TMI BlogINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (FOURTH AMENDMENT) REGULATIONS, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... y Board of India hereby makes the following regulations further 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) (Fourth 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 regulation 2, in sub-regulation (1), clause (f) shall be omitted. 3. In the principa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation shall be inserted, namely: - (1A) The authorised representative shall exercise the votes either by electronic means or through electronic voting system as per the voting instructions received by him from the creditors in the class pursuant to sub-regulation (6) of regulation 25. . 6. In the principal regulations , in regulation 38, for sub-regulation (1) , the following sub-regulation shall be substituted, namely: - (1) The amount due to the operational creditors under a resolution plan shall be given priority in payment over financial creditors. . 7. In the principal regulations , in regulation 39 , - (a) in sub-regulation (1), clause (b) shall be omitted; (b) sub-regulation (3A) shall be omitted; 8. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017 vide notification No. IBBI/2017- 18/GN/REG022, dated the 31st December, 2017; (5) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018 vide notification No. IBBI/2017-18/GN/REG024, dated the 6th February, 2018; and (6) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018 vide notification No. IBBI/2017-18/GN/REG030, dated the 27th March, 2018 . (7) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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