TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022
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....9;the principal regulations'), in regulation 2B, in sub-regulation (1), after the proviso, the following proviso shall be inserted, namely: - "Provided further that where the recommendation to explore proposal of compromise or arrangement has been made by the committee under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the liquidator shall file the proposal within thirty days of the order of liquidation." 3. In the principal regulations, in regulation 4, (i) after sub-regulation (1), the following sub-regulation shall be inserted, namely: - "(1A) Where no fee has been fixed under sub-regulation (1), the consultation committee may fix the fee of the liquidator in its first meeting." (ii) in sub-regulation (2), after the figure and brackets "(1)", the word, figure, letter and brackets " and (1A)" shall be inserted. 4. In the principal regulations, in regulation 12, in sub-regulation (2), after clause (b), the following shall be inserted, namely:- "(c) provide that where a stakeholder does not submit its claims during the liquidation proces....
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....aluation under sub- regulation (2) of regulation 35; (e) the manner in which proceedings in respect of preferential transactions, undervalued transaction, extortionate credit transaction or fraudulent or wrongful trading, if any, shall be pursued after closure of liquidation proceedings and the manner in which the proceeds, if any, from these proceedings shall be distributed." (ii) after sub-regulation (1), the following shall be inserted, namely: - "(1A) The committee of creditors under section 21 shall function as the consultation committee with same voting rights till constitution of the consultation committee under sub-regulation (1)" (iii) for sub-regulation (2), the following shall be substituted, namely: - "(2) The voting share of a member of the consultation committee shall be in proportion to his admitted claim in the total admitted claim: Provided a secured creditor who has not relinquished his security interest under section 52 shall not be part of the consultation committee; Provided that the promoters, directors, partners or their representatives may attend the meeting of the consultation committee, but sha....
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....ent; and (b) be suitably remunerated for work performed till his replacement. Provided that where a consultation committee under Regulation 31A has been constituted before the commencement of Insolvency and Bankruptcy Board of India (Liquidation Process) (Second mendment) Regulations, 2022, the liquidator within thirty days of the commencement of the said Regulations, shall reconstitute the consultation committee as required under the said Regulations and provisions provided under amended Regulation 31A shall come into effect only after such constitution." 10. In the principal regulations, in regulation 32A, for sub-regulation (4), the following shall be substituted, namely: - "(4) The liquidator may sell the assets of the corporate debtor under clause (e) of regulation 32 exclusively only at the first auction." 11. In the principal regulations, after regulation 32A, the following shall be inserted, namely:- "32B Conduct of meetings of the consultation committee. Save as otherwise provided under Chapter III of Part II of the Code and these Regulations, the provisions of regulations 18 to 26 of Chapter VI and Chapter VII of th....
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....rds which give a complete account of the liquidation process. (2) Without prejudice to the generality of the provisions of sub-regulation (1), the liquidator shall preserve copies of records relating to or forming the basis of:- a) his appointment as liquidator, including the terms of appointment; b) handing over and taking over of the assignment; c) admission of corporate debtor into liquidation; d) public announcement; e) the constitution of consultation committee and minutes of consultation committee meetings during liquidation process; f) claims, verification of claims, and list of stakeholders; g) details of relinquishment or otherwise by secured creditors in liquidation process; h) engagement of professionals, registered valuers, etc. including work done, reports etc., submitted by them; i) Invitation, consideration and approval of plans / proposals / scheme received, in case of going concern sale in liquidation process or compromise or arrangement under section 230 of the Companies Act, 2013; j) all filings with the Adjudicating Authority, Appellate Authority, High Courts, Supr....
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....shall be inserted, namely:- " Sl. No. Section / Regulation Description of Task Norm Latest Timeline (Days) (1) (2) (3) (4) (5) 3A. Reg. 31A (6) First meeting of SCC Within 7 days of LCD T+7 (ii) in serial number 12, (a) in column 4, for the figure "75" the figures and mark "30/75", shall be substituted. (b) in column 5, for the figure "75" the figure and mark "30/75", shall be substituted. 17. In the principal regulations, in Schedule I, in para (1), (i) after clause (1), the following shall be inserted, namely:- "(1A) Subject to provisions of regulation 2B, the liquidator shall issue a public notice of an auction for sale under regulation 32 within forty-five days from the liquidation commencement date unless the consultation committee advises to extend the timeline. (1B) The liquidator shall issue public notice for the next auction, in case of failure of the auction, within fifteen days from the last failed auction unless the consultation committee advises to deviate from the specified time period. (1C) Notwithstanding anything contained in this Schedule,....