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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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dently and without compulsion; (ii) for clause (k), the following clause shall be substituted, namely:- (k) liquidation value means the estimated realizable value of the assets of the corporate debtor, if the corporate debtor were to be liquidated on the insolvency commencement date. . 3. In the principal regulations, for regulation 27, the following regulation shall be substituted, namely:- 27. Appointment of registered valuers. - The resolution professional shall within seven days of his appoi .....

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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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intment as resolution professional; and (b) to each prospective resolution applicant latest by the date of invitation of resolution plan under clause (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 .....

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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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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) sale of all or part of the assets whether subject to any security interest or not; (c) the substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons; (d) satisfaction or modi .....

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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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ENTITY NUMBER / LIMITED LIABILITY IDENTIFICATION NUMBER OF CORPORATE DEBTOR 5 ADDRESS OF THE REGISTERED OFFICE AND PRINCIPAL OFFICE (IF ANY) OF CORPORATE DEBTOR 6 INSOLVENCY COMMENCEMENT DATE IN RESPECT OF CORPORATE DEBTOR 7 ESTIMATED DATE OF CLOSURE OF INSOLVENCY RESOLUTION PROCESS 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 INVIT .....

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ber, 2016 and was subsequently amended by- 1) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 vide notification No. IBBI/2017-18/GN/REG013, dated the 16th August, 2017; 2) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017 vide notification No. IBBI/2017- 18/GN/REG018, dated the 5th October, 2017; 3) The Insolvency and Bankruptcy Bo .....

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