Executive Summary:
This notification announces the Insolvency and Bankruptcy Board of India Liquidation Process Third Amendment Regulations, 2020. It amends the 2016 Liquidation Process Regulations and comes into force on the date of its publication in the Official Gazette (August 5, 2020). The amendments concern liquidator fees and other regulation updates.
Key Points / Main Content:
Liquidator Fees:
* Clarification added to regulation 4(2)(b) regarding liquidator fees: a liquidator is entitled to a fee corresponding to the amount realised or distributed by him, respectively.
Regulation Amendments:
* Regulation 37(6): The word "of" shall be omitted.
* Regulation 47:
* Serial number 4, column 2: "Section 38 1 and 5, Reg. 17, 18 and 21A" is substituted with "Section 38 1, Reg. 17, 18, 19, 20 and 21A".
* Serial number 18, column 4: The word "disclosure" is substituted with "disclaimer".
Impact Analysis:
Liquidators:
Impact: Clarification on fee entitlement based on realized or distributed amounts.
Action Required: Adhere to the clarified fee structure when claiming fees.
Insolvency and Bankruptcy Board of India:
Impact: Responsible for implementing and enforcing the amended regulations.
Action Required: Ensure the updated regulations are followed in all liquidation processes.
Stakeholders in Liquidation Processes (Creditors, Debtors, etc.):
Impact: Affected by changes in liquidation processes and liquidator fee structures.
Action Required: Be aware of the updated regulations.
Key Entities Referenced
Delhi: Location of the Controller of Publications.
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 the 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 regarding the liquidation process under the Insolvency and Bankruptcy Code.
Insolvency and Bankruptcy Board of India Liquidation Process Third Amendment Regulations, 2020: An amendment to the Insolvency and Bankruptcy Board of India Liquidation Process Regulations, 2016.
New Delhi: The location where the notification was issued.
Dr. M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
Mayapuri, New Delhi: Location of the Government of India Press.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-06082020-220871
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 312] नई दिल्ली, बधु वार, अगस्ट्त 5, 2020/ श्रावण 14, 1942
No. 312] NEW DELHI, WEDNESDAY, AUGUST 5, 2020/SRAVANA 14, 1942
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल्ली, 5 अगस्ट्त, 2020
भारतीय दिवाला और िोधन अक्षमता बोडड (समापन प्रदिया) (तीसरा सिं ोधन)जवजनयम, 2020
स.ं आई.बी.बी.आई./2020-21/िी.एन./आर.ई.िी.062.—भारतीय दिवाला और िोधन अक्षमता बोडड, 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 बोड ड (समापन प्रदिया) जवजनयम, 2016
का और संिोधन करन े के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोड ड (समापन प्रदिया) (तीसरा
संिोधन) जवजनयम, 2020 ि ै।
(2) ये रािपत्र म ेंप्रकािन की तारीख को प्रवृत्त िोंग े ।
2. भारतीय दिवाला और िोधन अक्षमता बोडड (समापन प्रदिया) जवजनयम, 2016 (जिन्ि ें इसम ें इसके पश्चात ् मलू
जवजनयम किा गया ि,ै के जवजनयम 4 के उप-जवजनयम (2) के खंड (ख) म,ें सारणी के पश्चात्, जनम्नजलजखत स्ट्पष्टीकरण
अंतःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“स्ट्पष्टीकरण: खड (ख) के प्रयोिनाथड यि स्ट्पष्ट दकया िाता ि ै दक ििां कोई पठरसमापक दकसी रकम की वसूली
करता ि ै दकन्त ु उस े जवतठरत निीं करता ि ै विा ं वि अपन े द्वारा वसूल की गई रकम के अनरूु प फीस का िकिार
3512 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
िोगा । ििां कोई पठरसमापक ऐसी दकसी रकम को जवतठरत करता ि ै िो उसके द्वारा वसलू निीं की गई ि ै विा ं वि
उसके द्वारा जवतठरत की गई रकम के अनुरूप फीस का िकिार िोगा।”।
3. मूल जवजनयमों के जवजनयम 37 के उप-जवजनयम (6) म ें “िेता के चयन की लागत” िब्िों के स्ट्थान पर “िेता की पिचान
करने के जलए उपगत लागत” िब्ि रख े िाएंग े ।
4. मूल जवजनयमों के जवजनयम 47 की सारणी म,ें-
(क) िम संखयांक 4 के स्ट्तंभ 2 म,ें “धारा 38(1) और (5), जवजनयम 17, 18 और 21क” के स्ट्थान पर जनम्नजलजखत रखा
िाएगा, अथाडत:्-
“धारा 38(1), जवजनयम 17, 18, 19, 20 और 21क”;।
(ख) िम संखयांक 18 के स्ट्तंभ 4 म,ें “िावात्याग” िब्ि के स्ट्थान पर “अस्ट्वीकरण” िब्ि रखा िाएगा ।
डा. एम. एस साहू, अध्यक्ष
[जवज्ञापन/III/4/असा. /169/2020-21]
ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोड ड (समापन प्रदिया) जवजनयम, 2016, भारत के रािपत्र, असाधारण,
भाग III, खंड 4 स.ं 460, तारीख 15 दिसम्बर, 2016 म ें अजधसूचना स.ं आई.बी.बी.आई./2016-17/िी.एन./
आर.ई.िी.005, तारीख 15 दिसम्बर, 2016 द्वारा प्रकाजित दकए गए थ े और उनम ें अंजतम संिोधन भारत के रािपत्र,
असाधारण, भाग 3, खंड 4 स.ं 157, तारीख 24 अप्रैल, 2020 म ें अजधसूचना स.ं आई.बी.बी.आई./2019-20/
िी.एन./आर.ई.िी.060, तारीख 20 अप्रैल, 2020 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड (समापन
प्रदिया) (िसू रा संिोधन) जवजनयम, 2020 द्वारा दकया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 5th August , 2020
Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020
No. IBBI/2020-21/GN/REG062.- 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) (Third
Amendment) Regulations, 2020.
(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 4, in sub-regulation (2), in clause (b), after the Table, the following
Clarification shall be inserted, namely:-
“Clarification: For the purposes of clause (b), it is hereby clarified that where a liquidator realises any amount,
but does not distribute the same, he shall be entitled to a fee corresponding to the amount realised by him. Where
a liquidator distributes any amount, which is not realised by him, he shall be entitled to a fee corresponding to the
amount distributed by him.”.
3. In the principal regulations, in regulation 37, in sub-regulation (6), the word “of” shall be omitted.
4. In the principal regulations, in regulation 47, in the Table, -[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(a) in serial number 4, in column 2, for “Section 38 (1) and (5), Reg. 17, 18 and 21A”, the following shall be
substituted, namely: -
“Section 38 (1), Reg. 17, 18, 19, 20 and 21A”;
(b) in serial number 18, in column 4, for the word “disclosure”, the word “disclaimer” shall be substituted.
Dr. M. S. SAHOO, Chairperson
[ADVT. /III/4/Exty. /169/2020-21]
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) (Second Amendment) Regulations, 2020 vide notification No. IBBI/2020-
21/GN/REG060, dated the 20th April, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 157 on 24th
April, 2020.
Loaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.