Executive Summary:
This document contains the Insolvency and Bankruptcy Board of India (IBBI) notification regarding the Fifth Amendment Regulations of the Insolvency Resolution Process for Corporate Persons, 2020. It outlines amendments to the 2016 regulations, including providing evidence of default by a financial creditor, filing information on the Board's electronic platform, and intimating each claimant of the payment plan. These regulations came into force on November 13, 2020.
Key Points / Main Content:
Evidence of Default by Financial Creditor:
* A financial creditor can furnish a certified copy of entries in the relevant account in the banker's book or a court/tribunal order adjudicating non-payment of debt as evidence of default.
Information Filing:
* A clause mandating filing on the electronic platform of the Board for dissemination on its website has been added.
* This clause applies to every corporate insolvency resolution process ongoing and commencing on or after November 13, 2020.
Intimation of Payment Plan:
* The resolution professional must inform each claimant of the payment plan's principles or formulas within fifteen days of the Adjudicating Authority's order approving a resolution plan.
* This applies to every corporate insolvency resolution process ongoing and commencing on or after November 13, 2020.
Impact Analysis:
Financial Creditors:
* Impact: Specifies acceptable forms of evidence for defaults.
* Action Required: Ensure that records of default align with the acceptable forms outlined in the amendment.
Resolution Professionals:
* Impact: Requires intimation to each claimant of the payment of debts under such resolution plan.
* Action Required: Within fifteen days of the order of the Adjudicating Authority approving a resolution plan, intimate each claimant, the principle or formulae, as the case may be, for payment of debts under such resolution plan.
Claimants:
* Impact: Intimation of payment plan.
* Action Required: Stay informed about the payment plan for debts.
Insolvency and Bankruptcy Board of India (IBBI):
* Impact: The Board's electronic platform will be used for dissemination.
* Action Required: Maintain and update the electronic platform.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and promotes the development of the insolvency profession.
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.
Insolvency Resolution Process for Corporate Persons Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India to govern the process of insolvency resolution for corporate entities.
Insolvency Resolution Process for Corporate Persons Fifth Amendment Regulations, 2020: Amendments made in 2020 to the existing regulations concerning the insolvency resolution process for corporate entities.
Bankers Books Evidence Act, 1891: An act to amend the law of Evidence with respect to Bankers' Books.
M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
New Delhi: The location where the notification was issued.
Insolvency Resolution Process for Corporate Persons Fourth Amendment Regulations, 2020: Previous amendments made in 2020 to the existing regulations concerning the insolvency resolution process for corporate entities.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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सी.जी.-डी.एलxx.x-GअI.D-E1x7x1x 12020-223110
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ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 489] नइ ददल्ली, िुिवार, नवम्बर 13, 2020/कार्ततक 22, 1942
No. 489] NEW DELHI, FRIDAY, NOVEMBER 13, 2020/KARTIKA 22, 1942
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल् ली, 13 नवम् बर, 2020
भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया)
(पाचं वा सिं ोधन) जवजनयम, 2020
अइ.बी.बी.अइ./2020-21/िी.एन./अर.इ.िी.066.—भारतीय ददवाला और िोधन ऄक्षमता बोडड, ददवाला और िोधन
ऄक्षमता संजिता, 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 करने के जलए जनम्नजलजखत जवजनयम बनाता िै, ऄथाडत्: -
1. (1) आन जवजनयमों का सजं क्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला
समाधान प्रदिया) (पांचवा संिोधन) जवजनयम, 2020 ि ै।
(2) ये रािपत्र में प्रकािन की तारीख को प्रवृत्त िोंग े।
2, भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016 (जिन्ि ें
आसमें आसके पश्चात् मूल जवजनयम किा गया ि)ै में जवजनयम 2 के पश्चात् जनम्नजलजखत जवजनयम ऄंतःस्ट्थाजपत दकया िाएगा, ऄथाडत्:-
“2क. जवत्तीय लने दार द्वारा व्यजतिम का ऄजभलखे या साक्ष्य
जवत्तीय लेनदार, संजिता की धारा 7 की ईपधारा (3) के खंड (क) के प्रयोिनों के जलए व्यजतिम का जनम्नजलजखत में से कोइ
ऄजभलेख या साक्ष्य प्रस्ट्तुत कर सकेगा, ऄथाडत:्-
(क) बैंककार बिी साक्ष्य ऄजधजनयम, 1891 (1891 का 18) की धारा 2 के खंड (3) में यथा-पठरभाजित बैककार की बिी में
सुसंगत लेखे में की प्रजवजियों की प्रमाजणत प्रजत;
5526 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(ख) दकसी ऐसे न्यायालय या ऄजधकरण का कोइ अदिे , जिसने दकसी ऋण के ऄप्रजतदाय के संबंध में न्यायजनणडयन दकया ि ै
और ििां ऐसे अदिे के जवरुद्ध ऄपील करने की ऄवजध का ऄवसान िो गया िै ।”।
3. मूल जवजनयमों के जवजनयम 13 के ईप-जवजनयम (2) में, खंड (ग) के पश्चात् जनम्नजलजखत खंड ऄंतःस्ट्थाजपत दकया िाएगा,
ऄथाडत:्-
“(गक) बोडड के आलै्रॉजनक ्लेटाामड पर, ईसकी बैवसाआट पर प्रसारण के जलए ााआल की िाएगी:
परन्तु यि खंड भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया)
(पांचवा संिोधन) जवजनयम, 2020 के प्रारंभ पर या ईसके पश्चात् चालू और प्रारंभ िोने वाली प्रत्येक कारपोरेट ददवाला
समाधान प्रदिया को लागू िोगा;”।
4. मूल जवजनयमों के जवजनयम 39 में, ईप-जवजनयम (5) के पश्चात्, जनम्नजलजखत ईपजवजनयम ऄंतःस्ट्थाजपत दकया िाएगा, ऄथाडत्:-
“(5क) समाधान व्यावसाजयक, न्यायजनणाडयक प्राजधकारी के समाधान योिना का ऄनुमोदन करने वाले अदिे के पन्रि ददन
के भीतर प्रत्येक दावेदार को समाधान योिना के ऄधीन ऋणों के संदाय के जलए, यथाजस्ट्थजत, जसद्धातं या ाामूडला सूजचत
करेगा:
परन्तु यि जवजनयम भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान
प्रदिया) (पांचवा संिोधन) जवजनयम, 2020 के प्रारंभ पर या ईसके पश्चात् चालू और प्रारंभ िोने वाली प्रत्येक कारपोरेट
ददवाला समाधान प्रदिया को लागू िोगा;”।
डॉ. एम. एस. साहू, ऄध्यक्ष
[जवज्ञापन.-III/4/ऄसा./347/2020-21]
ठट्पण: भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयमन, 2016, भारत
के रािपत्र, ऄसाधारण, भाग 4 सं. 432, तारीख 30 नवम्बर, 2016 में ऄजधसूचना सं. अइ.बी.बी.अइ./2016-
17/िी.एन./अर.इ.िी.004, तारीख 30 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थे और ईनमें ऄंजतम संिोधन भारत के
रािपत्र, ऄसाधारण, भाग 3, खंड 4, सं. 317, तारीख 7 ऄगस्ट्त, 2020 में, ऄजधसूचना सं. अइ.बी.बी.अइ./2020-
21/िी.एन./अर.इ.िी.064, तारीख 7 ऄगस्ट्त, 2020 द्वारा प्रकाजित भारतीय ददवाला और िोधन ऄक्षमता बोडड (कारपोरेट
व्यजियों के जलए ददवाला समाधान प्रदिया) (चौथा संिोधन) जवजनयम, 2020 द्वारा दकया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 13th November, 2020
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth
Amendment) Regulations, 2020.
No. IBBI/2020-21/GN/REG 066. —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) (Fifth 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 (hereinafter referred to as the principal regulations), after regulation 2, the following regulation
shall be inserted, namely:-
“2A. Record or evidence of default by financial creditor.
For the purposes of clause (a) of sub-section (3) of section 7 of the Code, the financial creditor may furnish any of the
following record or evidence of default, namely:-
(a) certified copy of entries in the relevant account in the bankers’ book as defined in clause (3) of section 2 of
the Bankers’ Books Evidence Act, 1891 (18 of 1891);[भाग III—खण् ड 4] भारत का रािपत्र : ऄसाधारण 3
(b) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, where the period of
appeal against such order has expired.”.
3. In the principal regulations, in regulation 13, in sub-regulation (2), after clause (c), the following clause shall be
inserted, namely: -
“(ca) filed on the electronic platform of the Board for dissemination on its website:
Provided that this clause shall apply to every corporate insolvency resolution process ongoing and
commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020;”.
4. In the principal regulations, in regulation 39, after sub-regulation (5), the following sub-regulation shall be inserted,
namely: -
“(5A) The resolution professional shall, within fifteen days of the order of the Adjudicating Authority approving a
resolution plan, intimate each claimant, the principle or formulae, as the case may be, for payment of debts under
such resolution plan:
Provided that this sub-regulation shall apply to every corporate insolvency resolution process ongoing and
commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020;”.
Dr. M. S. SAHOO , Chairperson
[ADVT.-III/4/Exty./347/2020-21]
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) (Fourth Amendment) Regulations, 2020 published vide notification No. IBBI/2020-21/GN/REG 064,
dated the 7th August, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 317 on 7th August,
2020.
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.