Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022

Sep 17, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Insolvency and Bankruptcy Board of India (IBBI) on September 16, 2022, notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 will further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

The following amendments have been made-

•In regulation 2B, in sub-regulation (1), after the proviso, the following provision shall be inserted, namely: - 

“Provided further that where the committee has made the recommendation to explore the proposal of compromise or arrangement under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the liquidator shall file the proposal within thirty days of the order of liquidation.”

•In the principal regulations, in regulation 12, in sub-regulation (2), after clause (b), the following shall be inserted, 

 “(c) provided that where a stakeholder does not submit its claims during the liquidation process, the claims submitted by such a stakeholder, and duly collated by the interim resolution professional or resolution professional, as the case may be, during the corporate insolvency resolution process under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, shall be deemed to be submitted under section 38.”

•In the principal regulations, after regulation 32A, the 32B Conduct of meetings of the consultation committee shall be inserted.

•In the principal regulations, after regulation 44, the 44A. Treatment of avoidance of transaction shall be inserted. 

•In the principal regulations, after regulation 45, the 45A. Preservation of records regulation shall be inserted.

•In the principal regulations, in Schedule II, after Form A, the FORM AA WRITTEN CONSENT TO ACT AS LIQUIDATOR shall be inserted.

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

[Notification No. IBBI/2022-23/GN/REG094]

 

 

 


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