AMENDMENT IN THE INSOLVENCY AND BANKRUPTCY LAW
By EDITORIAL TEAM INSOL India Posted On : December 28, 2020
The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2016
The following amendments have been made:
1. In Regulation 2A which specifies the requirement to record the evidences of default by financial creditor :-
“(a) Certified copy of entries in the relevant account in the bankers’ book as defined in clause (3) of section 2 of the Bankers’ Books Evidence Act, (b) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, where the period of appeal against such order has expired”.
2. In Regulation 13 (2)(ca), which specifies the document filed on the electronic platform of the Board for dissemination on its website, has been inserted, namely:
“Provided that this clause shall apply to every corporate insolvency resolution process ongoing and commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020.”
3. In Regulation 39 (5A) has been inserted, which specifies the intimation of payment of dues on the finalisation of the resolution plan, has been inserted, namely:
“The resolution professional shall, within fifteen days of the order of the Adjudicating Authority approving a resolution plan, intimate each claimant, the principle or formulae, as the case may be, for payment of debts under such resolution plan.”
The following amendments have been made:
1. In Regulation 2A which specifies the requirement to record the evidences of default by financial creditor :-
“(a) Certified copy of entries in the relevant account in the bankers’ book as defined in clause (3) of section 2 of the Bankers’ Books Evidence Act, (b) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, where the period of appeal against such order has expired”.
2. In Regulation 13 (2)(ca), which specifies the document filed on the electronic platform of the Board for dissemination on its website, has been inserted, namely:
“Provided that this clause shall apply to every corporate insolvency resolution process ongoing and commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020.”
3. In Regulation 39 (5A) has been inserted, which specifies the intimation of payment of dues on the finalisation of the resolution plan, has been inserted, namely:
“The resolution professional shall, within fifteen days of the order of the Adjudicating Authority approving a resolution plan, intimate each claimant, the principle or formulae, as the case may be, for payment of debts under such resolution plan.”