Executive Summary:
This notification introduces the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Second Amendment Regulations, 2020. It amends the 2017 Regulations and comes into force on the date of its publication in the Official Gazette (August 5, 2020). The amendment primarily concerns the appointment and replacement of a liquidator by a corporate person undergoing voluntary liquidation.
Key Points / Main Content:
Appointment of Liquidator:
* The corporate person undergoing voluntary liquidation shall appoint an insolvency professional as liquidator.
* The corporate person may replace the appointed liquidator with another insolvency professional.
* Appointment or replacement is done via resolution under clause (c) of subsection (3) of section 59 or clause (c) of subregulation (1) of regulation 3 of the Regulations.
* The resolution must include the terms and conditions of the liquidator's appointment, including remuneration.
Liquidator's Responsibility:
* The insolvency professional must inform the Board (Insolvency and Bankruptcy Board of India) about their appointment as liquidator within three days.
Impact Analysis:
Corporate Person Undergoing Voluntary Liquidation:
* Impact: Must appoint or replace a liquidator via resolution, including the terms of appointment and remuneration in the resolution.
* Action Required: Ensure the resolution for appointing a liquidator includes the terms and conditions of appointment, including remuneration.
Insolvency Professional (Liquidator):
* Impact: Can be appointed or replaced as liquidator; must inform the Board of their appointment.
* Action Required: Intimate the Board about the appointment as liquidator within three days.
Insolvency and Bankruptcy Board of India:
* Impact: Receives intimation of liquidator appointments.
* Action Required: No action specified beyond receiving intimation.
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 the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals.
Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017: Regulations framed by the Insolvency and Bankruptcy Board of India pertaining to the voluntary liquidation process.
Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Second Amendment Regulations, 2020: Amendment regulations to the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017.
New Delhi: The location of the notification's issuance and the location of the Government of India Press.
M. S. Sahoo: The Chairperson of the Insolvency and Bankruptcy Board of India.
The Gazette of India: The official journal of the Government of India, publishing official notifications and legal notices.
Mayapuri, New Delhi: Location of Dte. of Printing at Government of India Press.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-06082020-220868
xxxGIDHxxx
CG-DL-E-06082020-220868
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 311] नई दिल्ली, बधु वार, अगस्ट्त 5, 2020/ श्रावण 14, 1942
No. 311] 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 (स्ट्वजै छिक समापन प्रदिया) (िसू रा सिं ोधन) जवजनयम, 2020
स.ं आई.बी.बी.आई./2020-21/िी.एन./आर.ई.िी.063.—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(स्ट्वैजछिक समापन प्रदिया) जवजनयम,
2017 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत्: -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (स्ट्वैजछिक समापन प्रदिया) (िसू रा
संिोधन) जवजनयम, 2020 ि ै।
(2) य ेरािपत्र में उनके प्रकािन की तारीख को प्रवृत्त िोंग े।
2. भारतीय दिवाला और िोधन अक्षमता बोड ड (स्ट्वैजछिक समापन प्रदिया) जवजनयम, 2017 के जवजनयम 5 के स्ट्थान पर
जनम्नजलजखत जवजनयम रखा िाएगा, अथातड ्:–
“5. पठरसमापक की जनयजु ि
(1) कारपोरेट व्यजि, जवजनयम 6 के अधीन रित े हुए, दकसी दिवाला व्यावसाजयक को पठरसमापक के रूप में जनयिु
करेगा और ििां किीं भी अपेजक्षत िो, यथाजस्ट्थजत, धारा 59 की उपधारा (3) के खडं (ग) या जवजनयम 3 के उप-
जवजनयम (1) के खंड (ग) के अधीन पाठरत संकल्प द्वारा दकसी अन्य दिवाला व्यावसाजयक को पठरसमापक के रूप म ें
जनयुि करके उसे प्रजतस्ट्थाजपत कर सकेगा:
3511 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
परन्त ु ऐस े संकल्प म ें पठरसमापक की जनयुजि के जनबंधन और ित,ें जिसके अतं गतड उस े संिेय पाठरश्रजमक भी ि,ैं
अंतर्वडष्ट िोंगे ।
(2) दिवाला व्यावसाजयक, पठरसमापक के रूप म ें अपनी जनयुजि के तीन दिन के भीतर बोड ड को ऐसी जनयुजि के बारे
में सूजचत करेगा।”।
डा. एम. एस. साहू, अध्यक्ष
[जवज्ञापन/III/4/असा. /168/2020-21]
ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड(स्ट्वैजछिक समापन प्रदिया) जवजनयम, 2017, भारत के रािपत्र,
असाधारण, भाग III, खंड 4, सं. 130, तारीख 31 माचड, 2017 में अजधसूचना सं. आई.बी.बी.आई./2016-
17/िी.एन./आर.ई.िी.010, तारीख 31 माचड, 2017 द्वारा प्रकाजित दकए गए थ े और उनमें अंजतम संिोधन भारत के
रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 26, तारीख 15 िनवरी, 2020 में अजधसूचना सं. आई.बी.बी.आई./2019-
20/िी. एन./आर.ई.िी.054, तारीख 15 िनवरी, 2020 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड
(स्ट्वैजछिक समापन प्रदिया) (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 (Voluntary Liquidation Process) (Second Amendment) Regulations,
2020
No. IBBI/2020-21/GN/REG.063.—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 (Voluntary Liquidation Process) Regulations, 2017, namely: -
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation
Process) (Second 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 (Voluntary Liquidation Process) Regulations, 2017, for regulation
5, the following regulation shall be substituted, namely: -
“5. Appointment of liquidator.
(1) Subject to regulation 6, the corporate person shall appoint an insolvency professional as liquidator, and, wherever
required, may replace him by appointing another insolvency professional as liquidator, by a resolution passed under
clause (c) of sub-section (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3, as the case may be:
Provided that such resolution shall contain the terms and conditions of appointment of the liquidator, including
the remuneration payable to him.
(2) The insolvency professional shall, within three days of his appointment as liquidator, intimate the Board about
such appointment.”.
Dr. M. S. SAHOO, Chairperson
[ADVT. /III/4/Exty. /168/2020-21]
Note: The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 were
published vide notification No. IBBI/2016-17/GN/REG010 on 31st March, 2017 in the Gazette of India, Extraordinary,
Part III, Section 4, No. 130 dated 31st March, 2017 and were last amended by the Insolvency and Bankruptcy Board of
India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 published vide notification No. IBBI/2019-
20/GN/REG054 dated 15th January, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 26 on
15th January, 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.