{"id":314326,"date":"2024-02-16T14:30:46","date_gmt":"2024-02-16T09:00:46","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=314326"},"modified":"2024-02-16T14:31:12","modified_gmt":"2024-02-16T09:01:12","slug":"insolvency-and-bankruptcy-board-of-india-liquidation-process-amendment-regulations-2024-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/16\/insolvency-and-bankruptcy-board-of-india-liquidation-process-amendment-regulations-2024-legal-news\/","title":{"rendered":"IBBI excludes assets in a real estate project that have been handed over to the allottee from liquidation process of the company"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 12-2-2024, the <span style=\"font-weight: bold;\">Insolvency and Bankruptcy Board of India<\/span> (&#8216;IBBI&#8217;) notified the <span style=\"font-weight: bold;\">Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024<\/span> to amend the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/PRN1Rndd\" target=\"_blank\" rel=\"noopener\">Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016<\/a>. The provisions came into force on 12-2-2024.<\/p>\n<p style=\"font-weight: bold;\">Key Points:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>Under the revised regulations, the liquidator will file the proposal of compromise\/ arrangement, proposed under <a href=\"http:\/\/www.scconline.com\/DocumentLink\/Hr8j8AGB\" target=\"_blank\" rel=\"noopener\">Section 230 of the <span style=\"font-weight: bold;\">Companies Act, 2013<\/span><\/a>, only in cases where such recommendation has been made by the committee under regulation 39-BA of the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/LhNrU8Vb\" target=\"_blank\" rel=\"noopener\">IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016<\/a>. The compromise\/ arrangement should be completed within 90 days of order of liquidation.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Regulation 31-A<\/span> relating to &#8220;<span style=\"font-weight: bold;\">Stakeholders&#8217; consultation committee&#8221;<\/span> has been revised.<\/p>\n<p>The following sub-regulations been inserted:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Sub- regulation 6-A-<\/span> In all cases where the liquidator proposes to continue\/ initiate any legal proceeding, he will have to seek the advice of the consultation committee after presenting the economic rationale for the proposal.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Sub- regulation 6-B-<\/span> Liquidator, in every meeting, will have to present the following to the committee:<\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\n<p>actual liquidation cost along with reasons for exceeding the estimated cost<\/p>\n<\/li>\n<li>\n<p>consolidated status of all the legal proceedings<\/p>\n<\/li>\n<li>\n<p>progress made in the process<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Regulation 35<\/span> relating to &#8220;<span style=\"font-weight: bold;\">Valuation of assets or business intended to be sold&#8221;<\/span> has been revised.<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>In case, where a fresh valuation is undertaken, the liquidator will have to facilitate a meeting wherein registered valuers shall explain the methodology being adopted to arrive at valuation to the consultation committee before finalization of valuation reports.<\/p>\n<\/li>\n<li>\n<p>Liquidator will share the valuation reports with the committee after obtaining a undertaking of confidentiality.<\/p>\n<\/li>\n<li>\n<p>In case of deviation of 25% in valuation, the registered valuers will have to explain the reasons for difference.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Regulation 47<\/span> relating to &#8220;<span style=\"font-weight: bold;\">Corporate Liquidation Account&#8221;<\/span> has been revised.<\/p>\n<p>In cases where a stakeholder claims to be entitled to any amount deposited in the Corporate Liquidation Account, can apply to liquidator in Form-I for withdrawal.<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p style=\"font-weight: bold;\">Prior to dissolution-<\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\n<p>Liquidator will request the Board to release the amount.<\/p>\n<\/li>\n<li>\n<p>After distribution of the amount, the Liquidator will intimate the same to the Adjudicating Authority.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">After dissolution-<\/span> If any person other than the stakeholder claims to be entitled to any amount deposited to the Corporate Liquidation Account, he will have to submit evidence to satisfy the liquidator or the Board.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Regulation 46-A<\/span> has been inserted which relates to &#8220;<span style=\"font-weight: bold;\">Exclusion of certain assets from the liquidation estate&#8221;.<\/span><\/p>\n<p>Where a corporate debtor has given possession to an allottee in a real estate project, such assets will not form a part of the liquidation estate of the corporate debtor.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Form A<\/span> relating to <span style=\"font-weight: bold;\">&#8220;Proforma for reporting consultations with stakeholders&#8221;<\/span> has been revised.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">IBBI notifies Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024.<\/p>\n","protected":false},"author":67515,"featured_media":314346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[30596,32375,29471,16901,29690,42971],"class_list":["post-314326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-corporate-debtor","tag-dissolution","tag-ibbi","tag-insolvency-and-bankruptcy-board-of-india","tag-liquidation","tag-liquidation-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>IBBI (Liquidation Process) (Amendment) Regulations, 2024 | SCC Blog<\/title>\n<meta name=\"description\" content=\"IBBI notified IBBI (Liquidation Process) (Amendment) Regulations, 2024 to amend Insolvency and 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invites comments on Draft Regulations for Voluntary Liquidation of Corporate Persons","author":"Saba","date":"February 16, 2017","format":false,"excerpt":"The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group-3 had a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency 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":"","width":0,"height":0},"classes":[]},{"id":233578,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/08\/07\/ibbi-amends-insolvency-and-bankruptcy-board-of-india-voluntary-liquidation-process-regulations-2017\/","url_meta":{"origin":314326,"position":1},"title":"IBBI amends Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017","author":"Bhumika Indulia","date":"August 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 on 05-08-2020. The Insolvency and Bankruptcy Code, 2016 enables a corporate person to initiate voluntary liquidation process if it has no debt or it will be able\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":233505,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/08\/07\/ibbi-amends-the-insolvency-and-bankruptcy-board-of-india-liquidation-process-regulations-2016\/","url_meta":{"origin":314326,"position":2},"title":"IBBI amends the Insolvency and Bankruptcy  Board of India (Liquidation Process) Regulations, 2016","author":"Bhumika Indulia","date":"August 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020. The Regulations require the committee of creditors to fix the fee payable to the liquidator.\u00a0 Where the fee has not been fixed by the committee of creditors, 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":"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":228451,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/04\/18\/covid-19-period-of-lockdown-to-be-excluded-while-computing-limitation-in-relation-to-any-liquidation-process-ibbi-regulations-amended\/","url_meta":{"origin":314326,"position":3},"title":"COVID 19 | Period of lockdown to be excluded while computing limitation in relation to any liquidation process&#8211;IBBI Regulations amended","author":"Bhumika Indulia","date":"April 18, 2020","format":false,"excerpt":"Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020 No. IBBI\/2020-21\/GN\/REG060.- 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\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":223916,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/07\/ibbi-notifies-insolvency-and-bankruptcy-board-of-india-liquidation-process-amendment-regulations-2020\/","url_meta":{"origin":314326,"position":4},"title":"IBBI notifies &#8212; Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020","author":"Bhumika Indulia","date":"January 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6-01-2020. The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not\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":314326,"position":5},"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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/314326","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\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=314326"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/314326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/314346"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=314326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=314326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=314326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}