Executive Summary:
This notification announces the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Resolution Process for Corporate Persons Second Amendment Regulations, 2020. The regulations, which amend the 2016 regulations, came into force on March 25, 2020. It specifies that late filing of forms will incur a fee starting October 1, 2020.
Key Points / Main Content:
Amendment Regulations:
* These regulations are called the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Second Amendment Regulations, 2020.
* The regulations came into force on March 25, 2020.
Late Fee for Form Filing:
* Regulation 40B of the 2016 regulations is amended.
* Filing a form after the due date will incur a fee of ₹500 per form for each calendar month of delay after October 1, 2020.
* Example:
* If a form due on October 30, 2020, is filed on October 29 or 30, 2020, the fee is ₹0.
* If filed on October 31, 2020, the fee is ₹500.
* If filed anytime in November 2020, the fee is ₹1000.
* If filed anytime in December 2020, the fee is ₹1500.
Impact Analysis:
Stakeholders: Corporate Persons undergoing Insolvency Resolution, Insolvency Professionals, and the IBBI.
Corporate Persons undergoing Insolvency Resolution:
Impact: Subject to new regulations regarding late fee for form submissions.
Action Required: Ensure timely submission of forms to avoid penalties.
Insolvency Professionals:
Impact: Responsible for implementing and adhering to the amended regulations, including the collection of late fees.
Action Required: Understand the new regulations regarding late fee and advise corporate debtors accordingly; collect and remit late fees as required.
IBBI:
Impact: Responsible for overseeing the implementation of the amended regulations.
Action Required: Monitor compliance with the new regulations and address any issues that may arise.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and regulates insolvency professionals.
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 Resolution Process for Corporate Persons Second Amendment Regulations, 2020: Regulations amending the Insolvency Resolution Process for Corporate Persons Regulations, 2016.
Insolvency Resolution Process for Corporate Persons Regulations, 2016: Regulations issued by the Insolvency and Bankruptcy Board of India regarding the insolvency resolution process for corporate persons.
New Delhi: The location where the notification was issued.
Dr. M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
25th March, 2020: The date from which the Insolvency Resolution Process for Corporate Persons Second Amendment Regulations, 2020 were deemed to come into force.
Government of India Press, Ring Road, Mayapuri, New Delhi 110064: The printing location of the document.
रजिस्ट्री स.ं डी.एल.-33004/99 REGD. NO. D. L.-33004/99
सी.जी.-डी.एल.-अ.-24042020-219127
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 153] नई दिल्ली, िुिवार, अप्रलै 24, 2020/विै ाख 4, 1942
No. 153] NEW DELHI, FRIDAY, APRIL 24, 2020/VAISAKHA 4, 1942
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल् ली, 20 अप्रैल, 2020
भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) (िसू रा सिं ोधन)
जवजनयम, 2020
स.ं आई.बी.बी.आई./2020-21/िी.एन./आर.ई.िी.056.—भारतीय दिवाला और िोधन अक्षमता बोड,ड
दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196 की उपधारा
(1) के खंड (न) द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट
व्यजियों के जलए दिवाला समाधान प्रदिया) जवजनयमन, 2016 का और संिोधन करन े के जलए जनम्नजलजखत जवजनयम
बनाता ि,ै अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए
दिवाला समाधान प्रदिया) (िसू रा संिोधन) जवजनयम, 2020 ि ै ।
(2) ये 25 माच,ड 2020 को प्रवत्तृ हुए समझे िाएंग े ।
2. भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया)
जवजनयमन, 2016 के जवजनयम 40ख म,ें उप-जवजनयम (4) के स्ट्थान पर जनम्नजलजखत उप-जवजनयम रखा िाएगा,
अथाडत:्–
1826 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“(4) इस जवजनयम के अधीन या तो सुधार, अद्यतन करके या अन्यथा, प्रस्ट्तुत दकए िाने की तारीख के पश्चात ् प्ररूप
फाइल करन े पर उसके साथ 1 अक्टूबर, 2020 के पश्चात ् जवलबं के प्रत्येक कलडैं र मास के जलए प्रजत प्ररूप पांच सौ
रुपए की फीस सलं ग्न की िाएगी ।
उिािरण: कोई प्ररूप 30 अक्टूबर, 2020 तक फाइल दकया िाना अपेजक्षत ि।ै वि जनम्नानसु ार फीस सजित फाइल
दकया िाएगा:
यदि जनम्नजलजखत तारीख को फाइल दकया िाता ि ै फीस (रुपयों म)ें
29 अक्टूबर, 2020 0
30 अक्टूबर, 2020 0
31 अक्टूबर, 2020 500
नवम्बर, 2020 में दकसी दिन 1000
दिसम्बर, 2020 म ेंदकसी दिन 1500”
डॉ. एम. एस. साहू, अध् यक्ष
[जवज्ञापन-III/4/असा. /09/2020-21]
ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया)
जवजनयमन, 2016, भारत के रािपत्र, असाधारण, भाग III, खंड 4, स.ं 432, तारीख 30 नवम्बर, 2016
म ें अजधसूचना स.ं आई.बी.बी.आई./2016-17/िी.एन./आर.ई.िी.004, तारीख 30 नवम्बर, 2016 द्वारा
प्रकाजित दकए गए थ े और उनम ें अंजतम भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के
जलए दिवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2020 भारत के रािपत्र, असाधारण, भाग III, खंड
4, स.ं 58, तारीख 12 फरवरी, 2020 म ें अजधसूचना स.ं आई.बी.बी.आई./2019-20/िी.एन./
आर.ई.िी.055, तारीख 12 फरवरी, 2020 द्वारा प्रकाजित, द्वारा संिोधन दकए गए थे।
स्ट्पष्टीकारक ज्ञापन
भारतीय दिवाला और िोधन अक्षमता बोडड के िासी बोडड ने तारीख 25 माचड, 2020 को भारतीय दिवाला और िोधन अक्षमता
बोडड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) जवजनयमन, 2016 में संिोधन करने का जवजनश्चय दकया । केन्रीय
सरकार द्वारा कोजवड-19 के प्रकोप के पठरणामस्ट्वरूप 25 माचड, 2020 से घोजित राष्ट्रव्यापी लॉक-डाउन के कारण जवजनयमों में
संिोधन करने वाली अजधसूचना भारत के रािपत्र में प्रकाजित निीं की िा सकी । अतः संिोधनकारी जवजनयमों को 25 माचड,
2020 स ेप्रभावी करने की िजृष्ट से इस ठटप्पण के साथ बोडड की वैबसाइट पर प्रकाजित दकया गया था दक उन्िें भारत के रािपत्र
में तब प्रकाजित दकया िाएगा िैसे िी भारत सरकार का मुरणालय इसे प्रकािनाथड स्ट्वीकार करता ि ै । िासी बोडड का आिय
संिोजधत जवजनयमों को 25 माचड, 2020 से प्रवृत्त करना था ।
यि प्रमाजणत दकया िाता ि ैदक चूंदक संिोजधत जवजनयम जितधारकों को कारपोरेट दिवाला समाधान प्रदिया में आििड
समय-सारणी के संबंध में स्ट्पष्टता प्रिान करते ि ैं इसजलए इन्ि ें भूतलक्षी प्रभाव िने े से दकसी भी व्यजि पर प्रजतकूल प्रभाव निीं
डाला िा रिा ि ै।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 20th April, 2020
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
(Second Amendment) Regulations, 2020.
No. IBBI/2020-21/GN/REG056.—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 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:-
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) (Second Amendment) Regulations, 2020.
(2) They shall be deemed to come into force on the 25th March, 2020.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016, in regulation 40B, for sub-regulation (4), the following sub-regulation shall be substituted,
namely: -
“(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 1st October, 2020.
Example: A Form is required to be filed by 30th October, 2020. It shall be filed along with a fee as under:
If filed on Fee (in Rupees)
29th October, 2020 0
30th October, 2020 0
31st October, 2020 500
Any day in November, 2020 1000
Any day in December, 2020 1500”
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./09/2020-21]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 were published vide Notification No. IBBI/2016-17/GN/REG004, dated 30th
November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November,
2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) (Amendment) Regulations, 2020 published vide Notification No.
IBBI/2019-20/GN/REG055, dated the 12th February, 2020 in the Gazette of India, Extraordinary, Part
III, Section 4, No. 58 on 12th February, 2020.
Explanatory Memorandum
The Governing Board of the Insolvency and Bankruptcy Board of India decided on 25th March, 2020 to
amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
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 25th March, 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 25th March, 2020.
It is certified that, since the amended regulations provide clarity to the stakeholders in regard to the
model time-line in the corporate insolvency resolution 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.