TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019
X X X X Extracts X X X X
X X X X Extracts X X X X
....er 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) (Second 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), for regulation 30A, the following regulation shall be substituted, namely: - "30A. Withdrawal of application. (1) An application for withdrawal under section 1....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n referred to in sub-regulation (4) is approved by the committee with ninety percent voting share, the resolution professional shall submit such application along with the approval of the committee, to the Adjudicating Authority on behalf of the applicant, within three days of such approval. (6) The Adjudicating Authority may, by order, approve the application submitted under sub-regulation (3) or (5). (7) Where the application is approved under sub-regulation (6), the applicant shall deposit an amount, towards the actual expenses incurred for the purposes referred to in clause (a) or clause (b) of sub-regulation (2) till the date of approval by the Adjudicating Authority, as determined by the interim resolution professional or resoluti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ts under sub-regulation (2) is less than the estimated liquidation costs under sub-regulation (1), the committee shall approve a plan providing for contribution for meeting the difference between the two. (4) The resolution professional shall submit the plan approved under sub-regulation (3) to the Adjudicating Authority while filing the approval or decision of the committee under section 30 or 33, as the case may be. Explanation.- For the purposes of this regulation, 'liquidation costs' shall have the same meaning as assigned to it in clause (ea) of sub-regulation (1) of regulation (2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 39C. Assessment of sale as a going concern. (1) While appro....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (b) the period, if any, used for sale under clauses (e) and (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; and (c) the balance period of liquidation.". 6. In the principal regulations, in regulation 40A, in the Table,- (i) for the entries relating to 'Regulation 13(1)' and 'Regulation 13(2)', the following entries shall respectively be substituted, namely:- "Regulation 13(1) Verification of claims received under regulation 12(1) Within 7 days from the receipt of the claim T+21 Verification of claims received under regulation 12(2) T+97"; (ii) for the entries relating to 'Section 22(1)/Regulation 19(1)', the following entries shall be substituted, namely: - "....
X X X X Extracts X X X X
X X X X Extracts X X X X
....efore the Adjudicating Authority under [Section 7 / Section 9/Section 10] of the Insolvency and Bankruptcy Code, 2016. 3. I attach the required bank guarantee as per sub-regulation (2) of regulation 30A. (Signature of the applicant) Date: Place: [Note: In the case of company or limited liability partnership, the declaration and verification shall be made by the director/manager/secretary/designated partner and in the case of other entities, an officer authorised for the purpose by the entity]". (b) in Form H,- (i) in paragraph 9, for the entries relating to Regulation 38(1), the following entries shall be substituted, namely: - "Regulation 38 (1) Whether the amount due to the operational creditors under the resolution plan ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed 30th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and was 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 16th August, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 318 on 16th 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 5th October, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 386 ....