Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022

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....makes the following 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) (Third Amendment) Regulations, 2022.     (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'), the word "Schedule" shall be substituted with the word and mark "Schedule-I", wherever it is appeari....

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....chedule-II or may extend any other performance-linked incentive structure as it deems necessary. (5) The fee under this regulation may be paid from the funds, available with the corporate debtor, contributed by the applicant or members of the committee and/or raised by way of interim finance and shall be included in the insolvency resolution process cost." 4. In the principal regulations, after Schedule-I, the following shall be inserted, namely: - "Schedule-II (Under Regulation 34B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) Minimum Fixed Fee. 1. Minimum fixed fee as per the table -1 below shall be paid to the interim resolution professiona....

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....ditors by the resolution applicant. Table-2: Performance-linked incentive fee for timely resolution Time period from insolvency commencement date Fee as % of Realisable Value (i) Less than or equal to 165 days 1.00 (ii) More than 165 days but less than or equal to 270 days 0.75 (iii) More than 270 days but less than or equal to 330 days 0.50 (iv) More than 330 days 0.00 Performance-linked incentive fee for value maximisation. 4. The performance-linked incentive fee for value maximisation may be paid to the resolution professional at the rate of one per cent of the amount by which the realisable value is higher than the liquidation value, after approval of the resolution plan by Adjudicating Authorit....