Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019

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....egulations 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, 2019. (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 36B, after sub-regulation (4), the following sub-regulation shall be inserted, namely: - "(4A) The request for resolution plans sha....

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....he past.". 4. In the principal regulations, in regulation 39,- (i) in sub-regulation (4), for "Form H of the Schedule", the following shall be substituted, namely: - "Form H of the Schedule and the evidence of receipt of performance security required under sub-regulation (4A) of regulation 36B." ; (ii) after sub-regulation (8), the following sub-regulation shall be inserted, namely:- "(9) A creditor, who is aggrieved by non-implementation of a resolution plan approved under sub-section (1) of section 31, may apply to the Adjudicating Authority for directions.". 5. In the principal regulations, in the Schedule, in Form H, - (a) for paragraph 7, the following shall be substituted, namely: - "7. The amounts provided for....

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....ent or contributed to the failure of implementation of any resolution plan approved under the Code. (ii) If so, whether the Resolution Applicant has submitted the statement giving details of such nonimplementation?     Regulation 39(4) Provide details of performance security received, as referred to in sub-regulation (4A) of regulation 36B.".       Dr. M. S. SAHOO, Chairperson [ADVT.-III/4/Exty./497/18] Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published in the Gazette of India Extraordinary vide notification No. IBBI/2016-17/GN/REG004 on 30th November, 2016 and was subsequently amended by- 1) Th....