IBBI extends the last date for submission of expression of interest.
As per para 10, the Board shall invite expression of interest from IPs in Form A by sending an e-mail to them at their email addresses registered with the Board. The expression of interest must be received by the Board in Form A by the specified date.
Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021
The NCLT may pick up any name from the Panel for appointment of IRP, Liquidator, RP or BT, for a CIRP, Liquidation Process, Insolvency Resolution or Bankruptcy Process relating to a corporate debtors and personal guarantors to corporate debtors, as the case may be.
Insolvency and Bankruptcy Code (Amendment) Ordinance introduces the pre-packaged insolvency resolution process
An application for initiating prepackaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under the Micro, Small and Medium Enterprises Development Act, 2006.
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021.
The insolvency professional shall pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule.
The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021.
The Amendment is brought under clause 12A which specifies the Authorisation for Assignment in which if the authorisation for assignment is not issued, renewed or rejected by the Agency within fifteen days of the date of receipt of application, the authorisation shall be deemed to have been issued or renewed, as the case may be, by the Agency.
IRDAI directs Hospitals to provide cashless treatment for COVID-19 Policy holders.
Hospitals who have signed Service Level Agreement (SLA) with general and health insurers have to mandatorily provide cashless facility for any treatment to the policyholders including Covid-19 treatment in accordance with the agreed provision of SLA and terms and conditions of policy contract.
IRDAI allows Insurers to invest in debt instrument of InvITS and REITS.
The cumulative Investments in Units and Debt Instruments of InvITs and REITs shall not exceed 3% of total fund size of the Insurer at any point of time.
IRDAI (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021.
The Object of this regulation is to provide for the manner of assessment of compensation for the shareholders or members whose interests in, or rights against, the transferee insurer resulting from amalgamation are less than his interest in, or rights against the original insurer.
IBBI issues clarification regarding Consideration of matters by the committee of creditors on request of members
The members of the CoC having 33% of the voting rights may request the RP to convene a meeting of the CoC. Such request shall include a note proposing the matters to be discussed or issues to be voted upon, along with relevant documents, if any. On receipt of the request, the RP shall convene a meeting of the CoC for consideration of the note.
The Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021.
The amendment is brought under regulation 27 which deals with duties of the users in which a user, who has submitted information in Form C of the Schedule to an information utility, shall submit the information updated as on the last day of every month, in the first week of following month: Provided that information of default shall be updated within seven days of occurrence of default.
