Tag Archives: Liquidation Process

CIRP, DISCLOSURE, IBC

05-08-2020 (1) Replacement of IP IN Voluntary Liquidation Process (2) Fees Table Clarification Liquidation Process

THE GAZETTE OF INDIA
EXTRAORDINARY
PART III, SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, WEDNESDAY, AUGUST 5, 2020
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, August 5, 2020
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second
Amendment) Regulations, 2020
No. IBBI/2020-21/GN/REG.063.- 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 (Voluntary
Liquidation Process) Regulations, 2017, namely: –
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India
(Voluntary Liquidation Process) (Second Amendment) Regulations, 2020.
(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 (Voluntary Liquidation Process)
Regulations, 2017, for regulation 5, the following regulation shall be substituted, namely: –
“5. Appointment of liquidator.
(1) Subject to regulation 6, the corporate person shall appoint an insolvency professional as
liquidator, and, wherever required, may replace him by appointing another insolvency
professional as liquidator, by a resolution passed under clause (c) of sub-section (3) of section
59 or clause (c) of sub-regulation (1) of regulation 3, as the case may be:
Provided that such resolution shall contain the terms and conditions of appointment of
the liquidator, including the remuneration payable to him.
(2) The insolvency professional shall, within three days of his appointment as liquidator,
intimate the Board about such appointment.”.
Dr. M. S. Sahoo
Chairperson
Insolvency and Bankruptcy Board of India
[ADVT ………………………]
Note: The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process)
Regulations, 2017 were published vide notification No. IBBI/2016-17/GN/REG010 on 31st
March, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 130 dated 31st
March, 2017 and were last amended by the Insolvency and Bankruptcy Board of India
(Voluntary Liquidation Process) (Amendment) Regulations, 2020 published vide notification
No. IBBI/2019-20/GN/REG054 dated 15th January, 2020 in the Gazette of India,
Extraordinary, Part III, Section 4, No. 26 on 15th January, 2020.

 

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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: –

  1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India

(Liquidation Process) (Third Amendment) Regulations, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

  1. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

(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.”.

  1. 3. In the principal regulations, in regulation 37, in sub-regulation (6), the word “of” shall be

omitted.

  1. 4. In the principal regulations, in regulation 47, in the Table, –

(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.