Amendments in Insolvency and Bankruptcy Board of India Regulations, 2017 (Download PDF)

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The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.

Image of Amendments in Insolvency & Bankruptcy Board of India

Image of Amendments in Insolvency & Bankruptcy Board of India

Image of Amendments in Insolvency & Bankruptcy Board of India

  1. Resolution Professional must appoint Registered Valuers to determine fair value and the liquidation value of the Corporate Debtor. The Resolution Professional and Registered Valuers should maintain confidentiality of the fair value and the liquidation value.

  2. The Resolution Professional should submit the information memorandum in electronic form to each member of the Committee of Creditors within two weeks of appointment.

  3. Information memorandum to be submitted to each prospective resolution applicant latest by the date of invitation of resolution plan, on receiving confidentiality undertaking.

  4. The Resolution Professional should issue an invitation, including the evaluation matrix, to the prospective Resolution Applicants. He can modify the invitation as well as the evaluation matrix.

  5. The prospective resolution applicant would get 15 days, from the issue of invitation or modification thereof, whichever is later, to submit resolution plans.

  6. The Resolution Professional would get 8 days from the issue of evaluation matrix or modification thereof, whichever is later, to submit resolution plans.

  7. An abridged invitation would be available on the web site, if any, of the corporate debtor, and on the web site, if any, designated by the IBBI for the purpose.

  8. A Resolution Plan shall provide for the measures, for insolvency resolution of the Corporate Debtor for maximization of value of its assets.

  9. The insolvency resolution may include

    • Reduction in the amount payable to the creditors

    • Extension of a maturity date or a change in interest rate or other terms of a debt due from the Corporate Debtor

    • Change in portfolio of goods or services produced or rendered by the Corporate Debtor

    • Change in technology used by the Corporate Debtor.

  10. The Resolution Professional shall submit the Resolution Plan approved by the Committee of Creditors to the Adjudicating Authority.

  11. The Resolution plan should be submitted at least 15 days before the expiry of the maximum period permitted for the completion of the fast track Corporate Insolvency Resolution Process.

  12. The Amendments are available at www.mca.gov.in and www.ibbi.gov.in

An article about the insolvency bill is present at the following link

What is Insolvency and Bankruptcy Board of India (IBBI)? Insolvency and (IBBI) (Important)

Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 (Important)

- Published/Last Modified on: April 22, 2018

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