Insolvency Law Committee (“Committee”) submits its second report: recommends adoption of UNCITRAL Model Law for cross border insolvency framework

November 17, 2018 INSOL INDIA EDITORIAL TEAM

The Committee constituted by Ministry of Corporate Affairs to suggest changes to the Code, submitted its second report on cross-border insolvency. The Committee has recommended adoption of UNCITRAL Model Law with certain modifications which are annexed with the report as..

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Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017

November 17, 2018 INSOL INDIA EDITORIAL TEAM

The IBBI has amended the (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the..

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IBBI amends CIRP Regulations: Removes the concept of ‘Dissenting Financial Creditors’

November 17, 2018 INSOL INDIA EDITORIAL BOARD

The IBBI has further amended the CIRP Regulations by way of fourth amendment. The notable amendments are: Earlier the resolution professional (“RP”) was required to circulate the minutes of meetings (“MoM”) to all the members of the Committee of Creditors (“CoC”)..

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IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

November 17, 2018 INSOL INDIA EDITORIAL BOARD

IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, to be effective from October 11, 2018. The salient amendments are: 1. An insolvency professional shall pay to the board, a fee at the rate of 0.25%..

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Liquidation Regulations

November 17, 2018 INSOL INDIA EDITORIAL BOARD

Pursuant to the second amendment to the Liquidation Regulations, the liquidator has been provided greater flexibility under Regulation 32 to dispose of assets forming part of the liquidation estate, that is by way of sale: (a) on a standalone basis;..

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Amendments to Liquidation Regulations issued under the Code

November 17, 2018 INSOL INDIA EDITORIAL BOARD

As a regulator, the IBBI has continued with its endeavour to frame regulations which facilitate effective and smooth implementation of the Code. Drawing upon the experiences gained so far and with the objective of making effective and implementable regulations, the..

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