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Insolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2018

Insolvency and Bankruptcy - No. IBBI/2017-18/GN/REG024 - Dated:- 6-2-2018 - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 6th February, 2018 No. IBBI/2017-18/GN/REG024.- In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Inso .....

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y:- (ha) evaluation matrix means such parameters to be applied and the manner of applying such parameters, as approved by the committee, for consideration of resolution plans for its approval; (hb) fair value means the estimated realizable value of the assets of the corporate debtor, if they were to be exchanged on the insolvency commencement date between a willing buyer and a willing seller in an arm s length transaction, after proper marketing and where the parties had acted knowledgeably, pru .....

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ntment, appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor in accordance with regulation 35: Provided that the following persons shall not be appointed as registered valuers, namely: (a) a relative of the resolution professional; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or (d) a partner or director of the insolvency pro .....

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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 shall submit an estimate of the value computed in the same manner; and (c) the average of the two closest estimates of a value shall be considered the fair value or the liquidation value, as the case may be. ( .....

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rements under sub-section (2) of section 29: (3) The resolution professional and registered valuers shall maintain confidentiality of the fair value and the liquidation value. . 5. In the principal regulations, for sub-regulation (1) of regulation 36, the following sub-regulation shall be substituted, namely: - (1) Subject to sub-regulation (4), the resolution professional shall submit the information memorandum in electronic form to- (a) each member of the committee within two weeks of his appo .....

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: 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 .....

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n matrix, to the prospective resolution applicants in accordance with clause (h) of sub-section (2) of section 25, to submit resolution plans at least thirty days before the last date of submission of resolution plans. (2) Where the invitation does not contain the evaluation matrix, the resolution professional shall issue, with the approval of the committee, the evaluation matrix to the prospective resolution applicants at least fifteen days before the last date for submission of resolution plan .....

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en 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 .....

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fication of any security interest; (e) curing or waiving of any breach of the terms of any debt due from the corporate debtor; (f) reduction in the amount payable to the creditors; (g) extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor; (h) amendment of the constitutional documents of the corporate debtor; (i) issuance of securities of the corporate debtor, for cash, property, securities, or in exchange for claims or interests, or oth .....

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tion (30), specify 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 c .....

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Form shall be inserted, namely:- Form G Invitation of Resolution Plans (Under sub-regulation (5) of regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) FOR THE ATTENTION OF THE PROSPECTIVE RESOLUTION APPLICANTS OF (Name of Corporate Debtor) Sl. No. Particulars 1 NAME OF CORPORATE DEBTOR 2 DATE OF INCORPORATION OF CORPORATE DEBTOR 3 AUTHORITY UNDER WHICH CORPORATE DEBTOR IS INCORPORATED / REGISTERED 4 CORPORATE ID .....

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