TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... ce 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), for regulation 30A , the following regulation shall be substituted, namely: - 30A. Withdrawal of application. (1) An application for withdrawal under section 12A may be made to the Adjudicating Authority - (a) before the constitution of the committee, by the applicant through the interim resolution professional; (b) after the constitution of the committee, by the applicant through the interim resolution professional or the resolution professional, as the case may be: Provided that where the application is made under clause (b) after the issue of invitation for expression of interest under regulation 36A, the applicant shall state the reasons justifying withdrawal after issue of such invitation. (2) The application under sub-regulation (1) shall be made in Form FA of the Schedule accompanied by a bank guarantee- (a) towards estimated expenses incurred on or by the inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. In the principal regulations , after regulation 39A , the following regulations shall be inserted, namely: - 39B. Meeting liquidation cost. (1) While approving a resolution plan under sub-section (4) of section 30 or deciding to liquidate the corporate debtor under sub-section (2) of section 33, the committee may make a best estimate of the amount required to meet liquidation costs, in consultation with the resolution professional, in the event an order for liquidation is passed under section 33. (2) The committee shall make a best estimate of the value of the liquid assets available to meet the liquidation costs, as estimated in sub-regulation (1). (3) Where the estimated value of the liquid assets under sub-regulation (2) is less than the estimated liquidation costs under sub-regulation (1), the committee shall approve a plan providing for contribution for meeting the difference between the two. (4) The resolution professional shall submit the plan approved under sub-regulation (3) to the Adjudicating Authority while filing the approval or decision of the committee under section 30 or 33, as the case may be. Expla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21 Verification of claims received under regulation 12(2) T+97 ; (ii) for the entries relating to Section 22(1)/Regulation 19(1) , the following entries shall be substituted, namely: - Section 22 /Regulation 19(2) 1st meeting of the CoC Within 7 days of filing of the report certifying constitution of the CoC, but with five days notice. T+30 (iii) for the entries relating to Regulation 27 , the following entries shall be substituted, namely: - Regulation 27 Appointment of valuer Within 7 days of appointment of RP, but not later than 47 th day of commencement. T+47 . 7. In the principal regulations , in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T+54 . (iii) after paragraph 15, the following shall be inserted, namely:- 15A. The committee has approved a plan providing for contribution under regulation 39B as under: a. Estimated liquidation cost: Rs .. b. Estimated liquid assets available: Rs .. c. Contributions required to be made: Rs . d. Financial creditor wise contribution is as under: Sl. No. Name of financial creditor Amount to be contributed (Rs.) 1. 2. .. Total 15B. The committee has recommended under regulation 39C as under: a. Sale of corporate debtor as a going concern: Yes / No b. Sale of business of corporate debtor as a going concern: Yes / No The details of reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2018 published vide notification No. IBBI/2017-18/GN/REG030, dated the 27th March, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 124 on 28th March, 2018; 7) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 published vide notification No. IBBI/2018-19/GN/REG031, dated the 3rd July, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 253 on 4th July, 2018; 8) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2018 published vide notification No. IBBI/2018-19/GN/REG032, dated the 5th October, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 372 on 5th October, 2018; and 9) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 published vide notification No. IBBI/2019-20/GN/REG040, dated the 24th January, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 21 on 24th January, 2019. - Notification Tax Management India - tax ..... 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