The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020

The Amendment is brought under Regulation 16A where the authorized representative shall circulate the agenda to creditors in a class, and may seek their preliminary views on any item in the agenda to enable him …

Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020

The Amendment is brought under regulation 4 which deals with liquidator’s fee. It is clarified that where a liquidator realizes any amount but does not distribute the same, he shall be entitled to a fee …

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020

The corporate person shall appoint an insolvency professional as liquidator and can replace him wherever required through a resolution. The insolvency professional shall, within three days of his appointment as liquidator, intimate the Board about …

The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020

A limited liability partnership, a registered partnership firm or a company may be recognized as an insolvency professional entity if “its sole objective is to provide support services to insolvency professionals”.

IBC (Amendment) Ordinance 2020 Suspends bankruptcy proceedings for further 6 months

The Central Government vide ordinance promulgated on 5th June 2020 has amended the Insolvency & bankruptcy Code, 2016 which has effectively suspended fresh bankruptcy proceedings against persons impacted by COVID-19 for at least six months, …

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) 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.

IBBI clarifies role of Liquidator in Avoidance Transactions

The Insolvency and Bankruptcy Board of India vide Circular dated 8th May, 2020 has clarified the Role of Resolution Professional/Liquidator in respect of Avoidance Transactions.

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020

An application received on and from 28th March 2020 and ending on the 30th September 2020, if the authorization for assignment is not issued, renewed or rejected by the Agency within thirty days of the …

RBI Extends Resolution timelines on stressed assets under the prudential framework

Lenders are required to implement a resolution plan in respect of entities in default within 180 days from the end of Review Period of 30 days. However RBI has decided that in respect of accounts …

CBIC has issued clarification for companies to comply with GST laws under Insolvency and Bankruptcy code, 2016

The Central Board of Indirect Taxes and Customs in its notification dated 23rd March 2020, has issued clarification on issues being faced by entities covered under Insolvency and Bankruptcy Code, 2016 regarding registration, returns, refund …

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