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IBBI’s Electronic Platform for hosting Public Notices of Auctions of Liquidation Assets

https://ibbi.gov.in/liquidation-auction-notices/lists

Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
CIRCULAR
No. IBBI/LIQ/44/2021 30th September, 2021
To
All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities
All Registered Insolvency Professionals Agencies
(By mail to registered email addresses and on website of the Board)
Dear Madam /Sir,
Subject: IBBI’s Electronic Platform for hosting Public Notices of Auctions of Liquidation
Assets under the IBBI (Liquidation Process) Regulations, 2016.
A liquidator is required to issue public notice of auctions on the website designated by IBBI,
in addition to other specified modes of publication, under sub-regulation (3) of regulation 12
of the IBBI (Liquidation Process) Regulations, 2016 (Liquidation Process Regulations) read
with clause (5) of paragraph 1 of its Schedule I.
2. Liquidators are presently auctioning liquidation assets on various auction platforms. The
information regarding such auctions is not available at a centralised place. A centralised
platform hosting all public notices of auctions of liquidation assets of ongoing liquidation
processes would improve visibility for the liquidation assets being sold, and may expedite the
process and lead to better realisation.
3. Considering the above, the Board has provided an electronic platform on its website:
www.ibbi.gov.in for hosting public notices of auctions of liquidation assets. The Board hereby
designates this platform for the purposes of clause (5) of paragraph 1 of Schedule I of the
Liquidation Process Regulations.
4. Liquidators are, therefore, directed to upload the public notice of every auction of any
liquidation asset, with effect from 1st October, 2021, at www.ibbi.gov.in on the day of its
publication in newspapers, through their designated login page.
5. This Circular is issued in exercise of the powers under section 196 of the Insolvency and
Bankruptcy Code, 2016.
Yours sincerely,
Sd/-
Assistant General Manager

19-08-2020 Disqualification of an IP due to Bias, being Ex-employee/Pensioner of applicant SBI Case SC Concluded (NCLAT) Delhi is not correct

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

Finally the Hon’ble SCI on 19.08.2020 in State Bank of India vs M/s. Metenere Ltd (Civil Appeal No. 2570 of 2020) disposed the matter, observing as under;

  • “We are prima facie satisfied that the approach adopted by the National Company Law Appellate Tribunal, New Delhi (NCLAT) is not correct that merely Resolution Professional who remained in the Service of SBI and is getting pension, was disentitled to be Resolution Professional.”

 

IBBI INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016 07-08-2020 4A. CHOICE OF AUTHORISED REPRESENTATIVE 16A. AUTHORISED REPRESENTATIVE   39. APPROVAL OF RESOLUTION PLAN.

buchasia.com/ip

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.

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.

 

===================================================

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.

 

Extended Upto 30-09-2020 Companies (Meetings of board and its powers) 2nd Amdt Rules 2020 clarification dt 24-06-2020

 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.

PROVISION after 2nd AMENDMENT (24/06/2020):

4 Matters to be Dealt With in a Meeting Through Video Conferencing or Other Audio-Visual Means Upto 30 September 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.

CS IP RV NCLT Manish Buchasia M S Buchasia & Associates Practising Company Secretaries , Insolvency and Bankruptcy Professional, Registered Valuer, NCLT Consultant manishbuchasiacs@gmail.com 9898055367