Insolvency and Bankruptcy Board of India vide its notification dated 20th April 2020 has published the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 which shall be deemed to have come into force on 25th March 2020.
The Insolvency professional/ interim resolution professional shall file the IP/CIRP forms under regulation 40B. However if the filing of form is done after the due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of Rs 500 per Form for each calendar month of delay after 1st October 2020.
Example: A Form is required to be filed by 30th October 2020, if it’s filed on or before 30th October there shall not be any fee however if its filed on 31st October a fee of Rs 500 will be charged and if it is filed in any day in November 2020 a fee of Rs 1000 and in case if it is filed in October, a fee of Rs 1500 will be charged.
Click here to read the Notification.
