Home India Insolvency and Bankruptcy Board of India In exercise of the powers conferred by clause t of sub secti...
Date: 2020-02-12 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

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Executive Summary: This document contains the Insolvency and Bankruptcy Board of India (IBBI) notification regarding amendments to the Insolvency Resolution Process for Corporate Persons Regulations, 2016. It introduces a fee for the late filing of forms under regulation 40B, effective from April 1, 2020. The notification was published on February 12, 2020, and comes into force on the date of its publication in the Official Gazette. Key Points / Main Content: Amendment Regulations: * These regulations are called the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Resolution Process for Corporate Persons Amendment Regulations, 2020. * The regulations amend the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Regulations, 2016. Late Filing Fee: * A fee is introduced for filing Form under regulation 40B after the due date. * The fee is five hundred rupees per Form for each calendar month of delay after April 1, 2020. * Examples are provided to illustrate the fee structure based on the filing date. Impact Analysis: Regulators (Insolvency and Bankruptcy Board of India): Impact: Responsible for implementing and enforcing the amended regulations. Action Required: Ensure the amended regulations are effectively communicated and implemented. Corporate Persons undergoing Insolvency Resolution: Impact: Subject to the new regulations regarding late filing fees for forms. Action Required: Ensure timely filing of forms to avoid incurring late fees, and budget for potential late fees if necessary. Insolvency Professionals: Impact: Responsible for advising and assisting corporate persons in complying with the amended regulations. Action Required: Inform clients about the new late filing fee regulations and assist them in ensuring timely form submissions.

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 laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals. New Delhi: The location where the notification was issued, New Delhi, Delhi Insolvency Resolution Process for Corporate Persons Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India concerning the insolvency resolution process for corporate entities. Insolvency Resolution Process for Corporate Persons Amendment Regulations, 2020: Amendments to the 2016 regulations, specifically addressing the corporate insolvency resolution process. Official Gazette: The official government publication in which new regulations and laws are published. Dr. Navrang Saini: Whole Time Member of Insolvency and Bankruptcy Board of India Mayapuri, New Delhi 110064: Location of the Dte. of Printing at Government of India Press
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99 सी.जी.-डी.एल.-अ.-13022020-216129 xxxGIDHxxx CG-DL-E-13022020-216129 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 58] नई ददल्ली, बुधवार, फरवरी 12, 2020/माघ 23, 1941 No. 58] NEW DELHI, WEDNESDAY, FEBRUARY 12, 2020/MAGHA 23, 1941 भारतीय ददवाला और िोधन अक्षमता बोड ड अजधसचू ना नई ददल्ली, 12 फरवरी, 2020 भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2020 स.ं आई.बी.बी.आई./2019-20/िी.एन./आर.ई.िी.055- भारतीय ददवाला और िोधन अक्षमता बोड,ड ददवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196 की उपधारा (1) के खडं (न) द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथातड ्: - 1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2020 ि ै । (2) ये रािपत्र में उनके प्रकािन की तारीख से प्रवृत्त िोंग े । 860 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] 2. भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016 के जवजनयम 40ख में, उप-जवजनयम (4) के स्ट्थान पर जनम्नजलजखत उप-जवजनयम रखा िाएगा, अथाडत:् – “(4) इस जवजनयम के अधीन या तो सुधार, अद्यतन करके या अन्यथा, प्रस्ट्तुत दकए िाने की तारीख के पश्चात् प्ररूप फाइल करने पर उसके साथ 1 अप्रैल, 2020 के पश्चात् जवलंब के प्रत्येक कलैंडर मास के जलए प्रजत प्ररूप पांच सौ रुपए की फीस संलग्न की िाएगी । उदािरण: कोई प्ररूप 30 अप्रैल, 2020 तक फाइल दकया िाना अपेजक्षत ि।ै वि जनम्नानुसार फीस सजित फाइल दकया िाएगा: यदद जनम्नजलजखत तारीख को फाइल दकया िाता ि ै फीस (रुपयों में) 29 अप्रैल, 2020 0 30 अप्रैल, 2020 0 1 मई, 2020 500 मई, 2020 में दकसी ददन 1000 िून, 2020 में दकसी ददन 1500” डा. नवरंग सनै ी पूणडकाजलक सदस्ट्य [जवज्ञापन-III/4/असा./446/19] ठटप्पण: भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016, भारत के रािपत्र, असाधारण, भाग 3, खंड 4 स.ं 432, तारीख 30 नवम्बर, 2016 में अजधसूचना सं. आई.बी.बी.आई./2016-17/िी.एन./आर.ई.िी.004, तारीख 30 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थे और उनमें तत्पश्चात् (1) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 318, तारीख 16 अगस्ट्त, 2017 में अजधसूचना स.ं आई.बी.बी.आई./2017-18/िी.एन. /आर.ई.िी.013, तारीख 16 अगस्ट्त, 2017 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2017; (2) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 386, तारीख 5 अिूबर, 2017 में अजधसूचना सं. आई.बी.बी.आई./2017-18/िी.एन./ आर.ई.िी.018, तारीख 5 अिूबर, 2017 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (दसू रा संिोधन) जवजनयम, 2017; (3) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 432, तारीख 7 नवम्बर, 2017 में अजधसूचना सं. आई.बी.बी.आई./2017-18/िी.एन./आर. ई.िी.019, तारीख 7 नवम्बर, 2017 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (तीसरा संिोधन) जवजनयम, 2017;¹भाग IIµखण् ड 3(ii)º भारत का रािपत्र : असाधारण 3 (4) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 01, तारीख 1 िनवरी, 2018 में अजधसचू ना सं. आई.बी.बी.आई./2017-18/िी.एन./आर. ई.िी.022, तारीख 31 ददसम्बर, 2017 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (चौथा संिोधन) जवजनयम, 2017; (5) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 49, तारीख 6 फरवरी, 2018 में अजधसूचना स.ं आई.बी.बी.आई./2017-18/िी.एन./आर. ई.िी.024, तारीख 6 फरवरी, 2018 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2018; (6) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 124, तारीख 28 माचड, 2018 में अजधसूचना स.ं आई.बी.बी.आई./2017-18/िी.एन./आर. ई.िी.030, तारीख 27 माचड, 2018 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (दसू रा संिोधन) जवजनयम, 2018; (7) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 253, तारीख 4 िुलाई, 2018 में अजधसूचना स.ं आई.बी.बी.आई./2018-19/िी.एन./आर. ई.िी.031, तारीख 3 िुलाई, 2018 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (तीसरा संिोधन) जवजनयम, 2018; (8) भारत के रािपत्र, असाधारण, भाग 4 स.ं 372, तारीख 5 अिूबर, 2018 में अजधसचू ना सं. आई.बी.बी.आई./2018-19/िी.एन./आर.ई.िी.032, तारीख 5 अिूबर, 2018 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (चौथा संिोधन) जवजनयम, 2018; (9) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 स.ं 21, तारीख 24 िनवरी, 2019 में अजधसचू ना सं. आई.बी.बी.आई./2019-20/िी.एन./आर. ई.िी.040, तारीख 24 िनवरी, 2019 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2019; (10) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 267, तारीख 25 िुलाई,2019में अजधसूचना स.ं आई.बी.बी.आई./2019-20/िी.एन./आर.ई.िी.048, तारीख 25 िुलाई, 2019 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (दसू रा संिोधन) जवजनयम, 2019; और (11) भारत के रािपत्र, असाधारण, भाग 3, खंड 4 सं. 429, तारीख 27 नवम्बर, 2019 में अजधसूचना स.ं आई.बी.बी.आई./2019-20/िी.एन./आर. ई.िी.052, तारीख 28 नवम्बर, 2019 द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) (तीसरा संिोधन) जवजनयम, 2019 द्वारा संिोधन दकए गए थ े ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 12th February, 2020 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020. No. IBBI/2019-20/GN/REG055.—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) (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 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, in regulation 40B, for sub-regulation (4), the following sub-regulation shall be substituted, namely: - “(4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st April, 2020. Example: A Form is required to be filed by 30th April, 2020. It shall be filed along with a fee as under: If filed on Fee (in Rupees) 29th April, 2020 0 30th April, 2020 0 1st May, 2020 500 Any day in May, 2020 1000 Any day in June, 2020 1500” DR. NAVRANG SAINI, Whole Time Member [ADVT.- III/4/Exty./446/19] 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 subsequently amended by- (1) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 published vide Notification No. IBBI/2017-18/GN/REG013, dated the 16th August, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 318 on 16th August, 2017; (2) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017 published vide Notification No. IBBI/2017-18/GN/REG018, dated the 5th October, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 386 on 5th October, 2017; (3) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017 published vide Notification No. IBBI/2017-18/GN/REG019 dated the 7th November, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 7th November, 2017; (4) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017 published vide Notification No. IBBI/2017-18/GN/REG22, dated the 31st December, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 01 on 1st January, 2018;¹भाग IIµखण् ड 3(ii)º भारत का रािपत्र : असाधारण 5 (5) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018 published vide Notification No. IBBI/2017-18/GN/REG024, dated the 6th February, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 49 on 6th February, 2018; (6) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018 published vide Notification No. IBBI/2017-18/GN/REG030, dated the 27th March, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 124 on 28th March, 2018; (7) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 published vide Notification No. IBBI/2018-19/GN/REG031, dated the 3rd July, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 253 on 4th July, 2018; (8) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2018 published vide Notification No. IBBI/2018-19/GN/REG032, dated the 5th October, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 372 on 5th October, 2018; (9) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 published vide Notification No. IBBI/2019-20/GN/REG040, dated the 24th January, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 21 on 24th January, 2019; (10) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 published vide Notification No. IBBI/2019-20/GN/REG048, dated the 25th July, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 267 on 25th July, 2019; and (11) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 published vide Notification No. IBBI/2019-20/GN/REG052, dated the 27th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 429 on 28th November, 2019. 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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