Executive Summary:
This notification introduces the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Resolution Process for Corporate Persons Third Amendment Regulations, 2020. It amends the 2016 regulations, with the amendments deemed effective from March 29, 2020. A key provision excludes the period of the Covid-19 lockdown from the timeline for corporate insolvency resolution processes.
Key Points / Main Content:
* **Amendment Title and Authority**:
* The regulations are called the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Resolution Process for Corporate Persons Third Amendment Regulations, 2020.
* The amendments are made under section 196(1)(t) and section 240 of the Insolvency and Bankruptcy Code, 2016.
* **Effective Date**:
* The amendments are deemed to have come into force from March 29, 2020.
* **Special Provision for Timeline**:
* A new regulation, 40C, is inserted after regulation 40B in the 2016 regulations.
* The period of the Covid-19 lockdown imposed by the Central Government will not be counted towards the timeline for any activity in a corporate insolvency resolution process that was impeded by the lockdown, subject to the provisions in the Code.
Impact Analysis:
Stakeholders are impacted by the changes to the timeline due to the COVID-19 lockdown.
Corporate Debtors and Creditors:
* Impact: The timeline for corporate insolvency resolution processes is adjusted to exclude the lockdown period, potentially affecting the duration of the resolution process.
* Action Required: Understand how the exclusion of the lockdown period affects specific timelines within their resolution processes.
Insolvency Professionals:
* Impact: Must account for the adjusted timelines when managing corporate insolvency resolution processes.
* Action Required: Adjust project plans and timelines to reflect the exclusion of the lockdown period.
Insolvency and Bankruptcy Board of India:
* Impact: The amendment provides clarity on the model timeline during the COVID-19 pandemic.
* Action Required: Ensure stakeholders are aware of the changes to the regulations and their impact on the resolution process.
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 Resolution Process for Corporate Persons Regulations, 2016: Regulations framed by the Insolvency and Bankruptcy Board of India regarding the process for resolving insolvency of corporate entities.
New Delhi: The capital of India, where the notification was issued.
Insolvency Resolution Process for Corporate Persons Third Amendment Regulations, 2020: Amendment to the 2016 regulations relating to the corporate insolvency resolution process.
Dr. M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
Covid-19: The infectious disease caused by the SARS-CoV-2 virus which led to a nationwide lockdown.
Mayapuri, New Delhi 110064: Location of the Government of India Press.
रजिस्ट्री स.ं डी.एल.-33004/99 REGD. NO. D. L.-33004/99
सी.जी.-डी.एलxx.x-GअID.-H2x4xx0 42020-219124
CG-DLxx-xEG-I2D4E0x4x2x0 20-219124
ऄसाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 156] नइ ददल्ली, ििु वार, ऄप्रलै 24, 2020/विै ाख 4, 1942
No. 156] NEW DELHI, FRIDAY, APRIL 24, 2020/VAISAKHA 4, 1942
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल् ली, 20 ऄप्रैल, 2020
भारतीय ददवाला और िोधन ऄक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (तीसरा सिं ोधन)
जवजनयम, 2020
स.ं अइ.बी.बी.अइ./2020-21/िी.एन./अर.इ.िी.059.—भारतीय ददवाला और िोधन ऄक्षमता बोड,ड
ददवाला और िोधन ऄक्षमता संजहता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196 की ईपधारा
(1) के खंड (न) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट
व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016 का और संिोधन करन े के जलए जनम्नजलजखत जवजनयम
बनाता ह,ै ऄथाडत:् -
1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए
ददवाला समाधान प्रदिया) (तीसरा संिोधन) जवजनयम, 2020 ह ै।
(2) ये 29 माच,ड 2020 को प्रवत्तृ हुए समझ े िाएंग े ।
2, भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया)
जवजनयमन, 2016 म ें जवजनयम 40ख के पश्चात,् जनम्नजलजखत जवजनयम ऄंतःस्ट्थाजपत दकया िाएगा, ऄथातड ्:-
1829 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“40ग. समय-सीमा स ेसबं जं धत जविषे ईपबधं
आन जवजनयमों म ें ऄतं र्ववष्ट समय-सीमाओं के होत े हुए भी, दकन्तु संजहता के ईपबंधों के ऄधीन रहत े हुए,
केन्रीय सरकार द्वारा कोजवड-19 के प्रकोप के पठरणामस्ट्वरूप ऄजधरोजपत लॉक-डाईन की ऄवजध की गणना दकसी
कारपोरेट ददवाला समाधान प्रदिया के संबंध म ें ऐसे दकसी दियाकलाप के जलए समय-सारणी के प्रयोिनों के जलए
नहीं की िाएगी जिन्ह ेऐसे लॉक-डाईन के कारण पूरा नहीं दकया िा सका ।
डॉ. एम. एस. साहू, ऄध् यक्ष
[जवज्ञापन-III/4/ऄसा. /12/2020-21]
ठटप्पण: भारतीय ददवाला और िोधन ऄक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया)
जवजनयमन, 2016, भारत के रािपत्र, ऄसाधारण, भाग III खण् ड 4 सं. 432, तारीख 30 नवम्बर, 2016 म ें
ऄजधसूचना सं. अइ.बी.बी.अइ./2016-17/िी.एन./अर.इ.िी.004, तारीख 30 नवम्बर, 2016 द्वारा
प्रकाजित दकए गए थ े और ईनम ें ऄंजतम संिोधन ऄजधसूचना स.ं अइ.बी.बी.अइ./2020-
21/िी.एन./अर.इ.िी.056, तारीख 20 ऄप्रैल, 2020 द्वारा प्रकाजित भारतीय ददवाला और िोधन
ऄक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (दसू रा संिोधन) जवजनयम, 2020
द्वारा दकया गया था ।
स्ट्पष्टीकारक ज्ञापन
भारतीय ददवाला और िोधन ऄक्षमता बोडड के िासी बोडड ने तारीख 27 माच,ड 2020 को भारतीय ददवाला
और िोधन ऄक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016 म ें संिोधन
करन े का जवजनश्चय दकया । केन्रीय सरकार द्वारा कोजवड-19 के प्रकोप के पठरणामस्ट्वरूप 25 माच,ड 2020 स े घोजषत
राष्ट्रव्यापी लॉक-डाईन के कारण जवजनयमों म ें संिोधन करन े वाली ऄजधसूचना भारत के रािपत्र म ें प्रकाजित नहीं की
िा सकी । ऄतः संिोधनकारी जवजनयमों को 29 माचड, 2020 स े प्रभावी करने की दजृ ष्ट स े आस ठटप्पण के साथ बोडड की
वैबसाआट पर प्रकाजित दकया गया था दक ईन्ह ें भारत के रािपत्र म ें तब प्रकाजित दकया िाएगा िैसे ही भारत
सरकार का मुरणालय आस े प्रकािनाथड स्ट्वीकार करता ह ै । िासी बोडड का अिय संिोजधत जवजनयमों को 29 माच,ड
2020 स े प्रवृत्त करना था ।
यह प्रमाजणत दकया िाता ह ै दक चूंदक संिोजधत जवजनयम जहतधारकों को कारपोरेट ददवाला समाधान
प्रदिया म ें अदि ड समय-सारणी के संबंध म ें स्ट्पष्टता प्रदान करत े ह ैं आसजलए आन्ह ें भूतलक्षी प्रभाव देन े से दकसी भी
व्यजि पर प्रजतकूल प्रभाव नहीं डाला िा रहा ह ै।
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) (Third
Amendment) Regulations, 2020
No. IBBI/2020-21/GN/REG059.-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) (Third Amendment) Regulations, 2020.[भाग III—खण् ड 4] भारत का रािपत्र : ऄसाधारण 3
(2) They shall be deemed to have come into force from the 29th March, 2020.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016, after regulation 40B, the following regulation shall be inserted, namely: -
“40C. Special provision relating to time-line.
Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code,
the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be
counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in
relation to a corporate insolvency resolution process.”.
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./12/2020-21]
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) (Second Amendment) Regulations, 2020 vide Notification No.
IBBI/2020-21/GN/REG056, dated the 20th April, 2020.
Explanatory Memorandum
The Governing Board of the Insolvency and Bankruptcy Board of India decided on 27th 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 29th 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 29th 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.