Amendments in the Insolvency & Bankruptcy Law
1. Extension of time for filing Forms to monitor Liquidation and Voluntary Liquidation processes under the IBC, 2016, and the regulations made thereunder.
IBBI vide circular dated December 02, 2024 has stated that earlier the date for submission of forms relating to the liquidation and voluntary liquidation process was extended till 30.11.2024. However, the IBBI has received representations from the liquidators and Insolvency Professional Agencies for extending the date citing the technicalities and issues involved in the submission of the forms.
Hence in pursuance of the same, the last date of submission of the liquidation and voluntary liquidation forms has been extended till 31.12.2024.
The link for the aforesaid Circular is as follows:
https://ibbi.gov.in//uploads/legalframwork/c2455a7a42695197ee9536a85f4cb1cf.pdf
2. The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024 issued on December 02, 2024.
The IBBI is required to recommend the name of an Insolvency Professional (IP) on receiving reference from the Adjudicating Authority for appointment of Interim Resolution Professional (IRP), Resolution Professional (RP), Liquidator and Bankruptcy Trustee (BT).
For the said purpose the IBBI is enabled to share a Panel of IPs, who may be appointed as resolution professional, Liquidator or bankruptcy trustee, with the Adjudicating Authority. To avoid administrative delays in appointment of the IP it has been decided that the panel of IPs shall be prepared in advance and it be shared with the Adjudicating Authority (AA).
These guidelines provide the procedure for preparing panel of Insolvency Professionals to act as IRP, RP, Liquidators, and BT. These Guidelines provide for:
- Eligibility criteria of IP for its inclusion in the Panel,
- Requirement of submitting the Expression of Interest in Form A (Format provided in the Guidelines) by the IP which is an unconditional consent to act to act as an IRP, Liquidator, RP or BT of any process relating to a corporate or individual debtor.
- Common Panel of IPs for appointment as IRP, Liquidator, RP and BT and placing of them in the panel and conditions thereof.
The link for the aforesaid Guidelines is as follows:
https://ibbi.gov.in//uploads/legalframwork/4a1c815ad88004d483f98db1b83dc911.pdf