INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (FOURTH AMENDMENT) REGULATIONS, 2018

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....ollowing 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) (Fourth Amendment) Regulations, 2018. (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 (hereinafter referred to as the principal regulations), in regulation 2, in sub-regulation (1), clause (f) shall be omitted. 3. In the principal regulations, in regulation 21, for sub-r....

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....ly: - "(1A) The authorised representative shall exercise the votes either by electronic means or through electronic voting system as per the voting instructions received by him from the creditors in the class pursuant to sub-regulation (6) of regulation 25.". 6. In the principal regulations, in regulation 38, for sub-regulation (1), the following sub-regulation shall be substituted, namely: - "(1) The amount due to the operational creditors under a resolution plan shall be given priority in payment over financial creditors.". 7. In the principal regulations, in regulation 39, - (a) in sub-regulation (1), clause (b) shall be omitted; (b) sub-regulation (3A) shall be omitted; 8. In the principal regulations, after regulat....