Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
The Amendment Regulations are effective from 12th February, 2024.
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024
IBBI directs liquidators to obtain approval of consultation committee for key decisions.
IBBI clarification regarding Sharing of the Report prepared by the Resolution Professional to both debtor and creditor
Therefore, it is advised that the RP shall provide a copy of the report to both debtor and creditor in all cases. This will ensure that the debtor and the creditor are well-informed about the evaluation and recommendations made by the RP, thereby promoting transparency and informed decision-making.
IBBI clarification regarding Reporting / Sharing of information in the Voluntary Liquidation process
It is directed that the liquidator shall submit a copy of Form H and the final report filed before the Adjudicating Authority as per Regulation 38, and the order for dissolution to the Board to the email ID: liqvol@ibbi.gov.in.
IBBI clarification regarding deposit and withdrawal of unclaimed dividends and / or undistributed proceeds
It is clarified that to facilitate the request received from a stakeholder, under regulation 39(7), who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account for withdrawal before the dissolution of the corporate person, the liquidator shall apply to the Board for the release of the amount for onward distribution to the stakeholders.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024
The amendment provides that the resolution professional shall place the repayment plan in a meeting of the creditors for its consideration. Where no repayment plan has been received within such period the resolution professional shall notify the same in a meeting of creditors.
International Conclave 2024 on “The Insolvency and Bankruptcy Code, 2016 – Looking Ahead”
The Insolvency and Bankruptcy Board of India in association with INSOL India has organized International Conclave 2024 on “The Insolvency and Bankruptcy Code, 2016 – Looking Ahead” on 20th January, 2024 To trace the journey of reforms in the insolvency resolution process and pave the way forward the Insolvency and Bankruptcy Board of India.
IBC Clarification regarding submission of particulars and declaration by the insolvency professionals
Where the application is filed through an RP, the particulars and declaration by such RP are provided in Part IV of the Form C of the IRP PGCD Rules. In such cases, the Adjudicating Authority (AA) after confirming that there is no pendency in respect of disciplinary proceedings against the RP from the database shared by the Insolvency and Bankruptcy Board of India, appoints the proposed RP.
3rd International Research Conference on Insolvency and Bankruptcy
The conference timeline is structured to facilitate a thorough exploration of research topics. Key dates include the proposal submission deadline on January 15, 2024, acceptance/rejection notifications by January 31, 2024, and the presentation of papers from July 2nd to July 3rd, 2024. The venue, the Hyderabad campus of the Indian School of Business, sets the stage for a physical gathering of scholars and experts.
IBBI Issues New Guidelines for Insolvency Professionals
On December 8, 2023, the Insolvency and Bankruptcy Board of India (IBBI) took a significant step towards enhancing the efficiency of the insolvency resolution process by issuing the “Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2023.” These guidelines aim to expedite the appointment of Insolvency Professionals (IPs) by preparing a panel in advance, mitigating administrative delays.
