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Date: 24-Sep-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

Description of the Gazette Notification

  • This gazette notification announces the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024. These regulations further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
  • The amendment focuses on clarifying the process for appointing insolvency professionals, specifically regarding authorized representatives for creditor classes, and updating timelines.

Key Changes

  • Regulation 12(3): Replaces the reference to 'sub-regulation (2)' with 'sub-regulation (1)' for consistency.
  • Regulation 16A(1): Amends the proviso regarding the selection of an insolvency professional as an authorized representative. The choice will not be considered if the relevant form (Form CA) is received after the stipulated time in the public announcement.
  • Regulation 16A(2): Adds a proviso stating that until an application for appointing an authorized representative is decided by the Adjudicating Authority, the selected insolvency professional will act as an interim representative with the same rights and duties.
  • Regulation 40A (Table): Removes the row related to Regulation 12(2) and removes references to 'Verification of claims received under regulation 12(2)' and 'T+97' from the table related to Regulation 13(1). This suggests a simplification or removal of a specific process or timeline.

Impact Analysis

Insolvency Professionals

  • Potential for increased workload during the interim period before the Adjudicating Authority makes a decision on authorized representatives.

Creditors

  • Potential for delays if the Adjudicating Authority takes a significant time to decide on authorized representative appointments.

Corporate Debtors

  • May experience delays if the changes lead to bottlenecks in the appointment of insolvency professionals or authorized representatives.

Adjudicating Authority

  • Need for clear guidelines and procedures to handle the interim representation by insolvency professionals.

Suggested Action Items

  • Review and update related forms and procedures to reflect the changes in the regulations.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The issuing authority of the notification, responsible for regulating insolvency and bankruptcy processes in India. Insolvency and Bankruptcy Code, 2016 (IBC): The primary legislation under which the regulations are issued. Adjudicating Authority: The judicial body responsible for overseeing insolvency proceedings and making decisions on matters related to the appointment of authorized representatives. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016: The principal regulations that are amended by this notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-24092024-257454 xxxGIDHxxx CG-DL-E-24092024-257454 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 752] नई दिल्ली, मगं लवार, जसतम्ब र 24, 2024/आज‍व न 2, 1946 No. 752] NEW DELHI, TUESDAY, SEPTEMBER 24, 2024/ASVINA 2, 1946 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 24 जसतम्ब र, 2024 भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) (िसू रा सिं ोधन) जवजनयम, 2024 स.ं आई.बी.बी.आई./2024-25/िी.एन./आर.ई.िी.116.—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 करत े हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) जवजनयमन, 2016 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता िै, अथाडत:् - 1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) (िसू रा संिोधन) जवजनयम, 2024 ि ै। (2) य े रािपत्र में प्रकािन की तारीख को प्रवृत्त िोंग े । 2. भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) जवजनयमन, 2016 (जिन्ि ें इसम ें इसके पश्चात् ‘मलू जवजनयम’ किा गया ि)ै के जवजनयम 12 के उप-जवजनयम (3) में, “उप-जवजनयम (2)” िब्ि अंक और जचह्न के स्ट्थान पर “उप-जवजनयम (1)” िब्ि, अकं और जचह्न रखे िाएगं े । 6203 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 3. मूल जवजनयमों के जवजनयम 16क में,- (1) उप-जवजनयम (1) में, परन्तकु के स्ट्थान पर जनम्नजलजखत परन्तुक रखा िाएगा, अथाडत्:- “परन्तु यि दक प्ररूप गक में, दकसी वगड म ें दकसी जवत्तीय लेनिार द्वारा प्राजधकृत प्रजतजनजध के रूप में कायड करन े के जलए दकसी दिवाला व्यावसाजयक की पसन्ि पर तब जवचार निीं दकया िाएगा यदि प्ररूप गक सावडिजनक घोषणा में अनुबंजधत समय के पश्चात ्प्राप्त िोता ि ै।” (2) उप-जवजनयम (2) में,- (i) “आवेिन करेगा ।” िब्ि और जचह्न के स्ट्थान पर “आवेिन करेगा:” िब्ि और जचह्न रखा िाएगा । (ii) जनम्नजलजखत परन्तुक अतं ःस्ट्थाजपत दकया िाएगा, अथाडत:् - “परन्त ु यि दक िब तक लने िारों के दकसी वग ड के जलए प्राजधकृत प्रजतजनजध की जनयुजि के जलए आवेिन न्यायजनणाडयक प्राजधकारी के समक्ष जवचाराधीन ि,ै तब तक उप-जवजनयम (1) के अधीन चयजनत दिवाला व्यावसाजयक, लने िारों के ऐसे वग ड के जलए अंतठरम प्रजतजनजध के रूप म ें कायड करेगा और वि सजमजत की बैिकों म ें उपजस्ट्थत िोन े का िकिार िोगा और उसके ऐसे अजधकार और कतडव्य िोंगे िो दकसी प्राजधकृत प्रजतजनजध के िोते ि ैं।” 4. मूल जवजनयमों के जवजनयम 40क की सारणी म,ें - (1) जवजनयम 12(2) से संबंजधत पंजि का लोप दकया िाएगा । (2) जवजनयम 13(1) से संबंजधत पंजि म,ें - (i) “दियाकलाप का वणडन” िीषडक वाले स्ट्तंभ म,ें “जवजनयम 12(2) के अधीन प्राप्त िावों का सत्यापन” िब्िों, अंकों और जचह्नों का लोप दकया िाएगा । (ii) “अद्यतन समय-सीमा” िीषडक वाले स्ट्तंभ म,ें “टी+97” िब्ि, अंक और जचह्न का लोप दकया िाएगा । रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./521/2024-25] ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) जवजनयमन, 2016, भारत के रािपत्र, असाधारण, भाग 4 सं. 432, तारीख 30 नवम्बर, 2016 म ें अजधसूचना सं. आई.बी.बी.आई./2016-17/िी.एन./आर.ई.िी.004, तारीख 30 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थ े और उनमें अंजतम संिोधन भारत के रािपत्र, असाधारण, भाग 3, खडं 4, सं. 99, तारीख 15 फरवरी, 2024 में, अजधसूचना सं. आई.बी.बी.आई./2023-24/िी.एन./आर.ई.िी.113, तारीख 15 फरवरी, 2024 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2024 द्वारा दकया गया था ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 24th September, 2024, 2024 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024. No. IBBI/2024-25/GN/REG116.— 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 (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, 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 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as ‘the principal regulations’), in regulation 12, in sub-regulation (3), for the words, figure and mark “sub-regulation (2)”, the words, figure and mark “sub-regulation (1)” shall be substituted. 3. In the principal regulations, in regulation 16A, (1) in sub-regulation (1), for the proviso, the following proviso shall be substituted, namely: - “Provided that the choice of an insolvency professional to act as an authorised representative by a financial creditor in a class in Form CA shall not be considered, if the Form CA is received after the time stipulated in the public announcement.” (2) in sub-regulation (2), (i) for the word, figure and mark “regulation 12.”, the word, figure and mark “regulation 12:” shall be substituted. (ii) the following proviso shall be inserted, namely: - “Provided that till the application for appointment of the authorised representative for a class of creditors is under consideration before the Adjudicating Authority, the insolvency professional selected under sub-regulation (1) shall act as an interim representative for such class of creditors, and shall be entitled to attend the meetings of the committee and shall have such rights and duties as that of an authorised representative.” 4. In the principal regulations, in regulation 40A, in the Table, (1) The row relating to Regulation 12(2), shall be omitted. (2) In the row relating to Regulation 13(1), (i) in column titled ‘Description of Activity’, the words, figures and marks “Verification of claims received under regulation 12(2)” shall be omitted. (ii) in column titled ‘Latest Timeline’, the word, figure and mark “T+97” shall be omitted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./521/2024-25] 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, 2024 published vide notification No. IBBI/2023-24/GN/REG113, dated the 15th February, 2024 in the Gazette of India, Extraordinary, Part III, Section 4, No. 99 on 15th February, 2024. 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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