Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy
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Voting by authorised representative governs casting of votes and revised creditor payment priority under amended corporate insolvency regulations. The amendments insert a rule that an authorised representative shall cast votes for each financial creditor or on behalf of all financial creditors he represents, re-order payment priority so operational creditors are paid before financial creditors and dissenting financial creditors are paid before consenting ones, expressly permit restructuring by merger/amalgamation/demerger, and introduce mandatory electronic filing of specified Forms by insolvency professionals with defined timelines, Board-modifiable Forms, monthly late fees per Form, and Board remedies for non-filing, inaccuracies or delays. Schedule Forms B and H are revised for security disclosure and detailed plan payment reporting.
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.
Voting by authorised representative governs casting of votes and revised creditor payment priority under amended corporate insolvency regulations.
The amendments insert a rule that an authorised representative shall cast votes for each financial creditor or on behalf of all financial creditors he represents, re-order payment priority so operational creditors are paid before financial creditors and dissenting financial creditors are paid before consenting ones, expressly permit restructuring by merger/amalgamation/demerger, and introduce mandatory electronic filing of specified Forms by insolvency professionals with defined timelines, Board-modifiable Forms, monthly late fees per Form, and Board remedies for non-filing, inaccuracies or delays. Schedule Forms B and H are revised for security disclosure and detailed plan payment reporting.
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