TMI BlogInsolvency and Bankruptcy Board of India (Fast Track 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 ..... vency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 , namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Fast Track 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 (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (hereinafter referred to as the principal regulations, in sub-regulation (1) of regulation (2), - (i) a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the five years preceding the insolvency commencement date; 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 34 , the following regulation shall be substituted, namely: - 34. Fair value and Liquidation value. (1) The registered valuer appointed under regulation 26 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. (2) After the receipt of resolution plans in accordance with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 35 , the following 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 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate debtor; and (b) on the website, if any, designated by the Board for the purpose. . 9. In the principal regulations , for regulation 36 , the following regulation shall be substituted, namely: - 36. 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 consolidation of the corporate d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority, at least fifteen days 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 50th day from its commencement date. 12. In the principal regulations , after Form F, the following Form shall be inserted, namely:- Form G Invitation of Resolution Plans (Under sub-regulation (5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 DATE OF ISSUE OF INVITATION FOR RESOLUTION PLANS 11 MANNER OF OBTAINING THE INVITATION BY THE PROSPECTIVE RESOLUTION APPLICANT 12 DATE OF ISSUE OF EVALUATION MATRIX 13 MANNER OF OBTAINING THE EVALUATION MATRIX BY THE PROSPECTIVE RESOLUTION APPLICANT 14 LAST DATE FOR SUBMISSION OF RESOLUTION PLANS 15 MANNER OF SUBMITTING RESOLUTION PLANS BY A PROSPECTIVE RESOLUTION APPLCANT. 16 NAME, ADDRESS AN ..... X X X X Extracts X X X X X X X X Extracts X X X X
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