{"id":217614,"date":"2019-08-01T18:08:19","date_gmt":"2019-08-01T12:38:19","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=217614"},"modified":"2019-08-16T12:43:19","modified_gmt":"2019-08-16T07:13:19","slug":"parliament-passes-the-insolvency-and-bankruptcy-amendment-bill-2019-330-days-time-limit-for-insolvency-resolution-process","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/01\/parliament-passes-the-insolvency-and-bankruptcy-amendment-bill-2019-330-days-time-limit-for-insolvency-resolution-process\/","title":{"rendered":"Parliament passes the Insolvency and Bankruptcy (Amendment) Bill, 2019; 330-days time limit for Insolvency Resolution Process!"},"content":{"rendered":"<p style=\"text-align: justify;\">As reported by ANI, Parliament has approved the <span style=\"color: #0000ff;\"><strong>Insolvency and Bankruptcy (Amendment) Bill, 2019\u00a0<\/strong><span style=\"color: #000000;\">which will amend the Insolvency and Bankruptcy Code, 2016.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>To fill the critical gaps in the<\/strong> corporate insolvency framework, Insolvency and Bankruptcy Code (Amendment) Bill, 2019 has been introduced.<\/p>\n<p style=\"text-align: justify;\">The critically analysed 7 seven amendments that will be incorporated are as follows:<\/p>\n<p style=\"text-align: justify;\"><strong>(a)<\/strong>\u00a0to amend clause (26) of Section 5 of the Code so as to insert an Explanation in the definition of \u201cresolution plan\u201d to clarify that a resolution plan proposing the insolvency resolution of corporate debtor as a going concern may include the provisions for corporate restructuring, including by way of merger, amalgamation and demerger to enable the market to come up with dynamic resolution plans in the interest of value maximisation;<\/p>\n<p style=\"text-align: justify;\"><strong>(b)<\/strong>\u00a0to amend sub-section (4) of Section 7 of the Code to provide that if an application has not been admitted or rejected within fourteen days by the Adjudicating Authority, it shall provide the reasons in writing for the same;<\/p>\n<p style=\"text-align: justify;\"><strong>(c)<\/strong>\u00a0to amend sub-section (3) of Section 12 of the Code to mandate that the insolvency resolution process of a corporate debtor shall not extend beyond three hundred and thirty days from the insolvency commencement date, which will include the time taken in legal proceedings, in order to prevent undue delays in the completion of the Corporate Insolvency Resolution Process. However, if the process, including time taken in legal proceedings, is not completed within the said period of three hundred and thirty days, an order requiring the corporate debtor to be liquidated under clause (a) of sub-section (1) of Section 33 shall be passed. It is clarified that the time taken for the completion of the corporate insolvency resolution process shall include the time taken in legal proceedings;<\/p>\n<p style=\"text-align: justify;\"><strong>(d)<\/strong>\u00a0to insert sub-section (3A) in Section 25A of the Code to provide that an authorised representative under sub-section (6A) of Section 21 will cast the vote for all financial creditors he represents in accordance with the decision taken by a vote of more than fifty per cent. of the voting share of the financial creditors he represents, who have cast their vote, in order to facilitate decision making in the committee of creditors, especially when financial creditors are large and heterogeneous group;<\/p>\n<p style=\"text-align: justify;\"><strong>(e)<\/strong>\u00a0to amend sub-section (2) of Section 30 of the Code to provide that\u2013<\/p>\n<p style=\"text-align: justify;\">(i) the operational creditors shall receive an amount that is not less than the liquidation value of their debt or the amount that would have been received if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priorities in Section 53 of the Code, whichever is higher;<\/p>\n<p style=\"text-align: justify;\">(ii) the financial creditors who do not vote in favour of the resolution plan shall receive an amount that is not less than the liquidation value of their debt;<\/p>\n<p style=\"text-align: justify;\">(iii) the provisions shall apply to the corporate insolvency resolution process of a corporate debtor\u2013<br \/>\n(A) where a resolution plan has not been approved or rejected by the Adjudicating Authority; or<br \/>\n(B) an appeal is preferred under Sections 61 or 62 or such appeal is not time-barred under any provision of law for the time being in force; or<br \/>\n(C) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a resolution plan;<\/p>\n<p style=\"text-align: justify;\"><strong>(f)<\/strong>\u00a0to amend sub-section (1) of Section 31 of the Code to clarify that the resolution plan approved by the Adjudicating Authority shall also be binding on the Central Government, any State Government or any local authority to whom a debt in respect of payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed, including tax authorities;<\/p>\n<p style=\"text-align: justify;\"><strong>(g)<\/strong>\u00a0to amend sub-section (2) of Section 33 of the Code to clarify that the committee of creditors may take the decision to liquidate the corporate debtor, in accordance with the requirements provided in sub-section (2) of Section 33, any time after the constitution of the committee of creditors under sub-section (1) of Section 21 until the confirmation of the resolution plan, including at any time before the preparation of the information memorandum.<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>As reported by ANI, Parliament has approved the Insolvency and Bankruptcy (Amendment) Bill, 2019\u00a0which will amend the Insolvency and Bankruptcy Code, 2016. <\/p>\n","protected":false},"author":8808,"featured_media":154904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[36889,17021],"class_list":["post-217614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates","tag-insolvency-and-bankruptcy-amendment-bill-2019","tag-insolvency-resolution-process"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parliament passes the Insolvency and Bankruptcy (Amendment) Bill, 2019; 330-days time limit for Insolvency Resolution Process! 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Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 was introduced in the House of People on 12-12-2019 though it could not be taken up for consideration. At present, though the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226804,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/09\/insolvency-and-bankruptcy-code-amendment-bill-2020-passed-by-lok-sabha-protection-to-corporate-debtor-from-past-offences-as-well-as-ones-committed-during-insolvency-process\/","url_meta":{"origin":217614,"position":1},"title":"Insolvency and Bankruptcy Code (Amendment) Bill, 2020 passed by &#8212; Lok Sabha | Protection to Corporate Debtor from past offences as well as one&#8217;s committed during insolvency process","author":"Bhumika Indulia","date":"March 9, 2020","format":false,"excerpt":"Lok Sabha passes the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 on 06-03-2020. Series of amendments have been laid down in the said Bill. One of the significant insertions that have been brought in the Bill is Insertion of new Section 32 A After Section 32 of the principal Act,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223215,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/12\/cabinet-approves-insolvency-and-bankruptcy-code-second-amendment-bill-2019-amendments-would-further-ease-doing-of-business\/","url_meta":{"origin":217614,"position":2},"title":"Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019; Amendments would further ease doing of business","author":"Bhumika Indulia","date":"December 12, 2019","format":false,"excerpt":"The Union Cabinet has approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being faced during the insolvency resolution process to realise the objects of the code and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217483,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/30\/rajya-sabha-passes-the-insolvency-and-bankruptcy-code-amendment-bill-2019-critical-gaps-in-corporate-insolvency-framework-covered\/","url_meta":{"origin":217614,"position":3},"title":"Rajya Sabha passes the Insolvency and Bankruptcy Code (Amendment) Bill, 2019; Critical gaps in corporate insolvency framework covered","author":"Bhumika Indulia","date":"July 30, 2019","format":false,"excerpt":"As reported by ANI, Rajya Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019, which will amend the Insolvency and Bankruptcy Code, 2016. Purpose of introducing the amendments to the Code -- Concerns have been raised that: in some cases, extensive litigation is causing undue delays, which may hamper\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226557,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/05\/standing-committee-on-finance-submits-its-6th-report-on-insolvency-and-bankruptcy-second-amendment-bill-2019\/","url_meta":{"origin":217614,"position":4},"title":"Standing Committee on Finance submits its 6th Report on &#8212; Insolvency and Bankruptcy (Second Amendment) Bill, 2019","author":"Bhumika Indulia","date":"March 5, 2020","format":false,"excerpt":"Standing Committee on Finance (2019-2020) prsented the Sixth Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019 in Lok Sabha on 04-03-2020. Insolvency and Bankruptcy Code was enacted on May 28, 2016, to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217081,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/19\/insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested\/","url_meta":{"origin":217614,"position":5},"title":"Insolvency and Bankruptcy Code (Amendment) Bill, 2019 to be introduced in Parliament &#8212; Series of amendments suggested!","author":"Bhumika Indulia","date":"July 19, 2019","format":false,"excerpt":"Union Cabinet approved the proposal to introduce a Bill in the Parliament to carry out 08 amendments to the Insolvency and Bankruptcy Code, 2016. The amendments aim to fill critical gaps in the corporate insolvency resolution framework as enshrined in the Code, while simultaneously maximizing value from the Corporate Insolvency\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/217614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=217614"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/217614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/154904"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=217614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=217614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=217614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}