paid to the interim resolution professional or the resolution professional, as the case may be, for the period mentioned in clause 2: Table-1: Minimum Fixed Fee Structure Quantum of Claims Admitted Minimum Fee Per Month (Rs. lakh) (i) Less than or equal to Rs. 50 crore 1.00 (ii) More than Rs.50 crore but less than or equal to Rs.500 crore 2.00 (iii) More than Rs.500 cr .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG091 - Insolvency and Bankruptcy

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..... ion. 4. The performance-linked incentive fee for value maximisation may be paid to the resolution professional at the rate of one per cent of the amount by which the realisable value is higher than the liquidation value, after approval of the resolution plan by Adjudicating Authority on commencement of payment to creditors by the resolution applicant. Explanation: For the purposes of clause 3 and clause 4, “realisable value” means the amount payable to creditors in the resolution plan approved under section 31. Illustration - A corporate debtor having liquidation value of twenty crore rupees was resolved and the realisable value to creditors was one hundred crore rupees. The resolution plan was submitted to the Adjudicating Auth .....

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG091 - Insolvency and Bankruptcy

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