Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 dated 30 June 2020
July 26, 2020 EDITORIAL TEAM INSOL India
This amendment substituted the erstwhile Regulation 12(1)(a) ofthe Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, with the following clause, namely: “(a) its sole objective is to provide support services to insolvency professionals;” The earlier regulation 12(1)(a) stated as follows: “its..
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Waiver of Interest due to COVID Lockdown Moratorium
June 6, 2020 INSOL India - Editorial Team
In a writ petition filed in the Hon’ble Supreme Court that no interest should be charged and there should be a waiver of interest on term loan payments during the moratorium, the Hon’ble Supreme Court had issued notice to the..
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Cross-Border Insolvency
June 6, 2020 INSOL India - Editorial Team
The Government of India had constituted a committee with Mr. K.P. Krishnan a retired IAS Officer as its chairman, to recommend rules and regulatory framework for the implementation of the cross-border insolvency provisions under the Insolvency and Bankruptcy Code. The..
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Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020
June 5, 2020 MINISTRY OF LAW AND JUSTICE
Because of the Covid-19 impact on business and industry in the country, the President of India has promulgated an ordinance on June 5, 2020, suspending Section 7, 9 and 10 of the IBC, 2016, for initiation of corporate insolvency resolution..
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Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 dated 20 April 2020
June 1, 2020
1. Payment of registration fees by insolvency professionals:The registration fee, payable by the insolvency professional for the financial year 2019-20, shall be paid to the IBBI on or before 30thJune 2020 (in accordance with Regulation 7(2)(ca)); 2. Cessation of director/partner:Upon cessation of an..
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Interpretation of IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 dated 20 April 2020
June 1, 2020 Substitution of sub-regulation (4) of Regulation 40B as follows
“(4) The filing of a Form under this Regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1stOctober,..