IBBI

Friday, March 20, 2020

Pre-Registration of Educational Courses Online Valid Under IBBI (Insolvency Professional) Regulations, 2016

In the wake of COVID-19, it may be difficult for IPAs and prospective IPs to conduct and attend the classroom sessions, therefore pre-registration educational course if completed online will be accepted for registration. However, this will be applicable till 30th September, 2020, provided an Application for Registration to the Board is submitted by 31st October, 2020.

The link for the aforesaid Regulation is as under:

https://ibbi.gov.in//uploads/legalframwork/fcfb78c7a64c682ec5656dc9e281b35f.pdf              

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Educational Courses and Continuing Education under the Companies (Registered Values and Valuation) Rules, 2017

In the wake of COVID-19, to minimize the difficulties for registered valuers and valuer members, it has been decided that educational courses completed online and continuing education undertaken online shall be considered valid. This will be available till 30th September, 2020 and hence Registered Valuer Organization (RVO) are encouraged to deliver the courses online for their professional members.

The link for the aforesaid Regulations is as under:

https://ibbi.gov.in//uploads/legalframwork/924139794bdd47c5eeb827d3e01ec0b6.pdf

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Sunday, March 29, 2020

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

In the wake of COVID19 outbreak further amended the regulations of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 yet to be published in the official gazette.

The link for the aforesaid Regulations is as under:

https://www.ibbi.gov.in/uploads/whatsnew/be2e7697e91a349bc55033b58d249cef.pdf

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Friday, April 17, 2020

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

In the wake of COVID-19, IBBI have notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020. These Regulations have into force from immediate effect.

The link for aforesaid amendment is mentioned below:

https://www.ibbi.gov.in/uploads/whatsnew/4697af9d01b6c12c0816f4be28ea6835.pdf

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Monday, April 20, 2020

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

IBBI have notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 and amended the Principal regulation.

The link for aforesaid amendment is mentioned below:

https://www.ibbi.gov.in/uploads/legalframwork/ba2702f58a4ed1841e0e7a9a71ba40ec.pdf

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

IBBI have notified the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020 and amended the Principal regulation.

The link for aforesaid amendment is mentioned below:

https://ibbi.gov.in//uploads/legalframwork/23c5bbe11eb00b841e13759bc66e6504.pdf

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Thursday, April 23, 2020

Governance Structure of Registered Valuers Organization (RVOs)

IBBI has reconstituted the Governance Structure of Registered Valuer Organization (RVOs) to act as front-line regulators for development and regulation of the valuation profession.

The link for aforesaid amendment is mentioned below:

https://www.ibbi.gov.in/uploads/legalframwork/be0b50ba79190e8cb8ea7a5f289798a6.pdf

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Tuesday, May 12, 2020

Mandatory Filing of Record of Default from Information Utility for Initiation of CIRP

NCLT have notified that, for initiation of Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016, all the concerned parties (Financial Creditor) are mandatorily required while filing petition under Section 7 of IBC, 2016. No new petition shall be entertained without any record of default.

The link for aforesaid order is mentioned below:

https://www.ibbi.gov.in/uploads/legalframwork/e3daa98bab56a6098c4e9356b93095bb.pdf

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Friday, May 08, 2020

Role of Resolution Professional/ Liquidator in Respect of Avoidance Transaction

It is the duty of Resolution Professional (RP) and a Liquidator to take actions against any avoidance transactions as prescribed under section 25 & 35 of IBC, 2016. If RP or Liquidator does not take action or report against such transactions, Adjudicating Authority shall require IBBI to take disciplinary action against them.

The link for aforesaid note is given below:

https://www.ibbi.gov.in/uploads/whatsnew/3d9849d4c72be198d901ba78006005cf.pdf

 

Tuesday, June 02, 2020

IBC Guidelines for appointing IP as IRP, Liquidators, RP and BT

IBBI issued Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020 for setting up a panel of insolvency professionals (IP) for appointment as Interim Resolution Professionals (IRP), Liquidators, Resolution Professionals (RP) and Bankruptcy Trustees (BT) by the Adjudicating Authority (AA) (NCLT or DRTs) with effect from July 01, 2020.

The link of aforesaid Guidelines is as mentioned below:

https://ibbi.gov.in//uploads/legalframwork/71d50e11656190259af4e3fe5427d943.pdf

Friday, June 05, 2020

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

The Hon’ble President of India has promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 to effectively suspend the operation of Sections 7, 9 & 10 of the IBC, 2016 with respect to defaults arising on or after March 25, 2020 for a period of 6 months, extendable up to a maximum of one year from such date as may be notified. The promulgation of this Ordinance has resulted in the insertion of new clauses, i.e., Section 10A and Section 66(3) in to the IBC, 2016.

The link of aforesaid Ordinance is as mentioned below:

https://www.ibbi.gov.in/uploads/legalframwork/741059f0d8777f311ec76332ced1e9cf.pdf

Tuesday, June 30, 2020

IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020

IBBI issued the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.

The link of aforesaid notification is mentioned herein:

https://www.ibbi.gov.in/uploads/legalframwork/298ceb6f7b14fc9d8647342a093925ee.pdf

Friday, July 10, 2020

IBBI (Online Delivery of Educational Course and Continuing Professional Education by IPA and RVOS) Guidelines, 2020

IBBI has issued Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organizations) Guidelines, 2020.

The link of aforesaid Guidelines is mentioned herein:

https://www.ibbi.gov.in/uploads/legalframwork/27b396627077e4426e0b8fbfd5a69727.pdf

Wednesday, August 05, 2020

IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020

The 2nd amendment made to Insolvency and Bankruptcy Board of India (Voluntary

Liquidation Process) Regulations, 2017. Regulation 5: Appointment of Liquidator has been substituted, stating that the corporate person shall appoint an insolvency professional as liquidator, and, wherever required, may replace him by appointing another insolvency professional as liquidator, by a resolution passed under Section 59(3)(c) or Regulation 3(1)(c), as the case may be.

The link of aforesaid notification is mentioned herein:

https://www.ibbi.gov.in/uploads/legalframwork/41dae71b62c3fa756602c8fec7848b58.pdf

IBBI (Liquidation Process) (Third Amendment) Regulations, 2020

IBBI issued IBBI (Liquidation Process) (Third Amendment) Regulation, 2020 to further amend the IBBI (Liquidation Process) Regulations, 2016 w.r.t

  1. Regulation 4 (2) in Clause (b), which specifies that the liquidator has to distribute the amount realised and if he does not do so, there shall be a corresponding fee applicable.
  2. Regulation 37 is titled as “Realization of security interest by secured creditor”
  3. Regulation 47 is titled as “Model time-line for liquidation process”

The link of aforesaid notification is mentioned herein:

https://www.ibbi.gov.in/uploads/legalframwork/99821042db3990a40cd7082f06019911.pdf

Friday, August 07, 2020

IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020

  1. Under Regulation 4A which specifies about the Choice of Authorised Representative, in sub-regulation (2) following “clause (aa)” is inserted.
  2. In Regulation 16A, which specifies about the Authorised Representatives, the sub-regulation 9 is substituted.
  3. In Regulation 39, which specifies about the Approval of Resolution Plan the sub-regulation 3 is substituted.

The link aforesaid notification is mentioned herein:

https://www.ibbi.gov.in/uploads/legalframwork/691983ad021bf2a65a708f57d17595b8.pdf

Thursday, August 13, 2020

Mandatory Filing of Record of Default from Information Utility for Initiation of CIRP

  1. All the concerned parties (Financial Creditor) are mandatorily required to file the default records from Information Utility while filing petition under Section 7 of IBC, 2016 wherever available with information utility;
  2. Further, for the cases which are pending for admission under section 7 of IBC, the authorized representative (Insolvency Resolution Professional)/ Parties shall also be required to file the record of default from Information Utility, wherever available with information utility.

The link aforesaid notification is mentioned herein:

https://ibbi.gov.in//uploads/legalframwork/59033887285f644c7ee94a9da1d5148b.pdf

Tuesday, September 01, 2020

Guidelines on Use of Caveats, Limitations and Disclaimers by the Registered Valuers in Valuation Reports

IBBI issued these Guidelines to provide guidance to the RVs in the use of Caveats, Limitations, and Disclaimers in the interest of credibility of the valuation reports. These also provide an illustrative list of the Caveats, Limitations, and Disclaimers which shall not be used in a valuation report.

The link aforesaid guidelines is mentioned herein:

https://ibbi.gov.in//uploads/legalframwork/e5e1300db2dd6a8bebe289ba579a7c14.pdf

Saturday, September 05, 2020

Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018

The Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018, [Regulations] provide for appointment of Insolvency Professionals (IPs) as Administrators for the purposes specified therein. These Guidelines have been prepared in consultation with SEBI to facilitate appointment of IPs as Administrators.

https://ibbi.gov.in//uploads/legalframwork/1d05f0423806860621ad259e52ed40f2.pdf

Thursday, October 29, 2020

Serving of copy of the application to the Board, as mandated under Rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

Ministry of Corporate Affairs (MCA) vide Notification no. G.S.R. 583(E) dated September 24, 2020 notified the Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020 (“Rule”). As per the amended Rule an applicant requires to first provide a copy of the application for initiating CIRP (Corporate Insolvency Resolution Process) against a Corporate Debtor, inter alia, to the Insolvency and Bankruptcy Board of India (“Board”), before filing the same with the Adjudicating Authority

https://ibbi.gov.in/uploads/legalframwork/5d5792eab74d44db2a58e184abd65ab7.pdf

IBBI Newsletter October 2020

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