{"id":255312,"date":"2021-10-07T16:30:45","date_gmt":"2021-10-07T11:00:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=255312"},"modified":"2021-10-07T16:21:48","modified_gmt":"2021-10-07T10:51:48","slug":"ibbi-liquidation-process-second-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/07\/ibbi-liquidation-process-second-amendment-regulations-2021\/","title":{"rendered":"IBBI (Liquidation Process) (Second Amendment) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021 to amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 vide notification dated September 30, 2021.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Key amendment constitutes regulation 31A, which deals with the Stakeholders\u2019 consultation committee, has been substituted as follows:<\/p>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>In regulation 31A for sub-regulation (1), the following sub-regulation shall be substituted:<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u201c(1) The liquidator shall constitute a consultation committee within sixty days from the liquidation commencement date, based on the list of stakeholders prepared under regulation 31, to advise him on matters relating to-<\/p>\n<ol style=\"text-align: justify;\">\n<li>appointment of professionals and their remuneration under regulation 7;<\/li>\n<li>sale under regulation 32, including manner of sale, pre-bid qualifications, reserve price, amount of earnest money deposit, and marketing strategy:<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Provided that the decision(s) taken by the liquidator prior to the constitution of consultation committee shall be placed before the consultation committee for information in its first meeting.\u201d<\/p>\n<ul style=\"text-align: justify;\">\n<li>In regulation 31A for sub-regulation (4), the following sub-regulation shall be substituted:<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u201c(4) If the stakeholders of any class fail to nominate their representatives, under sub regulation (3), such representatives shall be selected by a majority of voting share of the class, present and voting.\u201d<\/p>\n<ul>\n<li style=\"text-align: justify;\">In regulation 31A in sub-regulation (10), in the proviso, after the words \u201cin writing\u201d, the words \u201cand mention it in the next progress report\u201d shall be inserted.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021 to <\/p>\n","protected":false},"author":121,"featured_media":255032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-255312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"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 (Liquidation Process) (Second Amendment) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/07\/ibbi-liquidation-process-second-amendment-regulations-2021\/\" \/>\n<meta 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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":273904,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/17\/declaration-must-provide-that-the-corporate-person-has-made-provision-for-preservation-of-its-records-after-its-dissolution-vide-ibbi-voluntary-liquidation-process-second-amendment-regulations-20\/","url_meta":{"origin":255312,"position":4},"title":"Declaration must provide that the corporate person has made provision for preservation of its records after its dissolution vide IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022","author":"Bhumika Indulia","date":"September 17, 2022","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India has notified IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.\u00a0 The amendment inserts a new clause in Regulation 3 dealing with Initiation of Liquidation providing that the declaration under\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":[]},{"id":255018,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/01\/ibbi-insolvency-resolution-process-for-corporate-persons-third-amendment-regulations-2021\/","url_meta":{"origin":255312,"position":5},"title":"IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"October 1, 2021","format":false,"excerpt":"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 amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Key Amendments: In the Insolvency and Bankruptcy Board of India\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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/255312","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\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=255312"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/255312\/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=255312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=255312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=255312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}