TMI BlogThe IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - News and Press Release Dated:- 30-3-2020 - News - Insolvency and Bankruptcy Board of India No. IBBI/PR/2020/06 29th March, 2020 Press Release The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Persons) Regulations, 2016 The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) today. 2. Government of India has declared a lockdown of twenty-one days with effect from 25 th March, 2020 as a measure to combat and contain the spread of CO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VID-19. It is difficult for the insolvency professionals to continue to conduct the process, for members of committee of creditors to attend the meetings, and for prospective resolution applicants to prepare and submit resolution plans, during the period of lockdown. Therefore, it may be difficult to complete various activities during a corporate insolvency resolution process within the timelines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specified in the CIRP Regulations. 3. To address this difficulty, the IBBI amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to the lockdown, in relation to a corporate insolvency resolution process. This wou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld, however, be subject to the overall time-limit provided in the Code. 4. The amended regulations are effective from today. These are available at www.mca.gov.in and www.ibbi.gov.in . Related Notification : Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020. - News - Press release - PIB Tax Management ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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