Executive Summary:
This notification announces the Insolvency and Bankruptcy Board of India Liquidation Process Second Amendment Regulations, 2020, amending the 2016 regulations. The amendment, effective from April 17, 2020, excludes the period of the COVID-19 lockdown imposed by the Central Government from the timeline for tasks in the liquidation process that could not be completed due to the lockdown. The aim is to provide clarity to stakeholders and ensure the completion of liquidation processes.
Key Points / Main Content:
* **Amendment Title:** Insolvency and Bankruptcy Board of India Liquidation Process Second Amendment Regulations, 2020.
* **Authority:** Issued by the Insolvency and Bankruptcy Board of India, as per Section 196(1)(t) and Section 240 of the Insolvency and Bankruptcy Code, 2016.
* **Effective Date:** Deemed to have come into force on April 17, 2020.
* **Amendment to 2016 Regulations:**
* **Insertion of Regulation 47A: Exclusion of period of lockdown:** The period of lockdown imposed by the Central Government due to the COVID-19 outbreak will not be counted when calculating the timeline for any task in relation to a liquidation process that could not be completed due to the lockdown, subject to the provisions of the Code.
* **Reason for Amendment:** The amendment clarifies timelines for liquidation processes affected by the nationwide lockdown declared on March 25, 2020.
Impact Analysis:
**Stakeholders:**
* **Liquidators:**
* Impact: Timelines for completing liquidation tasks are adjusted to account for the COVID-19 lockdown period.
* Action Required: Adjust liquidation process timelines to exclude the lockdown period when applicable.
* **Insolvency and Bankruptcy Board of India:**
* Impact: Responsible for implementing and overseeing the amended regulations.
* Action Required: Ensure compliance with the amended regulations and provide guidance to stakeholders.
* **Creditors:**
* Impact: Timelines for receiving payments or completing other steps in the liquidation process may be affected by the exclusion of the lockdown period.
* Action Required: Be aware of the adjusted timelines and their potential impact on the liquidation process.
* **Debtors:**
* Impact: The overall duration of the liquidation process involving their assets may be affected.
* Action Required: Understand the adjusted timelines.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and bankruptcy.
Insolvency and Bankruptcy Code, 2016: An Indian law that consolidates and amends laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals.
Insolvency and Bankruptcy Board of India Liquidation Process Regulations, 2016: Regulations framed by the Insolvency and Bankruptcy Board of India pertaining to the liquidation process under the Insolvency and Bankruptcy Code.
New Delhi: The location of the notification, and the location of the Insolvency and Bankruptcy Board of India.
Insolvency and Bankruptcy Board of India Liquidation Process Second Amendment Regulations, 2020: The specific amendment to the Liquidation Process Regulations being notified.
Central Government: The government of India, which imposed the lockdown mentioned in the notification.
Covid19: The infectious disease caused by the SARS-CoV-2 virus, which led to a nationwide lockdown in India.
Dr. M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
रजिस्ट्री स.ं डी.एल.-33004/99 REGD. NO. D. L.-33004/99
सी.जी.-डी.एलxx.x-GअID.-H2x4xx0 42020-219126
CG-DLxx-xEG-I2D4E0x4x2x0 20-219126
ऄसाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 157] नइ ददल्ली, ििु वार, ऄप्रलै 24, 2020/विै ाख 4, 1942
No. 157] NEW DELHI, FRIDAY, APRIL 24, 2020/VAISAKHA 4, 1942
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल् ली, 20 ऄप्रैल, 2020
भारतीय ददवाला और िोधन ऄक्षमता बोड ड(समापन प्रदिया) (दसू रा सिं ोधन) जवजनयम, 2020
स.ं अइ.बी.बी.अइ./2020-2021/िी.एन./अर.इ.िी.060.—भारतीय ददवाला और िोधन ऄक्षमता बोड,ड
ददवाला और िोधन ऄक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196 की ईपधारा
(1) के खंड (न) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन
प्रदिया) जवजनयमन, 2016 का और संिोधन करन े के जलए जनम्नजलजखत जवजनयम बनाता ि,ै ऄथाडत:् -
1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) (दसू रा
संिोधन) जवजनयम, 2020 ि ै।
(2) ये 17 ऄप्रैल, 2020 स े प्रवृत्त हुए समझ े िाएंग े ।
2. भारतीय ददवाला और िोधन ऄक्षमता बोड ड (समापन प्रदिया) जवजनयमन, 2016 म ें जवजनयम 47 के पश्चात,्
जनम्नजलजखत जवजनयम ऄंतःस्ट्थाजपत दकया िाएगा, ऄथाडत:्-
1830 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“47क. लॉक डाईन की ऄवजध का ऄपविनड
संजिता के ईपबधं ों के ऄधीन रित े हुए, केन्द्रीय सरकार द्वारा कोजवड-19 के प्रकोप के पठरणामस्ट्वरूप
ऄजधरोजपत लॉक-डाईन की ऄवजध की गणना दकसी समापन प्रदिया के संबंध म ें ऐसे दकसी काय ड के जलए समय-
सारणी की संगणना के प्रयोिनों के जलए निीं की िाएगी जिन्द्ि ें ऐस े लॉक-डाईन के कारण परू ा निीं दकया िा सका
था ।”
डॉ. एम. एस. साहू, ऄध् यक्ष
[जवज्ञापन-III/4/ऄसा. /13/2020-21]
ठिप्पण: भारतीय ददवाला और िोधन ऄक्षमता बोड ड (समापन प्रदिया) जवजनयमन, 2016, भारत के रािपत्र,
ऄसाधारण, भाग III, खंड 4 सं. 460, तारीख 15 ददसम्बर, 2016 म ें ऄजधसूचना
स.ं अइ.बी.बी.अइ./2016-17/िी.एन./अर.इ.िी.005, तारीख 15 ददसम्बर, 2016 द्वारा प्रकाजित दकए
गए थ े और ईनमें ऄंजतम संिोधन भारत के रािपत्र, ऄसाधारण, भाग III, खंड 4 स.ं 06, तारीख 6
िनवरी, 2020 म ें ऄजधसूचना स.ं अइ.बी.बी.अइ./2019-20/िी.एन./अर.इ.िी.053, तारीख 6 िनवरी,
2020 द्वारा प्रकाजित भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) (संिोधन) जवजनयम,
2020 द्वारा दकया गया था ।
स्ट्पष्टीकारक ज्ञापन
भारतीय ददवाला और िोधन ऄक्षमता बोड ड के िासी बोड ड ने तारीख 17 ऄप्रलै , 2020 को भारतीय
ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) जवजनयमन, 2016 में संिोधन करने का जवजनश्चय दकया।
केन्द्रीय सरकार द्वारा कोजवड-19 के प्रकोप के पठरणामस्ट्वरूप 25 माच,ड 2020 स े घोजित राष्ट्रव्यापी लॉक-डाईन के
कारण जवजनयमों म ें संिोधन करने वाली ऄजधसूचना भारत के रािपत्र म ें प्रकाजित निीं की िा सकी । ऄतः
संिोधनकारी जवजनयमों को 17 ऄप्रलै , 2020 स े प्रभावी करन े की दजृ ष्ट स े आस ठिप्पण के साथ बोडड की वैबसाआि पर
प्रकाजित दकया गया था दक ईन्द्ि ें भारत के रािपत्र म ें तब प्रकाजित दकया िाएगा िैसे िी भारत सरकार का
मुरणालय आस े प्रकािनाथड स्ट्वीकार करता ि ै । िासी बोडड का अिय संिोजधत जवजनयमों को 17 ऄप्रैल, 2020 स े
प्रवृत्त करना था।
यि प्रमाजणत दकया िाता ि ै दक चूंदक संिोजधत जवजनयम जितधारकों को समापन प्रदिया म ें जवजभन्न कायों
को पूरा करने के जलए अदिड समय-सारणी के संबंध म ें स्ट्पष्टता प्रदान करत े ि ैं आसजलए आन्द्ि ें भूतलक्षी प्रभाव देन े स े
दकसी भी व्यजि पर प्रजतकूल प्रभाव निीं डाला िा रिा ि ै।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 20th April, 2020
Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020
No. IBBI/2020-21/GN/REG060.—In exercise of the powers conferred by clause (t) of sub-section (1)
of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency
and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and
Bankruptcy Board of India (Liquidation Process) Regulations, 2016, namely: -
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process)
(Second Amendment) Regulations, 2020.[भाग III—खण् ड 4] भारत का रािपत्र : ऄसाधारण 3
(2) They shall be deemed to have come into force from the 17th April, 2020.
2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, after regulation
47, the following regulation shall be inserted, namely: -
“Exclusion of period of lockdown.
47A. Subject to the provisions of the Code, the period of lockdown imposed by the Central
Government in the wake of Covid-19 outbreak shall not be counted for the purposes of computation of the time-
line for any task that could not be completed due to such lockdown, in relation to any liquidation process.”.
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./13/2020-21]
Note: The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 were published
vide notification No. IBBI/2016-17/GN/REG005 dated 15th December, 2016 in the Gazette of India,
Extraordinary, Part III, Section 4, vide No. 460 on 15th December, 2016 and were last amended by the
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 vide
notification No. IBBI/2019-20/GN/REG053, dated the 6th January, 2020 in the Gazette of India,
Extraordinary, Part III, Section 4, No. 06 on 6th January, 2020.
Explanatory Memorandum
The Governing Board of the Insolvency and Bankruptcy Board of India decided on 17th April, 2020 to
amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The notification
amending the regulations could not be published in the Gazette of India, due to the nationwide lockdown
declared by the Central Government w.e.f. 25th March, 2020, in the wake of the outbreak of Covid-19. The
amendment regulations were, therefore, published on the website of the Board for it to be effective from the 17th
April, 2020, with a note that the same shall be published in the Gazette of India as soon as the Government Press
accepts the notification for publication. The intention of the Governing Board was to bring into force the
amended regulations with effect from the 17th April, 2020.
It is certified that, since the amended regulations provide clarity to the stakeholders in regard to the
model time-line in the completion of various tasks in the liquidation process, no person is being adversely
affected by giving retrospective effect.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.