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Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy

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..... the committee under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the liquidator shall file the proposal within thirty days of the order of liquidation.” 3. In the principal regulations, in regulation 4, (i) after sub-regulation (1), the following sub-regulation shall be inserted, namely: - “(1A) Where no fee has been fixed under sub-regulation (1), the consultation committee may fix the fee of the liquidator in its first meeting.” (ii) in sub-regulation (2), after the figure and brackets “(1)”, the word, figure, letter and brackets “ and (1A)” shall be inserted. 4. In the principal regulations, in regulation 12, in sub-regulation (2), after clause (b), the following shall be inserted, namely:- “(c) provide that where a stakeholder does not submit its claims during the liquidation process, the claims submitted by such a stakeholder, and duly collated by the interim resolution professional or resolution professional, as the case may be, during the corporate insolvency resolution process under the Insolvency and Bankruptcy Board of India (Insolve .....

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Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy

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..... nner in which the proceeds, if any, from these proceedings shall be distributed.” (ii) after sub-regulation (1), the following shall be inserted, namely: - “(1A) The committee of creditors under section 21 shall function as the consultation committee with same voting rights till constitution of the consultation committee under sub-regulation (1)” (iii) for sub-regulation (2), the following shall be substituted, namely: - “(2) The voting share of a member of the consultation committee shall be in proportion to his admitted claim in the total admitted claim: Provided a secured creditor who has not relinquished his security interest under section 52 shall not be part of the consultation committee; Provided that the promoters, directors, partners or their representatives may attend the meeting of the consultation committee, but shall not have any right to vote. Provided further that a financial creditor or his representative, if he is a related party of the corporate debtor, shall not have right to vote.” (iv) for sub-regulation (3), the following shall be substituted, namely: - “(3) The liquidator may facilitate the stakeholders of each class namely .....

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Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy

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..... ns, shall reconstitute the consultation committee as required under the said Regulations and provisions provided under amended Regulation 31A shall come into effect only after such constitution.” 10. In the principal regulations, in regulation 32A, for sub-regulation (4), the following shall be substituted, namely: - “(4) The liquidator may sell the assets of the corporate debtor under clause (e) of regulation 32 exclusively only at the first auction.” 11. In the principal regulations, after regulation 32A, the following shall be inserted, namely:- “32B Conduct of meetings of the consultation committee. Save as otherwise provided under Chapter III of Part II of the Code and these Regulations, the provisions of regulations 18 to 26 of Chapter VI and Chapter VII of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall apply mutatis mutandis to meetings of the consultation committee under liquidation proceedings.” 12. In the principal regulations, in regulation 34, (i) for sub-regulation (1), the following shall be substituted, namely:- “(1) For cases under sub-regulation (1) of re .....

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Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy

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..... on of consultation committee and minutes of consultation committee meetings during liquidation process; f) claims, verification of claims, and list of stakeholders; g) details of relinquishment or otherwise by secured creditors in liquidation process; h) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them; i) Invitation, consideration and approval of plans / proposals / scheme received, in case of going concern sale in liquidation process or compromise or arrangement under section 230 of the Companies Act, 2013; j) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supreme Court, whichever applicable and their orders; k) statutory filings with Board and insolvency professional agencies; l) correspondence during the liquidation process; m) cost of liquidation process; n) all reports, registers, documents such as preliminary report, asset memorandum, progress reports, asset sale report, annual status report, final report prior to dissolution, various registers and books, etc. mentioned in regulations 5 and 6 of these Regulations. o) preferential, undervalued, extortionate credit transactions or fraudul .....

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Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy

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..... for sale under regulation 32 within forty-five days from the liquidation commencement date unless the consultation committee advises to extend the timeline. (1B) The liquidator shall issue public notice for the next auction, in case of failure of the auction, within fifteen days from the last failed auction unless the consultation committee advises to deviate from the specified time period. (1C) Notwithstanding anything contained in this Schedule, the liquidator shall complete an auction process within thirty-five days from the issue of public notice for auction. (1D) The liquidator shall provide at least fourteen days from issue of public notice for submission of eligibility documents by prospective bidder. (1E) The liquidator shall provide to qualified bidder at least seven days, for inspection or due diligence of assets under auction, from the date of declaration of qualified bidder. (1F) A prospective bidder in an auction process shall deposit earnest money deposit at least up to two days before the date of auction.” (ii) for the clause (7), the following shall be substituted, namely: - “(7) From a date to be notified through circular by the Board, the liquidator sh .....

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Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 - IBBI/2022-23/GN/REG094 - Insolvency and Bankruptcy

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  1. Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  2. Insolvency and Bankruptcy Code, 2016
  3. Section 240 - Power to make regulations. - Insolvency and Bankruptcy Code, 2016
  4. Section 196 - Powers and functions of Board. - Insolvency and Bankruptcy Code, 2016
  5. SCHEDULE II - FORM B - PUBLIC ANNOUNCEMENT - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  6. SCHEDULE II - FORM AA - WRITTEN CONSENT TO ACT AS LIQUIDATOR - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  7. SCHEDULE II - FORM A - PROFORMA FOR REPORTING CONSULTATIONS WITH STAKEHOLDERS - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  8. SCHEDULE I - MODE OF SALE - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  9. Regulation 47 - Model time-line for liquidation process - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  10. Regulation 45A - Preservation of records. - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  11. Regulation 45 - Final report prior to dissolution - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  12. Regulation 44A - Treatment of avoidance of transaction. - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  13. Regulation 44 - Completion of liquidation - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  14. Regulation 4 - Liquidator’s fee. - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  15. Regulation 34 - Asset memorandum - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  16. Regulation 32B - Conduct of meetings of the consultation committee. - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  17. Regulation 32A - Sale as a going concern - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  18. Regulation 31A - Stakeholders’ consultation committee - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  19. Regulation 30 - Verification of claims - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  20. Regulation 2B - Compromise or arrangement - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  21. Regulation 15 - Progress reports - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  22. Regulation 12A - Process email ID - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
  23. Regulation 12 - Public announcement by liquidator - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016