{"id":261447,"date":"2022-02-10T15:30:11","date_gmt":"2022-02-10T10:00:11","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=261447"},"modified":"2022-02-10T15:10:52","modified_gmt":"2022-02-10T09:40:52","slug":"ibbi-insolvency-resolution-process-for-corporate-persons-amendment-regulations-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/10\/ibbi-insolvency-resolution-process-for-corporate-persons-amendment-regulations-2022\/","title":{"rendered":"IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">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 <a href=\"http:\/\/www.scconline.com\/DocumentLink\/LhNrU8Vb\">Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016<\/a>.<\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><strong>Key Points:<br \/>\n<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Regulation 18 which specify \u201cMeetings of the committee\u201d has been modified to include the following clause:<\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page3R_mcid104\" class=\"markedContent\" style=\"color: #0000ff;\"><span dir=\"ltr\" role=\"presentation\">&#8220;A resolution professional may place a proposal received from members of the committee in a meeting, <\/span><span dir=\"ltr\" role=\"presentation\">if he considers it necessary and shall place the proposal if the same is made by members of the committee <\/span><span dir=\"ltr\" role=\"presentation\">repr<\/span><span dir=\"ltr\" role=\"presentation\">esenting at least thirty three per cent of the voting rights.&#8221;<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Regulation 39A which specify \u201cPreservation of records\u2019 has been substituted with the following:<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">The interim resolution professional or the resolution professional, as the case may be, shall preserve copies of all such records which are required to give a complete account of the corporate insolvency resolution process.<\/li>\n<li><span id=\"page12R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The interim resolution <\/span><span dir=\"ltr\" role=\"presentation\">professional or the resolution professional, as the case may be, shall preserve copies of records relating to <\/span><span dir=\"ltr\" role=\"presentation\">or forming the basis of: &#8211;<\/span><\/span><span id=\"page12R_mcid1\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">his appointment as interim resolution professional or resolution professional, including the terms of <\/span><span dir=\"ltr\" role=\"presentation\">appointment;<\/span><\/span><span id=\"page12R_mcid2\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">handing over \/ taking over of the assignment;<\/span><\/span><span id=\"page12R_mcid3\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(c)<\/span> <span dir=\"ltr\" role=\"presentation\">admission of corporate debtor into corporate insolvency resolution process;<\/span><\/span><span id=\"page12R_mcid4\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(d)<\/span> <span dir=\"ltr\" role=\"presentation\">public announcement;<\/span><\/span><span id=\"page12R_mcid5\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(e)<\/span> <span dir=\"ltr\" role=\"presentation\">the constitution of committee and meetings of the committee;<\/span><\/span><span id=\"page12R_mcid6\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(f)<\/span> <span dir=\"ltr\" role=\"presentation\">claims, verification of claims, and list of creditors;<\/span><\/span><span id=\"page12R_mcid7\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(g)<\/span> <span dir=\"ltr\" role=\"presentation\">engagement of professionals, registered valuers, and insolvency professional entity, including work <\/span><span dir=\"ltr\" role=\"presentation\">done, reports etc., submitted by them;<\/span><\/span><span id=\"page12R_mcid8\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(h)<\/span> <span dir=\"ltr\" role=\"presentation\">information memorandum;<\/span><\/span><span id=\"page12R_mcid9\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(i)<\/span> <span dir=\"ltr\" role=\"presentation\">all filings with the Adjudicating Authority, Appellate Authority and their orders;<\/span><\/span><span id=\"page12R_mcid10\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(j)<\/span> <span dir=\"ltr\" role=\"presentation\">invitation, consideration and approval of the resolution plan;<\/span><\/span><span id=\"page12R_mcid11\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(k)<\/span> <span dir=\"ltr\" role=\"presentation\">statutory filings with Board and insolvency professional agencies;<\/span><\/span><span id=\"page12R_mcid12\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(l)<\/span> <span dir=\"ltr\" role=\"presentation\">correspondence during the corporate insolvency resolution process;<\/span><\/span><span id=\"page12R_mcid13\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(m)<\/span> <span dir=\"ltr\" role=\"presentation\">insolvency resolution process cost; and<\/span><\/span><span id=\"page12R_mcid14\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(n)<\/span> <span dir=\"ltr\" role=\"presentation\">preferential, undervalued, extortionate credit transactions or fraudulent or wrongful trading.<\/span><\/span><\/li>\n<li><span id=\"page12R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The interim resolution professional or the resolution professional shall preserve:<\/span><\/span><span id=\"page12R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">electronic copy of all records (physical and electronic) for a minimum period of eight years; and<\/span><\/span><span id=\"page12R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">a physical copy of records for a minimum period of three years; <\/span><\/span><span id=\"page12R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">from the date of completion of the corporate insolvency resolution process or the conclusion of any <\/span><span dir=\"ltr\" role=\"presentation\">proceeding relating to the corporate insolvency resolution process, before the Board, the Adjudicating <\/span><span dir=\"ltr\" role=\"presentation\">Authority, Appellate Authority or any Court, whichever is later.<\/span><\/span><\/li>\n<li><span id=\"page12R_mcid19\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The interim resolution professional or the resolution professional shall preserve the records at a secure <\/span><span dir=\"ltr\" role=\"presentation\">place and shall be obliged to produce records as may be required under the Code and the Regulations.<br \/>\n<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>On February 09, 2022, the Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency and Bankruptcy Board of India (Insolvency <\/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":[],"class_list":["post-261447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"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) (Amendment) Regulations, 2022 | 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\/2022\/02\/10\/ibbi-insolvency-resolution-process-for-corporate-persons-amendment-regulations-2022\/\" 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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":[]},{"id":222682,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/29\/ibbi-amends-the-insolvency-and-bankruptcy-board-of-india-insolvency-resolution-process-for-corporate-persons-regulations-2016\/","url_meta":{"origin":261447,"position":1},"title":"IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016","author":"Bhumika 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":261447,"position":2},"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":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":261447,"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":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":261447,"position":4},"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":[]},{"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":261447,"position":5},"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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/261447","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=261447"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/261447\/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=261447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=261447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=261447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}