IBBI Amends Voluntary Liquidation Process Regulations w.e.f. 31st January 2024

The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, with effect from 31.01.2024. Amendments The following amendments have been made to streamline the voluntary liquidation process and facilitate the distribution of unclaimed proceeds to the stakeholders before the dissolution of the corporate person: The directors of the corporate person while initiating the voluntary...

IBBI Amends Regulations Regarding Insolvency Professionals w.e.f. 31st January 2024

The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (“IP Regulations”), with effect from 31.01.2024. Amendments The Clause 22 of First Schedule of IP Regulations deals with occupation, employability and restrictions on Insolvency Professionals. The IBBI has amended the Clause 22 by inserting Clause 22A thereafter, which reads as under: “22A. An insolvency professional...

IBBI Amends Regulations Relating To Insolvency Resolution Process & Bankruptcy Process For Personal Guarantors To Corporate Debtors w.e.f. 31st January 2024

The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the 'Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019' and 'Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019', with effect from 31.01.2024. The amendments are as under: Amendments The amendment removes the restrictions on an Insolvency Professional (IP)...

IBBI Amends Regulations Relating To 'Model ByeLaws & Governing Board of Insolvency Professional Agencies', w.e.f. 31st January 2024

The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the Insolvency and Bankruptcy Board of India (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (“IPA Regulations”), with effect from 31.01.2024. The Regulation 12A of IPA Regulations deals with Authorisation for Assignment. The sub clause 6 of Regulation 12A states that, “An authorisation for assignment issued or renewed by the Agency shall be valid for a period of one year from ...

When Creditor Proposes Name Of RP In Proceedings U/S 95 Of IBC, RP Must Give Declaration In Part IV Of Form C To Creditor: IBBI Clarifies

The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 21.12.2023, providing clarification regarding submission of particulars and declaration by Insolvency Professional (“IP”), in instances where a creditor proposes name of such IP to act as a Resolution professional in proceedings under Section 95 of Insolvency and Bankruptcy Code, 2016 (“IBC”). The application under Section 95 of IBC, seeking initiation of insolvency resolution process against Personal...

IBBI Issues Revised Guidelines For Insolvency Professionals Willing To Act As IRP, RP, Liquidator & Bankruptcy Trustee

On 08.12.2023, the Insolvency and Bankruptcy Board of India (“IBBI”) has issued the 'Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2023” (“Revised Guidelines”).The Panel of Insolvency Professionals prepared as per the Revised Guidelines dated 08.12.2023 shall be effective from 01.01.2024 to 30.06.2024. The Revised Guidelines provide the eligibility criteria, manner of...

Mr. Jitesh John Appointed As Executive Director Of Insolvency And Bankruptcy Board Of India

The Insolvency and Bankruptcy Board of India ('IBBI”) has issued a Press Release dated 01.12.2023 intimating the appointment of Mr. Jitesh John as the Executive Director of IBBI.About Mr. Jitesh JohnMr. Jitesh John is an Indian Economic Service ('IES') Officer of the 2001 batch with experience serving 21 years in the Government of India at different posts. Before his appointment at IBBI, Mr. Jitesh John was serving as the Economic Advisor in the Ministry of Power.His professional experience...

IBBI To Regularly Share Public Announcement Details With Nodal Officer At The GST Commissionerate: Kerala GST Dept.

The Kerala GST Department has issued Standard Operating Procedure (SOP) for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (NCLT).The Insolvency and Bankruptcy Board of India (IBBI) is expected to regularly share the details of the public announcement with an identified officer designated as the Nodal Officer at the Commissionerate. The primary purpose of designating a Nodal Officer is to receive notifications from the IBBI and ensure the timely...

IBBI Proposes Real Estate Related Changes In CIRP & Liquidation Regulations, Invites Public Comments Till 28th November 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) on 06.11.2023 has published a Discussion Paper on Real-Estate related proposals to be introduced in Corporate Insolvency Resolution Process (CIRP) & Liquidation process under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Accordingly, amendments have been proposed to IBBI (Insolvency Resolution Process for Corporate Process) Regulations, 2016 and IBBI (Liquidation Process) Regulations, 2016.The IBBI has also invited comments from the...

IBBI Proposes Changes To CIRP Regulations, Invites Public Comments Till 22nd November 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) on 01.11.2023 has published a Discussion Paper on amendments to IBBI (Insolvency Resolution Process for Corporate Process) Regulations, 2016 (“CIRP Regulations”). The IBBI has also invited comments from the public/stakeholders regarding proposed changes to the CIRP Regulations. The comments can be submitted online at www.ibbi.gov.in till 22.11.2023. PROPOSED CHANGES Approval of Committee of Creditors (CoC) for insolvency...

IBBI Proposes Changes To Liquidation Process Under IBC, Invites Public Comments Till 10th November 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) on 20.10.2023 has published a Discussion Paper on ‘Strengthening the Liquidation Process’ under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The IBBI has also invited comments from the public/stakeholders regarding proposed changes to the Liquidation framework. The comments can be submitted online at www.ibbi.gov.in till 10.11.2023. The proposed changes to IBBI (Liquidation Process) Regulations, 2016, are as under: ...

IBBI Proposes Changes To Framework For Insolvency Professional Entities, Invites Public Comments Till 11th November 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) on 20.10.2023 has published a Discussion Paper on “Rationalisation of the Regulatory Framework for Enhancing the Effectiveness of Insolvency Professional Entities in Insolvency Resolution Process”. The IBBI has also invited comments from the public/stakeholders regarding proposed changes to the framework pertaining Insolvency Professional Entities (“IPE”). The comments can be submitted online at www.ibbi.gov.in till 11.11.2023. ...