Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021
The amendment provides that a director shall disclose any order of any authority that affects his character or reputation, to the insolvency professional agency, within one week of issue of such order. The copy of the order shall also be placed forthwith on the website of the insolvency professional agency.
Proposal to introduce Pre-packaged Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016
The efficacy of out-of-court workouts in delivering speedier resolutions provided regulators extend the same regulatory exemptions as available to settlements made under the IBC framework was considered and the committee suggested a Pre-packaged insolvency resolution process (PPIRP) which may be introduced under the Code with necessary checks and balances, as an option for resolving insolvency.
IBBI directs insolvency professionals to retain certain records in electronic form for 8 years.
The insolvency professionals shall preserve an electronic copy of all records (physical and electronic) for a minimum period of eight years, and a physical copy of physical records for a minimum period of three years.
IBBI directs IPs to preserve copies of records for a minimum period of eight years from the date of completion of the CIRP
An IP shall preserve copies of records generated in electronic form for a minimum period of eight years, from the date of completion of the CIRP or the conclusion of any proceeding relating to CIRP, before the Adjudicating Authority (AA), Appellate Authority or Court, or any matter pending with the Board, whichever is later.
IBBI to appoint insolvency resolution professional for the period from 1st January 2020 to 30th June 2021.
The Board has invited expression of interest from Insolvency professionals by 25th December in Form-A by sending an e-mail to IPs at their email addresses registered with the board.
Resolution professionals to file the list of creditors on the electronic platform of IBBI
The interim resolution professional or the resolution professional shall file the list of creditors on the electronic platform of the Board for dissemination on its website for every corporate insolvency resolution process ongoing as on the date 13th November, 2020 or commencing on or after the said date.
Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2020
The Board will prepare a common Panel of IPs for appointment as IRP, Liquidator, RP and BT and share the same with the AA (Hon’ble NCLT and Hon’ble DRT) in accordance with these Guidelines.
The liquidator can now assign or transfer a not readily realisable asset to any person.
The Amendment brings in a new regulation 30A which deals with the transfer of debt due to creditors in which a creditor may assign or transfer the debt due to him or it to any other person during the liquidation process in accordance with the laws.
Insolvency Resolution Process for Corporate Persons (Fifth Amendment) Regulations, 2020.
The amendment brings in a new regulation 2A which specifies that the financial creditor may furnish a certified copy of entries in the relevant account in the bankers’ book and an order of a court or tribunal that has adjudicated upon the non-payment of a debt, where the period of appeal against such order has expired.
The Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020.
The amendment brings in new regulation 21A which deals with dissemination of public announcement in which an information utility shall disseminate every public announcement it receives or has access to, on the date of its receipt or access, to its registered users, who are creditors of the corporate debtor undergoing insolvency proceeding under the Code.
