Tax Management India. Com
                            Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals News SMS Articles Highlights
        Home        
 
Extracts
Home List
← Previous Next →

Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018

Insolvency and Bankruptcy - No. IBBI/2017-18/GN/REG/025 - Dated:- 7-2-2018 - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 7th February, 2018 No. IBBI/2017-18/GN/REG/025 .- 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 (F .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

shall be inserted, namely: - (ga) 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; (gb) 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n seven days of his appointment, appoint one registered valuer to determine the fair value and the liquidation value of the corporate debtor in accordance with Regulation 34: 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 direc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

verification of the inventory and fixed assets of the corporate debtor. (2) After the receipt of resolution plans in accordance with the Code and these regulations, the resolution professional shall provide the fair value and the liquidation value to every member of the committee in electronic form, on receiving an undertaking from the member to the effect that such member shall maintain confidentiality of the fair value and the liquidation value and shall not use such values to cause an undue g .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lectronic form to- (a) each member of the committee within two weeks of his appointment as resolution professional; and (b) 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 35, the following clause shall be substituted, namely: - (a) assets and liabilities with such description, as on the insolvency commencem .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

dertaking from a member of the committee or a prospective resolution applicant to the effect that such member or resolution applicant shall maintain confidentiality of the information and shall not use such information to cause an undue gain or undue loss to itself or any other person and comply with the requirements under sub-section (2) of section 29. . 8. In the principal regulations, after regulation 35, the following shall be inserted, namely:- (35A) Invitation of Resolution Plans. (1)The r .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

st eight days before the last date for submission of resolution plans. (3) The resolution professional may modify the invitation, the evaluation matrix or both with the approval of the committee within the timelines given under sub-regulation (1) or sub-regulation (2) as the case may be. (4) The timelines specified under this regulation shall not apply to an ongoing fast track corporate insolvency resolution process- (a) where a period of less than twenty-two days is left for submission of resol .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Resolution Plan. (1) 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) 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 consolidati .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or cash, property, securities, or in exchange for claims or interests, or other appropriate purpose; (j) change in portfolio of goods or services produced or rendered by the corporate debtor; (k) change in technology used by the corporate debtor; and (l) obtaining necessary approvals from the Central and State Governments and other authorities. . 10. In the principal regulations, after sub-regulation (3) of regulation 38, the following sub-regulation (3A) shall be inserted, namely: - (3A) The co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

before the expiry of the maximum period permitted under section 56 for the completion of the fast track 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 fast track corporate insolvency resolution process which has completed 5 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

TION OF CORPORATE DEBTOR 3 AUTHORITY UNDER WHICH CORPORATE DEBTOR IS INCORPORATED / REGISTERED 4 CORPORATE IDENTITY NUMBER / LIMITED LIABILITY IDENTIFICATION NUMBER OF CORPORATE DEBTOR 5 ADDRESS OF THE REGISTERED OFFICE AND PRINCIPAL OFFICE (IF ANY) OF CORPORATE DEBTOR 6 FAST TRACK INSOLVENCY COMMENCEMENT DATE IN RESPECT OF CORPORATE DEBTOR 7 ESTIMATED DATE OF CLOSURE OF FAST TRACK INSOLVENCY RESOLUTION PROCESS 8 DATE OF ISSUE OF INFORMATION MEMORANDUM 9 MANNER OF OBTAINING THE INFORMATION MEMOR .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.