IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 12^th February, 2020

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020.

No. IBBI/2019-20/GN/REG055.—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 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:-

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (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 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, in regulation 40B, for sub-regulation (4), the following sub-regulation shall be substituted, namely: –

^“(4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1^st April, 2020.

Example: A Form is required to be filed by 30^th April, 2020. It shall be filed along with a fee as under:

Dr. Navrang Saini
Whole Time Member
[ADVT.- _____________]

Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016- 17/GN/REG004, dated 30^th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30^th November, 2016 and were subsequently amended by-

(1) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 published vide notification No. IBBI/2017-18/GN/REG013, dated the 16^th August, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 318 on 16^th August, 2017;

(2) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017 published vide notification No. IBBI/2017-18/GN/REG018, dated the 5^th October, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 386 on 5^th October, 2017;

(3) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017 published vide notification No. IBBI/2017-18/GN/REG019 dated the 7^th November, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 7^th November, 2017;

(4) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017 published vide notification No. IBBI/2017-18/GN/REG22, dated the 31^st December, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 01 on 1^st January, 2018;

(5) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018 published vide notification No. IBBI/2017-18/GN/REG024, dated the 6^th February, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 49 on 6^th February, 2018;

(6) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018 published vide notification No. IBBI/2017-18/GN/REG030, dated the 27^th March, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 124 on 28^th March, 2018;

(7) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 published vide notification No. IBBI/2018-19/GN/REG031, dated the 3^rd July, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 253 on 4^th July, 2018;

(8) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2018 published vide notification No. IBBI/2018-19/GN/REG032, dated the 5^th October, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 372 on 5^th October, 2018;

(9) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 published vide notification No. IBBI/2019-20/GN/REG040, dated the 24^th January, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 21 on 24^th January, 2019;

(10) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 published vide notification No. IBBI/2019-20/GN/REG048, dated the 25^th July, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 267 on 25^th July, 2019; and

(11) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 published vide notification No. IBBI/2019-20/GN/REG052, dated the 27^th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 429 on 28^th November, 2019.

——————

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

CORRIGENDUM

New Delhi, the 14th February, 2020

No. IBBI/2019-20/GN/REG055(1).—In the notification of the Insolvency and Bankruptcy Board of India published vide No. IBBI/2019-20/GN/REG055 dated 12^th February, 2020, in the Gazette of India, Extraordinary, Part III, Section 4, No. 58 dated 12^th February, 2020, in serial number 2, for the Example, read:

“Example: A Form is required to be filed by 29^th April, 2020. It shall be filed along with fee as under:

Dr. NAVRANG SAINI, Whole Time Member
[ADVT.-III/4/Exty./459/19]