Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 - IBBI/2019-20/GN/REG040 - Insolvency and Bankruptcy
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Performance security requirement: approved resolution applicants must furnish security or face forfeiture for failure to implement the resolution plan. Adds a mandatory performance security: resolution applicants whose plans are approved must provide performance security within the specified time, which shall be forfeited if the applicant fails to implement or contributes to failure of implementation of the approved plan; performance security is defined by request for plans with committee approval and may be specified in absolute or variable terms. Resolution plans must disclose past failures to implement approved plans by the applicant or related parties, and Form H is amended to record evidence of performance security and related compliance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Performance security requirement: approved resolution applicants must furnish security or face forfeiture for failure to implement the resolution plan.
Adds a mandatory performance security: resolution applicants whose plans are approved must provide performance security within the specified time, which shall be forfeited if the applicant fails to implement or contributes to failure of implementation of the approved plan; performance security is defined by request for plans with committee approval and may be specified in absolute or variable terms. Resolution plans must disclose past failures to implement approved plans by the applicant or related parties, and Form H is amended to record evidence of performance security and related compliance.
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