TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022
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....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, 2022. (2) They shall come into force on the date of 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'), after regulation 4B, the following shall be inserted, namely: - "4C. Process e-mail. (1) The interim resolution professional shall open an email account and ....
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....he Adjudicating Authority." 5. In the principal regulations, in regulation 35A, for sub-regulation (3), the following shall be substituted, namely:- "(3) Where the resolution professional makes a determination under sub-regulation (2), he shall apply to the Adjudicating Authority for appropriate relief on or before the one hundred and thirtieth day of the insolvency commencement date." 6. In the principal regulations, in regulation 35A, after sub-regulation (3), the following shall be inserted, namely:- "(3A) The resolution professional shall forward a copy of the application to the prospective resolution applicant to enable him to consider the same while submitting the resolution plan within the time initially stipulated." 7. In the....
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....ain linkages, utility connections and other pre-existing facilities (k) Details of business evolution, industry overview and key growth drivers in case of a corporate debtor having book value of total assets exceeding one hundred crores rupees as per the last available financial statements" 8. In the principal regulations, in regulation 36A, in sub-regulation (1), for the words "not later than seventy fifth day", the words "not later than sixtieth day" shall be substituted. 9. In the principal regulations, in regulation 36B, after sub-regulation (6) the following sub-regulation shall be inserted, namely:- "(6A) If the resolution professional, does not receive a resolution plan in response to the request under this regulation, he may, ....
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....ency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016 and the resolution professional shall submit the committee's recommendation to the Adjudicating Authority while filing application under section 33. (2) Where a recommendation has been made under sub-regulation (1), the resolution professional and the committee shall keep exploring the possibility of compromise or arrangement during the period the application to liquidate the corporate debtor is pending before the Adjudicating Authority." 13. In the principal regulations, in regulation 40A, for the Table the following shall be substituted, namely:- Section / Regulation Description of Activity Norm Latest Timeline Section 16(1) Commencement of CIRP and appoint....
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....ipt or 7 days of constitution of CoC, whichever is later. W+7 Filing application of withdrawal, if approved by CoC with 90% majority voting, by RP to AA Within 3 days of approval by CoC W+10 Regulation 35A RP to form an opinion on preferential and other transactions Within 57 days of the commencement T+75 RP to make a determination on preferential and other transactions Within 115 days of commencement T+115 RP to file applications to AA for appropriate relief Within 130 days of commencement T+130 Regulation 36 (1) Submission of IM to CoC Within 95 days of commencement T+57 Regulation 36A Publish Form G Within 60 days of commencement T+60 Invitation of EoI Submission of EoI At least 15 days from issue of EoI (Assume ....
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....ule, for the Form G, the following shall be substituted, namely: - "FORM G INVITATION FOR EXPRESSION OF INTEREST FOR [NAME OF CORPORATE DEBTOR] OPERATING IN [INDUSTRY TYPE] AT [LOCATION(S)] (Under Regulation 36A(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) RELEVANT PARTICULARS 1. Name of the corporate debtor along with PAN/ CIN/ LLP No. 2. Address of the registered office 3. URL of website 4. Details of place where majority of fixed assets are located 5. Installed capacity of main products/ services 6. Quantity and value of main products/ services sold in last financial year 7. Number of employees/ workmen 8. Further details including last av....