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TMI BlogInsolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) (Amendment) Regulations, 2018. (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 sub-regulation (1) of regulation (2),- (i) after clause (h), the following clauses shall be inserted, namely:- "(ha) "evaluation matrix" means such parameters to be applied and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is a partner or director." 4. In the principal regulations, for regulation 35, the following regulation shall be substituted, namely:- "35. Fair value and Liquidation value. (1) Fair value and liquidation value shall be determined in the following manner:- (a) the two registered valuers appointed under regulation 27 shall submit to the resolution professional an estimate of the fair value and of the liquidation value computed in accordance with internationally accepted valuation standards, after physical verification of the inventory and fixed assets of the corporate debtor; (b) if in the opinion of the resolution professional, the two estimates of a value are significantly different, he may appoint another registered valuer who sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 36, the following clause shall be substituted, namely: - "(a) assets and liabilities with such description, as on the insolvency commencement date, as are generally necessary for ascertaining their values. Explanation: „Description‟ includes the details such as date of acquisition, cost of acquisition, remaining useful life, identification number, depreciation charged, book value, and any other relevant details.". 7. In the principal regulations, for sub-regulation (4) of regulation 36, the following sub-regulation shall be substituted, namely:- "(4) The resolution professional shall share the information memorandum after receiving an undertaking from a member of the committee or a prospective resolution applicant to the ef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is left for submission of resolution plans under sub-regulation (2). (5) The resolution professional shall publish brief particulars of the invitation in Form G of the Schedule: (a) on the website, if any, of the corporate debtor; and (b) on the website, if any, designated by the Board for the purpose." 9. In the principal regulations, for regulation 37, the following regulation shall be substituted, namely: - "37. Resolution Plan. - A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to the following:- (a) transfer of all or part of the assets of the corporate debtor to one or more persons; (b) sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-regulation (4) shall be substituted, namely: - "(4) The resolution professional shall submit the resolution plan approved by the committee to the Adjudicating Authority, at least fifteen days before the expiry of the maximum period permitted under section 12 for the completion of the corporate insolvency resolution process, with the certification that- (a) the contents of the resolution plan meet all the requirements of the Code and the Regulations; and (b) the resolution plan has been approved by the committee: Provided that the timeline specified in this sub-regulation shall not apply to an ongoing corporate insolvency resolution process which has completed 130th day from its commencement date." 12. In the principal regulations, af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OTHER THAN GIVEN AT SL. NO. 16 TO BE USED FOR CORRESPONDENCE WITH THE RESOLUTION PROFESSIONAL 18 REGISTRATION NUMBER OF RESOLUTION PROFESSIONAL, AS GRANTED BY THE BOARD Signature of Resolution Professional For ………….(Name of Corporate Debtor) Date and Place…." Dr. M. S. SAHOO, Chairperson [ADVT.-III/4/Exty./421/17] Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published in the Gazette of India Extraordinary vide notification No. IBBI/2016-17/GN/REG004 on 30th November, 2016 and was subsequently amended by- 1) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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