NCLT New Delhi(PB) on 04.01.2020 in State Bank of India vs M/s. Metenere Limited [CP No. IB-639(PB)/2018]
Mr. Sailesh Verma. It is submitted that Mr. Sailesh Verma is an ex-employee of SBI; joined the services of SBI in the year 1977 and since then he had been working with SBI till his retirement in 2016. He has been in the services of SBI for a period of over 39 years. Thus there is an apprehension of bias against the appointment of the proposed IRP.
NCLAT : disqualified or ineligible to act as an ‘Interim Resolution Professional’.
NOW
| IBBI INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016 07-08-2020 |
4A. CHOICE OF AUTHORISED REPRESENTATIVE. |
| Inserted 4A (2) (aa) having their addresses, as registered with the Board, in the State or Union Territory, as the case may be, which has the highest number of creditors in the class as per their addresses in the records of the corporate debtor: Provided that where such State or Union Territory does not have adequate number of insolvency professionals, the insolvency professionals having addresses in a nearby State or Union Territory, as the case may be, shall be considered;”. |
| IBBI INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016 07-08-2020 |
16A. AUTHORISED REPRESENTATIVE. |
| substituted, “(9) The authorised representative shall circulate the agenda to creditors in a class, and may seek their preliminary views on any item in the agenda to enable him to effectively participate in the meeting of the committee: Provided that creditors shall have a time window of at least twelve hours to submit their preliminary views, and the said window opens at least twenty-four hours after the authorised representative seeks preliminary views: Provided further that such preliminary views shall not be considered as voting instructions by the creditors.”. |
| IBBI INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016 07-08-2020 |
39. APPROVAL OF RESOLUTION PLAN. |
| substituted, “(3) The committee shall- (a) evaluate the resolution plans received under sub-regulation (2) as per evaluation matrix; (b) record its deliberations on the feasibility and viability of each resolution plan; and (c) vote on all such resolution plans simultaneously. (3A) Where only one resolution plan is put to vote, it shall be considered approved if it receives requisite votes. (3B) Where two or more resolution plans are put to vote simultaneously, the resolution plan, which receives the highest votes, but not less than requisite votes, shall be considered as approved: Provided that where two or more resolution plans receive equal votes, but not less than requisite votes, the committee shall approve any one of them, as per the tie-breaker formula announced before voting: Provided further that where none of the resolution plans receives requisite votes, the committee shall again vote on the resolution plan that received the highest votes, subject to the timelines under the Code. |
===================================================
THE GAZETTE OF INDIA
EXTRAORDINARY
PART III, SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, WEDNESADAY, AUGUST 5, 2020
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, August 5, 2020
Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment)
Regulations, 2020
No. IBBI/2020-21/GN/REG062.- In exercise of the powers conferred by clause (t) of subsection
(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, further to amend the Insolvency and Bankruptcy Board of India (Liquidation
Process) Regulations, 2016, namely: –
(Liquidation Process) (Third Amendment) Regulations, 2020.
(2) They shall come into force on the date of their publication in the Official Gazette.
(hereinafter referred to as the principal regulations), in regulation 4, in sub-regulation (2), in
clause (b), after the Table, the following Clarification shall be inserted, namely:-
“Clarification: For the purposes of clause (b), it is hereby clarified that where a liquidator
realises any amount, but does not distribute the same, he shall be entitled to a fee corresponding
to the amount realised by him. Where a liquidator distributes any amount, which is not realised
by him, he shall be entitled to a fee corresponding to the amount distributed by him.”.
omitted.
(a) in serial number 4, in column 2, for “Section 38 (1) and (5), Reg. 17, 18 and 21A”, the
following shall be substituted, namely: –
“Section 38 (1), Reg. 17, 18, 19, 20 and 21A”;
(b) in serial number 18, in column 4, for the word “disclosure”, the word “disclaimer” shall be
substituted.
Dr. M. S. Sahoo
Chairperson
[ADVT ………………………]
Note: The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
were published vide notification No. IBBI/2016-17/GN/REG005 dated 15th December, 2016 in
the Gazette of India, Extraordinary, Part III, Section 4, vide No. 460 on 15th December, 2016
and were last amended by the Insolvency and Bankruptcy Board of India (Liquidation Process)
(Second Amendment) Regulations, 2020 vide notification No. IBBI/2020-21/GN/REG060,
dated the 20th April, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 157 on
24th April, 2020.
Panel of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020’ for the period from 1st July 2020 to 25th November 2020
https://www.ibbi.gov.in/uploads/whatsnew/d01493e1629eb59927b84ab8d776f5b6.pdf
PROVISION BEFORE AMENDMENT:
4 Matters not to be dealt with in a Meeting through Video Conferencing or Other Audio-Visual Means
1(1) [The] following matters shall not be dealt with in any meeting held through video conferencing or other audiovisual means.-
(i) The approval of the annual financial statements;
(ii) The approval of the Board’s report;
(iii) The approval of the prospectus;
(iv) The Audit Committee Meetings for 2[consideration of financial statement including consolidated financial statement if any, to be approved by the Board under sub-section (1) of section 134 of the Act]; and
(v) The approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.
PROVISION after 1st AMENDMENT:
4 Matters to be Dealt With in a Meeting Through Video Conferencing or Other Audio-Visual Means Upto 30 June 2020.
1(1) [The] following matters shall not be dealt with in any meeting held through video conferencing or other audiovisual means.-
(i) The approval of the annual financial statements;
(ii) The approval of the Board’s report;
(iii) The approval of the prospectus;
(iv) The Audit Committee Meetings for 2[consideration of financial statement including consolidated financial statement if any, to be approved by the Board under sub-section (1) of section 134 of the Act]; and
(v) The approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.
1(1) [The] following matters shall not be dealt with in any meeting held through video conferencing or other audiovisual means.-
(i) The approval of the annual financial statements;
(ii) The approval of the Board’s report;
(iii) The approval of the prospectus;
(iv) The Audit Committee Meetings for 2[consideration of financial statement including consolidated financial statement if any, to be approved by the Board under sub-section (1) of section 134 of the Act]; and
(v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.
Actually provision For appointed as an independent director.
(1) Every individual –
(a) who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of 5[seven months] from such commencement; or
(b) Who intends to get appointed as an independent director in a company after such commencement, shall before such appointment,
Apply online to the institute for inclusion of his name in the data bank for a period of one year or five years or for his life-time, and from time to time take steps as specified in sub-rule (2), till he continues to hold the office of an independent director in any company:
Provided that any individual, including an individual not having DIN, may voluntarily apply to the institute for inclusion of his name in the data bank.
*Commencement date was: 01 December 2019.
Provision For appointed as an independent director After Amendment date 24/06/2020.
(1) Every individual –
(a) who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of 5[Ten months] from such commencement; or
(b) Who intends to get appointed as an independent director in a company after such commencement, shall before such appointment,
Apply online to the institute for inclusion of his name in the data bank for a period of one year or five years or for his life-time, and from time to time take steps as specified in sub-rule (2), till he continues to hold the office of an independent director in any company:
Provided that any individual, including an individual not having DIN, may voluntarily apply to the institute for inclusion of his name in the data bank.
*Commencement date was: 01 December 2019.
| Subject | Extension of RSUB validity for companies | Time extension as per Circular | Circular Apply Conditions | Example |
| Name reservation for companies | Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of name reservation | Names expiring any day between 15th March 2020 to 30th June would be extended by 20 days beyond 30th June 2020. |
*The name must be Expire between 15th march 2020 to 30th june 2020 | 1.ABC pvt ltd The name reservation expire on 30th june 2020. but due to circular now name expire on 20 July 2020. 2.ABC pvt ltd The name reservation expire on 20th March 2020. but due to circular now name expire on 20 July 2020. 3.ABC pvt ltd The name reservation expire on 01 july 2020 then these circular not applies and no time extension allowed. |
| Change of Name of companies | Names reserved for 60 days for change of name of company. INC-24 needs to be filed within 60 days of name reservation. | Names expiring any day between 15th March 2020 to 30th June would be extended by 60 days beyond 30th June 2020. |
*The name must be Expire between 15th march 2020 to 30th june 2020 | 1.ABC pvt ltd The name reservation expire on 30th june 2020. but due to circular now name expire on 29 August 2020. 2.ABC pvt ltd The name reservation expire on 20th March 2020. but due to circular now name expire on 29 August 2020. 3.ABC pvt ltd The name reservation expire on 01 july 2020 then these circular not applies and no time extension allowed. |
| Name Resubmition(RSUB) | Extension of RSUB validity for companies/LLPs |
SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 30th June 2020, additional 15 days beyond 30th June 2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis. | *The name Resubmission must expire between 15th march 2020 to 30th june 2020 | 1.ABC pvt ltd The name resubmission expire on 30th june 2020. but due to circular now name expire on 15 July 2020. 2.ABC pvt ltd The name resubmission expire on 20th March 2020. but due to circular now name expire on 15 July 2020. 3.ABC pvt ltd The name resubmission expire on 01 july 2020 then these circular not applies and no time extension allowed. |
| Namee reservation for LLPs | Names reserved for 90 days for new LLP incorporation/change of name. FiLLiP/Form 5 needs to be filed within 90 days of name reservation. | Names expiring any day between 15th March 2020 to 30th June would be extended by 20 days beyond 30th June 2020. | *The name Reservation must expire between 15th march 2020 to 30th june 2020 | 1.ABC LLP The name Reservation expire on 30th june 2020. but due to circular now name expire on 20 July 2020. 2.ABC LLP The name reservation expire on 20th March 2020. but due to circular now name expire on 20 July 2020. 3.ABC LLP The name reservation expire on 01 july 2020 then these circular not applies and no time extension allowed. |
