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 ..... India hereby makes the following regulations 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) (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 inserte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te; or (d) a partner or director of the insolvency professional entity of which the resolution professional 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 resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (h) of sub-section (2) of section 25 of the Code. 6. In the principal regulations , for clause (a) of sub-regulation (2) of regulation 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 professi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - (a) where a period of less than thirty-seven days is left for submission of resolution plans under sub-regulation (1); (b) where a period of less than eighteen days 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 debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cify the amounts payable from resources under the resolution plan for the purposes under sub-regulation (1) of regulation 38. 11. In the principal regulations , for sub-regulation (4) of regulation 39 , the following sub-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 committ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 DATE OF ISSUE OF INFORMATION MEMORANDUM 9 MANNER OF OBTAINING THE INFORMATION MEMORANDUM BY THE PROSPECTIVE RESOLUTION APPLICANTS 10 DATE OF ISSUE OF INVITATION FOR RESOLUTION PLANS 11 MANNER OF OBTAINING THE INVITATION BY THE PROSPECTIVE RESOLUTION APPLICANTS 12 DATE OF ISSUE OF EVALUATION MATRIX 13 MANNER OF OBTAINING THE EVALUATION MATRIX BY THE PROSPECTIVE RESOLUTION APPLICANTS 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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