{"id":255018,"date":"2021-10-01T10:30:23","date_gmt":"2021-10-01T05:00:23","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=255018"},"modified":"2021-10-01T11:43:54","modified_gmt":"2021-10-01T06:13:54","slug":"ibbi-insolvency-resolution-process-for-corporate-persons-third-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/01\/ibbi-insolvency-resolution-process-for-corporate-persons-third-amendment-regulations-2021\/","title":{"rendered":"IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page1R_mcid154\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Insolvency and Bankruptcy Board of India made Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)(Third Amendment) Regulations, 2021 to <\/span><span dir=\"ltr\" role=\"presentation\">amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corpo<\/span><span dir=\"ltr\" role=\"presentation\">rate <\/span><span dir=\"ltr\" role=\"presentation\">Persons) Regulations, 2016.<\/span><\/span><\/p>\n<h3><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key Amendments:<\/span><\/h3>\n<p style=\"text-align: justify;\"><span id=\"page8R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) <\/span><span dir=\"ltr\" role=\"presentation\">Regulations, 2016 <\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page8R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In regulation 17,<\/span><span dir=\"ltr\" role=\"presentation\"> the following sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation shall be inserted:<\/span><\/span><span id=\"page8R_mcid3\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page8R_mcid3\" class=\"markedContent\" style=\"color: #0000ff;\"><span dir=\"ltr\" role=\"presentation\">\u201c(1A) The committee and members of the committee shall discharge functions and exercise powers under <\/span><span dir=\"ltr\" role=\"presentation\">the Code and these regulations in respect of corporate insolvency resolution pr<\/span><span dir=\"ltr\" role=\"presentation\">ocess in compliance with the <\/span><span dir=\"ltr\" role=\"presentation\">guidelines as may be issued by the Board.\u201d.<\/span> <\/span><span id=\"page8R_mcid4\" class=\"markedContent\"><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page8R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In regulation 36A,<\/span><span dir=\"ltr\" role=\"presentation\"> the following sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation <\/span><span dir=\"ltr\" role=\"presentation\">shall be inserted<\/span><\/span><span id=\"page8R_mcid5\" class=\"markedContent\">:<br role=\"presentation\" \/><span style=\"color: #0000ff;\"><span dir=\"ltr\" role=\"presentation\">\u201c(4A) Any modification in the invitation for exp<\/span><span dir=\"ltr\" role=\"presentation\">ression of interest may be made in the manner as the initial <\/span><span dir=\"ltr\" role=\"presentation\">invitation for expression of interest was made: <\/span> <\/span><\/span><span id=\"page8R_mcid6\" class=\"markedContent\" style=\"color: #0000ff;\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided that such modification shall not be made more than once.\u201d.<\/span> <\/span><span id=\"page8R_mcid7\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><span id=\"page8R_mcid9\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page8R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In regulation 39, for sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation (1A), the following sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulations shall <\/span><span dir=\"ltr\" role=\"presentation\">be substituted:<\/span><\/span><span id=\"page8R_mcid10\" class=\"markedContent\"><br role=\"presentation\" \/><span style=\"color: #0000ff;\"><span dir=\"ltr\" role=\"presentation\">\u201c(1A)<\/span> <span dir=\"ltr\" role=\"presentation\">The resolution professional may, if envisaged in the request for resolution plan<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><\/span><span style=\"color: #0000ff;\"><span id=\"page8R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">allow modification of the resolution plan received under sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation (1), but not more than <\/span><span dir=\"ltr\" role=\"presentation\">once; or<\/span> <\/span><span id=\"page8R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">use a challenge mechanism to enable resolution applicants to i<\/span><span dir=\"ltr\" role=\"presentation\">mprove their plans.<\/span> <\/span><span id=\"page8R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(1B) The committee shall not consider any resolution plan<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><span id=\"page8R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a) received after the time as specified by the committee under regulation 36B; or<\/span> <\/span><span id=\"page8R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(b) received from a person who does not appear in the final list of prospective resolution<\/span> <span dir=\"ltr\" role=\"presentation\">app<\/span><span dir=\"ltr\" role=\"presentation\">licants; or <\/span> <\/span><span id=\"page8R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(c) does not comply with the provisions of sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">section (2) of section 30 and sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation (1).\u201d.<\/span> <\/span><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India made Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)(Third Amendment) Regulations, <\/p>\n","protected":false},"author":8808,"featured_media":255032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[47341,29471,6121,42748],"class_list":["post-255018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-corporate-persons","tag-ibbi","tag-insolvency","tag-scc-blog"],"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>IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Indulia","date":"November 29, 2019","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 on 28th\u00a0November 2019. Some of the amendments made by these Regulations are consequential to the Insolvency and Bankruptcy Code (Amendment) Act, 2019, which came\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\/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":[]},{"id":167714,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/11\/08\/ibbi-fast-track-insolvency-resolution-process-corporate-persons-third-amendment-regulations-2017-notified\/","url_meta":{"origin":255018,"position":1},"title":"IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017 notified","author":"Saba","date":"November 8, 2017","format":false,"excerpt":"No. IBBI\/2017-18\/GN\/REG020.\u00a0-- In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy, Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.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-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":227717,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/31\/ibbi-amends-ibbi-insolvency-resolution-process-for-corporate-persons-regulations-2016-amidst-the-nationwide-lockdown-for-containment-of-covid-19\/","url_meta":{"origin":255018,"position":2},"title":"IBBI amends &#8212; IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 amidst the nationwide lockdown for containment of COVID-19","author":"Bhumika Indulia","date":"March 31, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) on 29-03-2020. 2. Government of India has declared a lockdown of twenty-one days with effect from 25th March, 2020 as a measure to combat\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\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217442,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/29\/ibbi-notifies-amendments-to-regulations-in-regard-to-liquidation-process-90-days-for-completion-of-compromise\/","url_meta":{"origin":255018,"position":3},"title":"IBBI notifies amendments to regulations in regard to liquidation process; 90 days for completion of compromise","author":"Bhumika Indulia","date":"July 29, 2019","format":false,"excerpt":"The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Insolvency and Bankruptcy Board of India (IBBI) notified the: Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for\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-and-Bankruptcy-Board-of-India.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-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":261447,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/10\/ibbi-insolvency-resolution-process-for-corporate-persons-amendment-regulations-2022\/","url_meta":{"origin":255018,"position":4},"title":"IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022","author":"Bhumika Indulia","date":"February 10, 2022","format":false,"excerpt":"On February 09, 2022, the Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Key Points:\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\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":268493,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/16\/provisions-for-document-submissions-to-the-resolution-professional-modified-vide-insolvency-and-bankruptcy-board-of-india-insolvency-resolution-process-for-corporate-persons-second-amendment-regul\/","url_meta":{"origin":255018,"position":5},"title":"Provisions for document submissions to the Resolution Professional modified vide IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022","author":"Editor","date":"June 16, 2022","format":false,"excerpt":"On 14th June, 2022, Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022. This regulation seeks to amend the procedure of recording evidences, and applications made to \u2018resolution professional\u2019 by the creditors.\u00a0 \u00a0 Key Points:\u00a0 For\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":"IBBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/255018","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=255018"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/255018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/255032"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=255018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=255018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=255018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}