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Date: 12-Feb-2024 Category: Extra Ordinary State: Union Government Country: India

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

Issued by Insolvency and Bankruptcy Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024. These regulations amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
  • The amendments aim to refine the liquidation process under the Insolvency and Bankruptcy Code, 2016, by introducing changes related to compromise or arrangement proposals, early dissolution, consultation with the consultation committee, marketing strategies, legal proceedings, valuation of assets, and distribution of amounts from the Corporate Liquidation Account.

Key Changes

  • Regulation 2B(1) is amended to state that a liquidator can only file a compromise or arrangement proposal if the committee recommends it under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The liquidator cannot file such a proposal after 30 days from the liquidation commencement date.
  • Regulation 14 is amended to require the liquidator to consult the consultation committee regarding early dissolution. If the committee advises for early dissolution, the liquidator may apply to the Adjudicating Authority with a detailed report incorporating the views of the consultation committee.
  • Regulation 31A(1) is amended to include the review of marketing strategy in case of failure of sale of corporate debtor as a going concern, continuation or institution of any suits or legal proceedings by or against the corporate debtor and extension of payment of balance sale consideration beyond ninety days, to be disclosed in the auction notice.
  • Regulation 31A(6) is amended to state that the liquidator shall convene subsequent meetings within thirty days of the previous meeting, unless the consultation committee has extended the period between such meetings and that there shall be at least one meeting in each quarter.
  • Regulation 31A(6A) is inserted to require the liquidator to seek advice from the consultation committee after presenting the economic rationale for continuing or initiating any legal proceeding.
  • Regulation 31A(6B) is inserted to mandate the liquidator to present the actual liquidation cost, the consolidated status of all legal proceedings, and the progress made in the process to the consultation committee in every meeting.
  • Regulation 32A(4) includes an explanation clarifying that the sale of the corporate debtor under clause (e) of regulation 32 cannot be offered as the only option for bidders after the first auction.
  • Regulation 32A(5) is inserted to allow the liquidator to run the affairs of the corporate debtor as a going concern only on the advice of the consultation committee.
  • Regulation 33(2) is amended to require prior consultation with the consultation committee under regulation 31A before a private sale.
  • Regulation 35(2) is amended to require the liquidator to consult with the consultation committee under regulation 31A before forming an opinion on the sale of assets.
  • Regulation 35(5) is inserted to facilitate a meeting where registered valuers explain the methodology being adopted to arrive at valuation to the consultation committee before finalisation of valuation reports.
  • Regulation 35(6) is inserted to require the liquidator to share the valuation reports with the members of the consultation committee after obtaining an undertaking that they shall maintain the confidentiality of such reports and shall not use these reports to cause an undue gain or undue loss to itself or any other person.
  • Regulation 35(7) is inserted to facilitate a meeting wherein the registered valuers shall explain the reasons for the difference to the consultation committee, in case there is deviation of twenty five percent in the valuation of an asset class under sub-regulation (2) from valuation under regulation 35 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
  • Regulation 46(7) is substituted to detail the process for stakeholders to apply for withdrawal of amounts from the Corporate Liquidation Account before and after the dissolution of the corporate person.
  • Regulation 46A is inserted to exclude assets where the corporate debtor has given possession to an allottee in a real estate project from the liquidation estate of the corporate debtor.
  • Schedule I, para 1(3) is amended to state that the liquidator shall mention in the auction notice, the period extended under clause (h) of sub-regulation (1) of regulation 31A.
  • Schedule I, para 1(4) is amended to state that the reserve price shall be the value of the asset arrived at in accordance with regulation 35 and where an auction fails, the reserve price in subsequent auctions may be further reduced by not more than ten percent at a time. In cases where the reserve price of the failed auction of the asset was fixed as per the valuation under sub-regulation (1) of regulation 35, the liquidator may, on the advice of the consultation committee, reduce the reserve price up to twenty-five percent, once during the process.
  • Schedule I, para 1(12) is amended to state that on the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days or such period as mentioned in the auction notice under clause 3, of the date of such demand. Payments made after thirty days shall attract interest at the rate of twelve per cent. The sale shall be cancelled if the payment is not received within the period provided under this clause.
  • Schedule I, para 2(3A) is inserted to state that the private sale shall be confirmed to the buyer after consultation with the consultation committee under regulation 33.
  • Schedule II is amended by substituting Form A, which is the proforma for reporting consultations with stakeholders.
  • Schedule II is amended by modifying Form H to include details of realisation of security interest by secured creditors under section 52 and details of assignment of not readily realisable assets.

Impact Analysis

Liquidators

  • Action Item: Liquidators should update their processes and reporting templates to comply with the new requirements, especially regarding consultation with the consultation committee and reporting of costs and progress.

Consultation Committee

  • Action Item: Members of the consultation committee should be prepared to actively participate in these decisions and provide informed advice to the liquidator.

Secured Creditors

  • Action Item: Secured creditors should ensure they provide the liquidator with the necessary information to comply with these reporting requirements.

Allottees in Real Estate Projects

  • Action Item: Allottees should ensure they have proper documentation to prove they have been given possession.

Bidders

  • Action Item: Bidders should carefully review the auction notices and be prepared to comply with the payment terms.

Corporate Debtors

  • Action Item: Corporate debtors should be aware of these changes and their potential impact on the liquidation process.

Insolvency and Bankruptcy Board of India (IBBI)

  • Action Item: IBBI should update its processes for handling requests for fund releases from the Corporate Liquidation Account.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for implementing and overseeing the Insolvency and Bankruptcy Code, 2016. Adjudicating Authority: The National Company Law Tribunal (NCLT) or any other authority that has the jurisdiction to hear and decide insolvency cases. Liquidator: The professional appointed to manage the liquidation process of a corporate debtor. Consultation Committee: A committee formed to advise the liquidator on various aspects of the liquidation process. Corporate Debtor: The company or entity undergoing the liquidation process. Stakeholders: Parties with an interest in the liquidation process, including creditors, employees, and shareholders. Insolvency and Bankruptcy Code, 2016: The primary legislation governing insolvency and bankruptcy proceedings in India. Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016: The regulations that provide detailed rules and procedures for the liquidation process under the Insolvency and Bankruptcy Code, 2016. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016: The regulations that provide detailed rules and procedures for the insolvency resolution process for corporate persons under the Insolvency and Bankruptcy Code, 2016.
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-12022024-252012 xxxGIDHxxx CG-DL-E-12022024-252012 xxxGIDExxx ऄसाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 95] नइ ददल्ली, सोमवार, फरवरी 12, 2024/माघ 23, 1945 No. 95] NEW DELHI, MONDAY, FEBRUARY 12, 2024/MAGHA 23, 1945 भारतीय ददवाला और िोधन ऄक्षमता बोड ड ऄजधसचू ना नइ ददल्ली, 12 फरवरी, 2024 भारतीय ददवाला और िोधन ऄक्षमता बोड ड (समापन प्रदिया) (सिं ोधन) जवजनयम, 2024 स.ं अइ.बी.बी.अइ/2023-24/जी.एन/अर.इ.जी.112.—भारतीय ददवाला और िोधन ऄक्षमता बोड,ड ददवाला और िोधन ऄक्षमता संजहता, 2016 (2016 का 31) की धारा 240 के साथ पठठत धारा 196 की ईपधारा (1) के खंड (न) द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) जवजनयमन, 2016 का और संिोधन के जलए जनम्नजलजखत जवजनयम बनाता ह,ै ऄथाडत:- 1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) (संिोधन) जवजनयम, 2024 ह ै। (2) ये राजपत्र में प्रकािन की तारीख से प्रवृत्त होंग े। 2. भारतीय ददवाला और िोधन ऄक्षमता बोड ड (समापन प्रदिया) जवजनयमन 2016 (जजन्ह ें आसमें आसके पश्चात ् “मूल जवजनयम” कहा गया ह)ै के जवजनयम 2ख के ईप-जवजनयम (1) म,ें दसू रे परन्तुक के स्ट्थान पर जनम्नजलजखत परन्तुक रखा जाएगा, ऄथाडत:् - 952 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “परन्तु यह और दक पठरसमापक केवल ईन मामलों म ें समझौते या ठहराव की प्रस्ट्थापना फाआल करेगा जहां ऐसी जसफाठरि सजमजत द्वारा भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016 के जवजनयम 39खक के ऄधीन की गइ ह ै: परन्त ु यह और दक पठरसमापक, समापन प्रारंभ होने की तारीख से तीस ददन पश्चात ् ऐसी प्रस्ट्थापना फाआल नहीं करेगा ।” 3. मूल जवजनयमों के जवजनयम 14 में, “वह न्यायजनणाडयक प्राजधकारी को कारपोरेट ऋणी के पूवड जवघटन और जवघटन संबंधी ऐसे अवश्यक जनदिे ों के जलए” िब्दों के स्ट्थान पर “वह परामिड सजमजत से परामिड करेगा और यदद वह िीघ्र जवघटन की सलाह देती ह ै तो वह, परामिड सजमजत के जवचारों को सजममजलत करत े हुए एक जवस्ट्ततृ ठरपोटड सजहत, न्यायजनणाडयक प्राजधकारी को िीघ्र जवघटन और जवघटन संबंधी ऐसे अवश्यक जनदेिों के जलए” िब्द रखे जाएगं े । 4. मूल जवजनयमों के जवजनयम 31क में, - (i) ईप-जवजनयम (1) म,ें (क) खडं (ङ) में, “तरीका ।“ िब्द और जचह्न के स्ट्थान पर “तरीका;” िब्द और जचह्न रखा जाएगा । (ख) खडं (ङ) के पश्चात्, जनम्नजलजखत खडं ऄंतःस्ट्थाजपत दकए जाएंगे, ऄथाडत्:- “(च) कारपोरेट ऋणी के चाल ू समुत्थान के रूप म ें जविय म ें ऄसफलता की दिा म,ें जवपणन रणनीजत का पुनर्ववलोकन; (छ) कारपोरेट ऋणी द्वारा या ईसके जवरुद्ध दकन्हीं वादों और जवजधक कायडवाजहयों का जारी रहना या संजस्ट्थत करना; (ज) ऄनुसूची 1 के पैरा 1 के खडं (12) म ें यथा-ईपबंजधत जविय प्रजतफल के बकाया का संदाय करने म ें90 ददन से परे के जवस्ट्तारण को नीलामी सूचना में प्रकट करना ।” (ii) ईप-जवजनयम (6) म,ें परन्तुक के पश्चात,् जनम्नजलजखत परन्तुक ऄंतःस्ट्थाजपत दकए जाएगं े, ऄथातड ्:- “परन्त ु यह और दक पठरसमापक पश्चात्वती बैठकें, जब तक दक परामि ड सजमजत न े ऐसी बैठकों के बीच की ऄवजध में जवस्ट्तार न दकया हो, जपछली बैठक के तीस ददन के भीतर बुलाएगा: परन्त ुयह और दक प्रत्येक जतमाही में कम से कम एक बैठक होगी ।” (iii) ईप-जवजनयम (6) के पश्चात,् जनम्नजलजखत ईप-जवजनयम ऄंतःस्ट्थाजपत दकए जाएंग,े ऄथाडत ्:- “(6क) ऐसे सभी मामलों म,ें जहां पठरसमापक कोइ जवजधक कायडवाही जारी रखने या संजस्ट्थत करन े की प्रस्ट्थापना करता ह ै वहां वह प्रस्ट्थापना के जलए अर्वथक तकाडधार प्रस्ट्तुत करन े के पश्चात्, परामिड सजमजत की सलाह की इप्सा करेगा । (6ख) पठरसमापक, प्रत्येक बैठक में, परामि डसजमजत के समक्ष: (क) प्राक्कजलत लागत से ऄजधक लागत के जलए, यदद कोइ ह,ै कारणों सजहत, वास्ट्तजवक समापन लागत; (ख) समस्ट्त जवजधक कायडवाजहयों की समेदकत जस्ट्थजत; और (ग) प्रदिया म ेंहुइ प्रगजत प्रस्ट्तुत करेगा ।” (iv) ईप-जवजनयम (9) म,ें जनम्नजलजखत स्ट्पष्टीकरण ऄतं ःस्ट्थाजपत दकया जाएगा, ऄथाडत्:- “स्ट्पष्टीकरण: आस ईप-जवजनयम के प्रयोजनाथड, “मतदान” पद से परामिड सजमजत के प्रजतजनजधयों द्वारा दकया गया मतदान ऄजभप्रेत ह ै।” 5. मलू जवजनयमों के जवजनयम 32क में, (i) ईप-जवजनयम (4) म,ें जनम्नजलजखत स्ट्पष्टीकरण ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत्:-[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 3 “स्ट्पष्टीकरण: आस ईप-जवजनयम के प्रयोजनाथ,ड यह स्ट्पष्ट दकया जाता ह ै दक जवजनयम 32 के खंड (ङ) के ऄधीन कारपोरेट ऋणी के जविय की प्रस्ट्थापना, प्रथम नीलामी के पश्चात ् बोलीकताओंड के जलए एकमात्र जवकल्प के रूप म ेंनहीं की जा सकती ह ै।” (ii) ईप-जवजनयम (4) के पश्चात,् जनम्नजलजखत ईप-जवजनयम ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत्:- “(5) जहा ं पठरसमापक की यह राय ह ै दक कारपोरेट ऋणी को चालू समुत्थान के रूप म ें चलाना व्यवहाय ड ह ै तो वह परामि ड सजमजत से परामिड करेगा और केवल ईसकी सलाह पर वह कारपोरेट ऋणी के कामकाज को ऄनुमोददत सीमा तक चाल ूसमुत्थान के रूप में चलाएगा ।” 6. मलू जवजनयमों के जवजनयम 33 के ईप-जवजनयम (2) म,ें- (i) “ऄनुसूची-1 में जनर्ददष्ट रीजत के ऄनुसार जनजी जबिी के माध्यम से जविय करेगा । यदद” िब्दों के स्ट्थान पर “जवजनयम 31क के ऄधीन परामिड सजमजत के पूवड परामिड के पश्चात् ही ऄनुसूची 1 में जनर्ददष्ट रीजत में जनजी जबिी के माध्यम से जविय करेगा, यदद” िब्द रखे जाएगं े । (ii) खंड (ख) म,ें “संभावना होती ह;ै ” िब्दों और जचह्न के पश्चात् “या” िब्द ऄंतःस्ट्थाजपत दकया जाएगा । (iii) खडं (ग) का लोप दकया जाएगा । 7. मलू जवजनयमों के जवजनयम 35 में, - (i) ईप-जवजनयम (2) में, “जहां पठरसमापक की यह राय ह ै दक” िब्दों के स्ट्थान पर “जहां पठरसमापक की, जवजनयम 31क के ऄधीन परामिड सजमजत से परामिड करने के पश्चात् यह राय ह ैदक” िब्द रखे जाएंगे । (ii) ईप-जवजनयम (4) के पश्चात,् जनम्नजलजखत ईप-जवजनयम ऄतं ःस्ट्थाजपत दकए जाएंग,े ऄथाडत्:- “(5) जहां मूल्यांकन ईप-जवजनयम (2) के ऄनुसार दकया जाता ह ै वहां पठरसमापक एक ऐसी बैठक सुकर बनाएगा जजसमें रजजस्ट्रीकृत मल्ू यांकक, मल्ू यांकन ठरपोटों को ऄंजतम रूप देन े से पूव,ड परामि ड सजमजत को वह पद्धजत स्ट्पष्ट करेगा जो मूल्यांकन करने म ेंऄपनाइ जा रही ह।ै (6) पठरसमापक, मूल्यांकन ठरपोटों को, परामि ड सजमजत के सदस्ट्यों को ईनस े यह वचनबधं प्राप्त करन े के पश्चात् सांझा करेगा दक वे ईन ठरपोटों के बारे में गोपनीयता बनाए रखेंगे और ईन ठरपोटों का ईपयोग स्ट्वय ं या दकसी ऄन्य व्यजि को ऄनुजचत लाभ या ऄनुजचत हाजन पहुचं ाने के जलए नहीं करेंग े। (7) यदद ईप-जवजनयम (2) के ऄधीन दकसी अजस्ट्त वगड के मल्ू यांकन में भारतीय ददवाला िोधन ऄक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016 के जवजनयम 35 के ऄधीन मूल्यांकन से पच्चीस प्रजतित का जवचलन होता ह ै तो पठरसमापक एक ऐसी बैठक सुकर बनाएगा जजसम ें रजजस्ट्रीकृत मूल्यांकक, परामिड सजमजत को ऄंतर के कारणों को स्ट्पष्ट करेगा ।” 8. मलू जवजनयमों के जवजनयम 46 में,- (i) ईप-जवजनयम (7) के स्ट्थान पर जनम्नजलजखत ईप-जवजनयम रखे जाएंगे, ऄथाडत:् - “(7) कारपोरेट व्यजि के जवघटन से पूवड, कोइ ऐसा जहतधारक, जो कारपोरेट समापन खाते में जमा की गइ दकसी रकम का हकदार होने का दावा करता ह,ै पठरसमापक के समक्ष रकम की जनकासी के जलए प्ररूप-I में अवेदन कर सकेगा। (7क) पठरसमापक, ईप-जवजनयम (7) के ऄधीन ऄनरु ोध प्राप्त होने पर, दावे का सत्यापन करने के पश्चात,् बोडड को वह रकम अग ेजवतरण के जलए ईसे ईन्मोजचत करन े का ऄनरु ोध करेगा । (7ख) बोडड, ईप-जवजनयम (7क) के ऄधीन ऄनुरोध प्राप्त करन े पर, वह रकम पठरसमापक को ईन्मोजचत कर सकेगा । (7ग) पठरसमापक, जहतधारक को जवतरण करन े के पश्चात्, न्यायजनणाडयक प्राजधकारी को ऐसे जवतरण की सूचना देगा ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (7घ) कारपोरेट व्यजि के जवघटन के पश्चात्, कोइ ऐसा जहतधारक, जो कारपोरेट समापन खाते म ें जमा की गइ दकसी रकम का हकदार होने का दावा करता ह,ै बोड ड के समक्ष ईस रकम की जनकासी के अदिे के जलए प्ररूप-I में अवेदन कर सकेगा । (7ङ) यदद जहतधारक से जभन्न कोइ ऄन्य व्यजि, कारपोरेट समापन खाते में जमा की गइ दकसी रकम का हकदार होने का दावा करता ह ै तो वह, यथाजस्ट्थजत, पठरसमापक या बोडड का यह समाधान करने के जलए दक वह आस प्रकार हकदार ह,ै साक्ष्य प्रस्ट्तुत करेगा ।” (ii) ईप-जवजनयम (8) म,ें “ईप-जवजनयम (7)” ऄजभव्यजि के स्ट्थान पर “ईप-जवजनयम (7घ)” ऄजभव्यजि रखी जाएगी । (9) मूल जवजनयमों में, जवजनयम 46 के पश्चात,् जनम्नजलजखत जवजनयम ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत्:- “46क. कजतपय अजस्ट्तयों का समापन सपं दा स ेईपवजनड धारा 36 की ईपधारा (4) के खडं (ङ) के प्रयोजनाथ,ड जहां कहीं भी कारपोरेट ऋणी ने दकसी भू-संपदा पठरयोजना में दकसी अबंठटती को कब्जा दे ददया ह ै वहां ऐसी अजस्ट्त कारपोरेट ऋणी की समापन संपदा का भाग गठठत नहीं करेगी।” (10) मूल जवजनयमों की ऄनुसूची I के पैरा 1 म,ें - (i) खंड 3 म,ें परन्तुक के पश्चात,् जनम्नजलजखत परन्तुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् - “परन्त ु यह और दक पठरसमापक, नीलामी सूचना में, जवजनयम 31क के ईप-जवजनयम (1) के खंड (ज) के ऄधीन जवस्ट्ताठरत ऄवजध का ईल्लेख करेगा ।” (ii) खंड (4), खंड (4क) और खंड 4(ख) के स्ट्थान पर जनम्नजलजखत खंड रखा जाएगा, ऄथाडत्:- “(4) अरजक्षत कीमत, जवजनयम 35 के ऄनुसार जनकाला गया अजस्ट्त का मूल्य होगा और जहां कोइ नीलामी ऄसफल होती ह ै वहां पश्चात्वती नीलाजमयों में अरजक्षत कीमत को एक बार म ें ऄजधकतम दस प्रजतित तक और घटाया जा सकेगा : परन्त ुऐसे मामलों में, जहां अजस्ट्त की ऄसफल नीलामी म ेंअरजक्षत कीमत जवजनयम 35 के ईप- जवजनयम (1) के ऄधीन मूल्याकं न के ऄनुसार जनयत की गइ थी वहां पठरसमापक, परामि ड सजमजत की सलाह पर, अरजक्षत कीमत को प्रदिया के दौरान एक बार पच्चीस प्रजतित तक घटा सकेगा ।” (iii) खंड (12) के स्ट्थान पर, जनम्नजलजखत खंड रखा जाएगा, ऄथाडत्:- “(12) नीलामी के समाप्त होने पर, ईच्चतर बोलीकताड को ऐसी मांग दकए जान े के नब्बे ददन के भीतर या ऐसी ऄवजध के भीतर, जो खंड 3 के ऄधीन नीलामी सूचना में ईजल्लजखत ह,ै ऄजतिषे जविय प्रजतफल दने े के जलए अमांजत्रत दकया जाएगा: परन्त ुतीस ददन क पश्चात् दकए गए भुगतानों पर बारह प्रजतित की दर पर ब्याज लगगे ा: परन्तु यह और दक यदद आस खडं के ऄधीन प्रदान की गइ ऄवजध के भीतर भगु तान प्राप्त नहीं होता ह ै तो जविय रद्द कर ददया जाएगा ।” (11) मूल जवजनयमों की ऄनुसूची-I के पैरा 2 म,ें खडं (3) के पश्चात्, जनम्नजलजखत खडं ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् - “(3क) िेता को, प्राआवेट जविय की पुजष्ट, जवजनयम 33 के ऄधीन परामिड सजमजत के परामिड के पश्चात् की जाएगी ।” (12) मूल जवजनयमों की ऄनुसूची-II में, प्ररूप क के स्ट्थान पर, जनम्नजलजखत प्ररूप रखा जाएगा, ऄथाडत्:-[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 5 “प्ररूप क जहतधारकों के साथ दकए गए परामि डकी ठरपोर्टटग के जलए प्रोफामा ड [भारतीय ददवाला और िोधन ऄक्षमता बोड ड (समापन प्रदिया) जवजनयमन, 2016 के जवजनयम 8 और जवजनयम 31क के ऄधीन] िम सी.डी. और बैठक की मूलभतू ब्यौरा स.ं (क) पठरसमापक का नाम और रजजस्ट्रीकरण सं. (ख) कारपोरेट ऋणी का नाम (ग) बैठक की तारीख (घ) ऄंजतम बैठक की तारीख (ङ) ऄंजतम बैठक के पश्चात् ददनों की संख्या (च) ऄंजतम बैठक की कायडसूची का ब्यौरा जजसे एस.सी.सी. द्वारा ऄनुमोददत नहीं दकया गया था कायसड ूची की मदों का ब्यौरा कायडवत्तृ का पैरा, जहा ं ईस ठटप्पणी पर चचा डकी गइ थी (क) जवजनयम 7 के ऄधीन जनयुि व्यावसाजयकों, जजसके ऄंतगडत प्रदिया सलाहकर, अइ.पी.इ., अदद ह,ैं के पाठरश्रजमक (ख) जवजनयम 32 के ऄधीन जविय, जजसके ऄंतगडत जविय की रीजत, बोली-पूवड ऄहतड ाएं, अरजक्षत कीमत, जवपणन रणनीजत और नीलामी प्रदिया भी है (ग) पठरसमापक की फीस (घ) जवजनयम 35 के ईप-जवजनयम (2) के ऄधीन मूल्यांकन (ङ) मुकदमेबाजी की जस्ट्थजत और आस मुकदमेबाजी को चलाने का लागत फायदा जवश्लेषण (च) प्रारंजभक ठरपोटड (छ) वह रीजत, जजसमें ऄजधमानी सव्यं वहारों, न्यून-मूल्यादं कत संव्यवहार, ऄजतित ईधार संव्यवहार या कपटपूणड या सदोष व्यापार, यदद कोइ ह,ैं की बाबत कायडवाजहयों का समापन कायडवाजहयों के पश्चात् पठरिीलन दकया जाएगा और वह रीजत, जजसमें आन कायडवाजहयों से अगमों को, यदद कोइ ह,ैं जवतठरत दकया जाएगा (ज) समापन लागत (झ) ऄजतिेष जविय प्रजतफल के भुगतान के जलए नब्बे ददन से परे समयावजध का जवस्ट्तारण (ञ) कारपोरेट ऋणी के कारोबार को चलाना, यदद वह अर्वथक दजृष्ट से व्यवहायड है (ट) कारपोरेट ऋणी का िीघ्र जवघटन (ठ) कायडसूची की ऄन्य कोइ मद ”6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 13. मूल जवजनयम की ऄनुसूची-II के प्ररूप ज म,ें (i) पैरा 4 म,ें खडं (ख) के स्ट्थान पर जनम्नजलजखत खंड रखा जाएगा, ऄथातड ्:- “(ख) समापन प्रदिया के दौरान वसूल की गइ रकम िम वसजू लया ं रकम (रूपयों स.ं म)ें 1 समापन प्रारंभ होने की तारीख को यथा-जवद्यमान अरंजभक ऄजतिेष(क) वसजू लया ं(ख) 2 अजस्ट्तयों की नीलाजमयां 3 अजस्ट्तयों का प्राआवेट जविय 4 असानी से न वसूली-योग्य अजस्ट्तयों का समनुदिे न 5 ऄजविीत अजस्ट्त का जवतरण 6 ऄन्य(जवजनर्ददष्ट करें) कुल (क+ख) ” (ii) पैरा 4 के पश्चात,् जनम्नजलजखत पैरा ऄंतःस्ट्थाजपत दकए जाएंगे, ऄथाडत्:- “4क. धारा 52 के ऄधीन प्रजतभतू लेनदारों द्वारा प्रजतभूजत जहत की वसूली के ब्यौरे: िम जवजिजष्टया ं ब्यौरे स.ं 1 ईन प्रजतभूत लेनदारों की संख्या जजन्होंने ने प्रजतभूजत जहत का पठरत्याग नहीं दकया था 2 ऐसे प्रजतभूजत जहत का समापन मूल्य(रुपए) 3 प्रजतभूत लेनदारों के स्ट्वीकृत दावे की रकम(रुपए) 4 ऐसे प्रजतभूत जहत से की गइ कुल वसूजलयां(रुपए) 5 जवजनयम 21क(2) के ऄनुसार दकए गए कुल ऄंिदान (रुपए)(i+ii+iii) i.प्रजतभूत लेनदारों द्वारा कमडकारों के दये ों मद्ध ेदकया गया ऄंिदान(रुपए) ii. प्रजतभूत लेनदारों द्वारा ऄसंदत्त सी.अइ.अर.पी. और समापन लागत मद्ध ेदकया गया ऄंिदान(रुपए) iii. अजस्ट्त की वसूल की गइ रकम का अजधक्य(रुपए) 6 प्रजतभूत लेनदार द्वारा प्राप्त दकया गया वसूल दकया गया मूल्य(रुपए) 7 प्रजतभूत लेनदार द्वारा वसूली की तारीख 4ख. असानी से न वसूली-योग्य अजस्ट्तयों के समनुदिे न के ब्यौरे: िम स.ं जवजिजष्टया ं ब्यौरे 1 अजस्ट्तयों के ब्यौरे 2 अजस्ट्तयों का समापन मल्ू य(रुपए) 3 वसूल की गइ रकम(रुपए) 4 बोलीकताड का नाम[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 7 5 बोलीकताड और लेनदारों/’कारपोरेट ऋणी, यदद कोइ ह,ै के बीच अगमों का जवभाजन 6 बोलीकताड द्वारा वसूली की गइ रकम का ऄनुसूची ” रजव जमत्तल, ऄध्यक्ष [जवज्ञापन-III/4/ऄसा./749/2023-24] ठटप्पण : भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) जवजनयमन, 2016, भारत के राजपत्र, ऄसाधारण, भाग III, खडं 4 सं. 460, तारीख 15 ददसमबर, 2016 में ऄजधसूचना सं. अइ.बी.बी.अइ./2016-17/जी.एन./ अर.इ.जी.005, तारीख 15 ददसमबर, 2016 द्वारा प्रकाजित दकए गए थे और ईनमें ऄंजतम संिोधन भारत के राजपत्र, ऄसाधारण, भाग III, खडं 4 सं. 456, तारीख 16 जसतमबर, 2022 म ें ऄजधसूचना स.ं अइ.बी.बी.अइ./2022-23/जी.एन./अर.इ.जी.094, तारीख 16 जसतमबर, 2022 द्वारा प्रकाजित भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) (दसू रा सिं ोधन) जवजनयम, 2022 द्वारा दकया गया था । INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 12th February, 2024 Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024 No. IBBI/2023-24/GN/REG112.—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 to further 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) (Amendment) Regulations, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as 'the principal regulations'), in regulation 2B, in sub-regulation (1), for the second proviso, the following provisos shall be substituted, namely:- “Provided further that the liquidator shall file the proposal of compromise or arrangement only in cases where such recommendation has been made by the committee under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016: Provided further that the liquidator shall not file such proposal after expiry of thirty days from the liquidation commencement date.” 3. In the principal regulations, in regulation 14, for the words “he may apply to the Adjudicating Authority”, the words “he shall consult the consultation committee and if it advises for early dissolution, he may apply, along with a detailed report incorporating the views of the consultation committee, to the Adjudicating Authority”, shall be substituted. 4. In the principal regulations, in regulation 31A, (i) in sub-regulation (1), (a) in clause (e), for the word and mark “distributed.”, the word and mark “distributed;”, shall be substituted. (b) after clause (e), the following clauses shall be inserted, namely:- “(f) review of marketing strategy in case of failure of sale of corporate debtor as a going concern; (g) continuation or institution of any suits or legal proceedings by or against the corporate debtor; (h) extension of payment of balance sale consideration as provided in clause (12) of Para 1 of Schedule I, beyond ninety days, to be disclosed in the auction notice.”8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (ii) in sub-regulation (6), after the proviso, the following additional provisos, shall be inserted, namely:- “Provided further that the liquidator shall convene subsequent meetings within thirty days of the previous meeting, unless the consultation committee has extended the period between such meetings: Provided further that there shall be at least one meeting in each quarter.” (iii) after sub-regulation (6), the following sub-regulations shall be inserted, namely:- “(6A) In all cases where the liquidator proposes to continue or initiate any legal proceeding, he shall, after presenting the economic rationale for the proposal, seek the advice of the consultation committee. (6B) In every meeting, the liquidator shall present to the consultation committee: (a) the actual liquidation cost along with reasons for exceeding the estimated cost, if any; (b) the consolidated status of all the legal proceedings; and (c) the progress made in the process.” (iv) in sub-regulation (9), the following explanation shall be inserted, namely:- “Explanation: For the purpose of this sub-regulation, the term „voting‟ shall mean voting cast by the representatives of the consultation committee.” 5. In the principal regulations, in regulation 32A, (i) in sub-regulation (4), the following explanation shall be inserted, namely:- “Explanation: For the purpose of this sub-regulation, it is hereby clarified that the sale of the corporate debtor under clause (e) of regulation 32 cannot be offered as the only option for bidders after the first auction.” (ii) after sub-regulation (4), the following sub-regulation shall be inserted, namely:- “(5) Where the liquidator is of the opinion that it is viable to run the corporate debtor as a going concern, he shall consult the consultation committee and only on its advice he shall run the affairs of the corporate debtor as a going concern to the extent approved.” 6. In the principal regulations, in regulation 33, in sub-regulation (2), (i) for the words “private sale in the manner specified in Schedule I when”, the words, “private sale only after prior consultation with the consultation committee under regulation 31A, in the manner specified in Schedule I when”, shall be substituted. (ii) in clause (b), after the word and mark “immediately;”, the word “or”, shall be inserted. (iii) clause (c) shall be omitted. 7. In the principal regulations, in regulation 35, (i) in sub-regulation (2), for the words, “where the liquidator is of the opinion”, the words, “where the liquidator after consultation with the consultation committee under regulation 31A, is of the opinion”, shall be substituted. (ii) after sub-regulation (4), the following sub-regulations shall be inserted, namely:- “(5) Where valuation is undertaken as per sub-regulation (2), the liquidator shall facilitate a meeting wherein registered valuers shall explain the methodology being adopted to arrive at valuation to the consultation committee before finalisation of valuation reports. (6) The liquidator shall share the valuation reports with the members of the consultation committee after obtaining an undertaking that they shall maintain the confidentiality of such reports and shall not use these reports to cause an undue gain or undue loss to itself or any other person. (7) In case there is deviation of twenty five percent in the valuation of an asset class under sub-regulation (2) from valuation under regulation 35 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the liquidator shall facilitate a meeting wherein the registered valuers shall explain the reasons for the difference to the consultation committee.” 8. In the principal regulations, in regulation 46, (i) for sub-regulation (7), the following sub-regulations shall be substituted, namely:-[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 9 “(7) Prior to dissolution of the corporate person, a stakeholder, who claims to be entitled to any amount deposited into the Corporate Liquidation Account, may apply to the liquidator in Form-I for withdrawal of the amount. (7A) On receipt of request under sub-regulation (7), the liquidator after verification of the claim, shall request the Board for release of amount to him for onward distribution. (7B) The Board on receipt of request under sub-regulation (7A) may release the amount to the liquidator. (7C) The liquidator shall, after making the distribution to the stakeholder, shall intimate the Adjudicating Authority of such distribution. (7D) After dissolution of the corporate person, a stakeholder, who claims to be entitled to any amount deposited in the Corporate Liquidation Account, may apply to the Board in Form-I for an order for withdrawal of the amount. (7E) If any person other than the stakeholder claims to be entitled to any amount deposited to the Corporate Liquidation Account, he shall submit evidence to satisfy the liquidator or the Board, as the case may be, that he is so entitled.” (ii) in sub-regulation (8), for the expression “sub-regulation (7)”, the expression “sub-regulation (7D)”, shall be substituted. 9. In the principal regulations, after regulation 46, the following regulation shall be inserted, namely: - “46A. Exclusion of certain assets from the liquidation estate. For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor.” 10. In the principal regulations, in Schedule I, in para 1, (i) in clause 3, after the proviso, the following proviso shall be inserted, namely:- “Provided further that the liquidator shall mention in the auction notice, the period extended under clause (h) of sub-regulation (1) of regulation 31A.” (ii) for clause (4), clause (4A) and clause (4B), the following clause shall be substituted, namely:- “(4) The reserve price shall be the value of the asset arrived at in accordance with regulation 35 and where an auction fails, the reserve price in subsequent auctions may be further reduced by not more than ten percent at a time: Provided that in cases where the reserve price of the failed auction of the asset was fixed as per the valuation under sub-regulation (1) of regulation 35, the liquidator may, on the advice of the consultation committee, reduce the reserve price up to twenty-five percent, once during the process.” (iii) for clause (12), the following clause shall be substituted, namely:- “(12) On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days or such period as mentioned in the auction notice under clause 3, of the date of such demand: Provided that payments made after thirty days shall attract interest at the rate of twelve per cent.: Provided further that the sale shall be cancelled if the payment is not received within the period provided under this clause.” 11. In the principal regulations, in Schedule I, in para 2, after clause (3), the following clause shall be inserted, namely:- “(3A) The private sale shall be confirmed to the buyer after consultation with the consultation committee under regulation 33.” 12. In the principal regulations, in Schedule II, for Form A, the following Form shall be substituted, namely:- “FORM A PROFORMA FOR REPORTING CONSULTATIONS WITH STAKEHOLDERS (Under Regulation 8 and Regulation 31A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016) Sl. No. Basic details of CD and meeting (a) Name and Registration no. of Liquidator (b) Name of corporate debtor10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (c) Date of the meeting (d) Date of last meeting (e) Number of days since last meeting (f) Details of agenda of last meeting which were not approved by the SCC - Details of agenda items Para of the minutes of the Remarks meeting where the same was discussed (a) Remuneration of professionals appointed under regulation 7, including process advisors, IPE, etc. (b) Sale under regulation 32, including manner of sale, pre-bid qualifications, reserve price, marketing strategy and auction process (c) Fees of the liquidator (d) Valuation under sub-regulation (2) of regulation 35 (e) Status of Litigations and cost benefit analysis of pursuing these litigations (f) Preliminary report (g) Manner in which proceedings in respect of preferential transactions, undervalued transaction, extortionate credit transaction or fraudulent or wrongful trading, if any, shall be pursued after closure of liquidation proceedings and the manner in which the proceeds, if any, from these proceedings shall be distributed (h) Liquidation cost (i) Extension of time period for payment of balance sale consideration beyond ninety days (j) Running the business of the corporate debtor in the event the same is economically unviable (k) Early dissolution of the corporate debtor (l) Any other agenda item ” 13. In the principal regulations, in Schedule II, in Form H, (i) in para 4, for clause (b), the following clause shall be substituted, namely:- “(b) Amount realised during the liquidation process: Sl. No. Realisations Amount (Rs.) 1. Opening balance as on liquidation commencement date (A) Realisations (B) 2. Auctions of assets 3. Private sales of assets 4. Assignment of not readily realisable assets 5. Distribution of unsold asset 6. Others (specify) Total (A+B) ”[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 11 (ii) after para 4, the following paras shall be inserted, namely:- “4A. Details of realisation of security interest by secured creditor under section 52: Sl. No. Particulars Details 1. Number of secured creditors who did not relinquish security interest 2. Liquidation value of such security interest (Rs.) 3. Amount of admitted claim of secured creditors (Rs.) 4. Total realisation from such security interest (Rs.) Total Contribution made as per regulation 21A(2) (Rs.) (i+ii+iii) 5. i. Contribution made by secured creditors toward workmen's dues (Rs.) ii. Contribution made by secured creditors toward unpaid CIRP and Liquidation Cost (Rs.) iii. the excess of the realised value of the asset (Rs.) 6. Realised value received by secured creditor (Rs.) 7. Date of realisation by secured creditor 4B. Details of assignment of not readily realisable assets: Sl. No. Particulars Details 1. Details of the assets 2. Liquidation value of the assets (Rs.) 3. Amount realised (Rs.) 4. Name of the bidder 5. Sharing of proceeds between bidder and creditors/ corporate debtor, if any 6. Schedule of realisation by bidder ” RAVI MITAL, Chairperson [ADVT.-III/4/Exty./749/2023-24] 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 Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 vide notification No. IBBI/2022-23/GN/REG094 dated the 16th September, 2022 in the Gazette of India, Extraordinary, Part III, Section 4, vide No. 456 on 16th September, 2022. 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.

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