Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022
The amendment provides that liquidator shall endeavour to complete the liquidation process of the corporate person and submit the Final Report and the compliance certificate in Form-H ninety days from the liquidation commencement date in all normal cases.
Limited Liability Partnership(Second Amendment) Rules, 2022
It is clarified that Statement of Account & Solvency shall be signed on behalf of the Limited Liability Partnership by designated partners. Once the corporate insolvency process is initiated, Statement of Account & Solvency shall be signed on behalf of the LLP by administrator of Limited Liability Partnership, interim resolution professional, resolution professional or liquidator.
The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022.
A resolution professional may convene a meeting of the committee as and when he considers necessary and if he considers it necessary, on a request received from members of the committee and shall convene a meeting if the same is made by members of the committee representing at least thirty three per cent of the voting rights.
IBBI publishes (FAQs) on Insolvency and Bankruptcy Code, 2016.
As per the revised edition, it has been clarified, that provisions relating to the insolvency and liquidation of corporate debtors shall be applicable only when the amount of the default is one lakh rupees or more. However, the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees.
IBBI extends the validity of Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations Guidelines, 2020 till 31st March, 2022.
Regulation 7(2)(ba) of IBBI (Insolvency Professionals) Regulations, 2016, mandates that the registration of an IP is subject to the condition that he shall undergo continuing professional education as may be required by the Board. In pursuance of this, the Board has issued the IBBI (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019.
IBBI has notified the revised format for filing of creditors.
In pursuance of clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulations’) requiring the insolvency professional (IP) to file list of creditors on the electronic platform of the Board for dissemination on its website.
MCA invites comments from public on Cross-Border Insolvency under Insolvency and Bankruptcy Code, 2016.
Cross-border insolvency’ denotes circumstances in which an insolvent debtor has assets and/or creditors in more than one country. With the rapid increase in globalisation and the advent of sophisticated communications technology, cross-border trade and investment has increased the dependence of national economies on each other.
IBBI issues Clarification regarding requirement of seeking No Objection Certificate from the Income Tax Department.
Regulation 14 of the IBBI (Voluntary Liquidation Process) Regulations, 2017 (the Regulations) mandates the liquidator to make the public announcement within five days of his appointment, calling for submission of claims by stakeholders within thirty days from the liquidation commencement date.
HFCs shall qualify as Financial Institutions under SARFAESI Act
The HFCs registered under of National Housing Bank Act, 1987 and having assets worth ₹100 crore & above, shall qualify as ‘Financial Institution’ under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
Insolvency and Bankruptcy Code (Amendment) Act, 2021.
An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006.
