Okay, here's the policy analysis report based solely on the provided text.
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Resolution Process for Corporate Persons Amendment Regulations, 2022. The amendment focuses on changes to regulations concerning the meetings of the committee of creditors and the preservation of records during the corporate insolvency resolution process (CIRP). Key changes include specifying conditions for convening meetings based on committee member requests and outlining detailed requirements for preserving records, both electronic and physical, related to the CIRP.
**2. Introduction:**
This report aims to provide an informative overview of the IBBI Insolvency Resolution Process for Corporate Persons Amendment Regulations, 2022, based on the text of the official notification. The analysis focuses on understanding the changes introduced by this amendment.
**3. Policy Overview:**
* This is an amendment to the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Regulations, 2016.
* Core Objective(s) (as inferred from the provided text): To enhance the procedural clarity and accountability in the Corporate Insolvency Resolution Process, specifically regarding committee meetings and record preservation.
**4. Background and Rationale:**
The amendment appears to address potential ambiguities or gaps in the original regulations regarding the convening of committee meetings and the scope and duration of record preservation. The specific changes suggest a need for more structured procedures for committee decision-making and a more comprehensive approach to documenting the CIRP to ensure transparency and facilitate future audits or investigations.
**5. Key Provisions / Changes:**
This section details the key changes introduced by the amendment:
* **Regulation 18 (Meetings of the committee):** This regulation, which governs meetings of the committee of creditors, has been completely substituted.
* **Old Regulation (Inferred):** The previous regulation likely provided less specific guidance on when and how meetings should be convened.
* **New Regulation:**
* A resolution professional (RP) may convene a meeting when considered necessary.
* The RP *shall* convene a meeting if requested by members representing at least 33% of the voting rights.
* The RP *shall* place a proposal received from members representing at least 33% of the voting rights in a meeting, if he considers it necessary.
* **Effect of Change:** This change introduces a more structured mechanism for committee members to influence the frequency and agenda of meetings, particularly by requiring the RP to act upon requests from members with a significant voting share.
* **Regulation 39A (Preservation of records):** This regulation has been substituted.
* **Old Regulation (Inferred):** The previous regulation likely had less specific details on the types of records to be preserved and the duration for which they must be kept.
* **New Regulation:**
* The interim resolution professional (IRP) or RP must preserve copies of all records that give a complete account of the CIRP.
* A list of specific record types to be preserved is provided, including those relating to the IRP/RP's appointment, transfer of assignment, admission of corporate debtor, public announcement, committee constitution and meetings, claims, professional engagements, information memorandum, filings with authorities, resolution plan, statutory filings, correspondence, insolvency resolution process costs, and transactions which are preferential, undervalued, extortionate, fraudulent or wrongful.
* Electronic copies of all records (both physical and electronic) must be preserved for at least eight years.
* Physical copies of records must be preserved for at least three years.
* The preservation period starts from the date of completion of the CIRP or conclusion of any related proceedings before relevant authorities, whichever is later.
* The IRP/RP must keep the records at a secure place and produce them as required.
* The records includes records pertaining to the period of a corporate insolvency resolution process during which the interim resolution professional or the resolution professional acted as such, irrespective of the fact that he did not take up the assignment from its commencement or continue the assignment till its conclusion.
* **Effect of Change:** This change provides a detailed and comprehensive framework for record preservation, enhancing transparency and accountability in the CIRP. It mandates the preservation of a wide range of records, specifying both electronic and physical copies and setting minimum retention periods. This strengthens the auditability of the process and ensures availability of crucial information for future proceedings.
**6. Target Audience and Stakeholders:**
The primary target audience includes:
* Insolvency Professionals (Resolution Professionals and Interim Resolution Professionals)
* Members of the Committee of Creditors
* The Insolvency and Bankruptcy Board of India (IBBI)
* Adjudicating Authority, Appellate Authority and Courts
* Corporate Debtors
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The IBBI is responsible for overseeing the implementation of these regulations.
* **Timelines:** The amendment comes into force on the date of its publication in the Official Gazette (February 9, 2022, as per the provided text).
* **Procedures:** RPs and IRPs will need to update their internal procedures to comply with the new requirements for convening meetings and preserving records. This will involve creating systems for tracking and maintaining both electronic and physical records for the specified durations.
**8. Expected Outcomes / Impact of Changes:**
The expected outcomes of these specific changes include:
* **Enhanced participation and influence of Committee of Creditors:** The changes to Regulation 18 are likely to increase the ability of committee members with significant voting rights to influence the agenda and frequency of meetings.
* **Improved transparency and accountability:** The detailed record preservation requirements will make the CIRP more transparent and accountable.
* **Easier auditing and review:** The comprehensive documentation will facilitate audits and reviews by the IBBI and other relevant authorities.
* **Reduced disputes and litigation:** Clearer procedures and better documentation may help prevent disputes and litigation related to the CIRP.
**9. Conclusion:**
The IBBI Insolvency Resolution Process for Corporate Persons Amendment Regulations, 2022, introduces important changes to the rules governing committee meetings and record preservation during the CIRP. By providing more specific guidance and requirements, the amendment aims to enhance transparency, accountability, and efficiency in the insolvency resolution process, ultimately benefiting all stakeholders involved. This strengthens the framework for corporate insolvency resolution in India and promotes a more reliable and auditable process.
Key Entities Referenced
New Delhi: Location of the notification issuance, likely the capital of India.
MAGHA: Month in the Hindu calendar, mentioned in the context of the date.
Insolvency and Bankruptcy Board of India: Regulatory body issuing the notification regarding insolvency and bankruptcy processes.
Insolvency Resolution Process for Corporate Persons Amendment Regulations, 2022: The title of the amended regulations being published.
Insolvency and Bankruptcy Code, 2016: The primary legislation being amended by these regulations.
Insolvency Resolution Process for Corporate Persons Regulations, 2016: The principal regulations being amended.
Official Gazette: The official publication in which the regulations are published.
Adjudicating Authority: An authority for filings under the regulations.
Appellate Authority: An authority for filings under the regulations.
Dr. NAVRANG SAINI: Chairperson of Insolvency and Bankruptcy Board of India.
Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Third Amendment Regulations, 2021: Previous amendment to the regulations.
Mayapuri, New Delhi: Location of the Government of India Press.
Delhi: Location of the Controller of Publications.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
ससीी..जजीी..--डडीी..एएललxx..x--GअअID..--E00x99x00x 2222002222--223333227733
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असाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 82] नई ददल्ली, बधु वार, फरवरी 9, 2022/माघ 20, 1943
No. 82] NEW DELHI, WEDNESDAY, FEBRUARY 9, 2022/MAGHA 20, 1943
भारतीय ददवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई ददल्ली, 9 फरवरी, 2022
भारतीय ददवाला और िोधन अक्षमता बोड ड(कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया)
(सिं ोधन) जवजनयम, 2022
फा. स.ं आई.बी.बी.आई./2021-22/जी.एन./आर.ई.जी./080.—भारतीय ददवाला और िोधन अक्षमता बोडड,
ददवाला और िोधन अक्षमता संजहता, 2016 (2016 का 31) की धारा 240 के साथ पठठत धारा 196 की उपधारा (1) के
खंड (न) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए
ददवाला समाधान प्रदिया) जवजनयम, 2016 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ह,ै अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए
ददवाला समाधान प्रदिया) (संिोधन) जवजनयम, 2022 ह ै।
(2) ये राजपत्र में प्रकािन की तारीख को प्रवृत्त होंग े ।
2. भारतीय ददवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयम,
2016 (जजन्ह ें इसमें इसके पश्चात् ‘मूल जवजनयम’ कहा गया ह)ै के जवजनयम 18 के स्ट्थान पर जनम्नजलजखत रखा जाएगा,
अथाडत:् -
“18. सजमजत की बठै कें
(1) कोई समाधान व्यावसाजयक, जब भी आवश्यक समझ,े सजमजत की बैठक बुला सकेगा ।
883 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(2) कोई समाधान व्यावसाजयक, यदद वह आवश्यक समझता ह,ै सजमजत के सदस्ट्यों से प्राप्त अनुरोध पर
बैठक बुला सकेगा और यदद कम से कम तैंतीस प्रजतित मताजधकार का प्रजतजनजधत्व करने वाले सदस्ट्यों द्वारा ऐसा
अनुरोध दकया जाता ह ैतो बैठक बुलाएगा ।
(3) कोई समाधान व्यावसाजयक, यदद वह आवश्यक समझ,े सजमजत के सदस्ट्यों से प्राप्त कोई प्रस्ट्थापना
दकसी बैठक में रख सकेगा और यदद कम से कम तैंतीस प्रजतित मताजधकार का प्रजतजनजधत्व करने वाले सजमजत के
सदस्ट्यों द्वारा ऐसी प्रस्ट्थापना की जाती ह ैतो उस प्रस्ट्थापना को रखगे ा ।”
3. मूल जवजनयमों के जवजनयम 39क के स्ट्थान पर जनम्नजलजखत जवजनयम रखा जाएगा, अथाडत्:-
“39क. अजभलखे ों का पठररक्षण
(1) यथाजस्ट्थजत, अंतठरम समाधान व्यावसाजयक या समाधान व्यावसाजयक, ऐस े सभी अजभलेखों की प्रजतया ं
पठररजक्षत रखगे ा, जो कारपोरेट ददवाला समाधान प्रदिया का पूणड लेखा दने े के जलए अपेजक्षत ह ैं।
(2) यथाजस्ट्थजत, अतं ठरम समाधान व्यावसाजयक या समाधान व्यावसाजयक, उप-जवजनयम (1) के अधीन आन े
वाली बाध्यताओं की व्यापकता पर प्रजतकूल प्रभाव डाले जबना, ऐसे अजभलेख की प्रजतयां पठररजक्षत रखेगा, जो जनम्नजलजखत
से संबंजधत ह ैंया उसका आधार गठठत करती ह:ैं -
(क) अतं ठरम समाधान व्यावसाजयक या समाधान व्यावसाजयक के रूप में उसकी जनयुजि, जजसके अंतगडत जनयुजि
के जनबंधन भी ह;ैं
(ख) असाइनमेंट(जनयतकायड) का सौंपा जाना/हाथ म ेंजलया जाना;
(ग) कारपोरेट ददवाला समाधान प्रदिया में कारपोरेट ऋणी का प्रवेि;
(घ) लोक उद्घोषणा;
(ङ) सजमजत का गठन और सजमजत की बैठकें;
(च) दावें, दावों का सत्यापन और लेनदारों की सूची;
(छ) व्यावसाजयकों, रजजस्ट्रीकृत मूल्यांककों और ददवाला व्यावसाजयक संस्ट्था का जनयोजन, जजसके अंतगतड उनके
द्वारा दकया गया कायड, प्रस्ट्तुत की गई ठरपोटें आदद भी ह;ैं
(ज) सूचना ज्ञापन;
(झ) न्यायजनणाडयक प्राजधकरण, अपील प्राजधकरण के समक्ष फाइल दकए गए समस्ट्त दस्ट्तावेज़ और उनके आदेि;
(ञ) समाधान योजना का आमत्रं ण, जवचार दकया जाना और अनुमोदन;
(ट) बोड डऔर ददवाला व्यावसाजयक एजेंजसयों के समक्ष कानूनी रूप से फाइल दकए गए दस्ट्तावेज़;
(ठ) कारपोरेट ददवाला समाधान प्रदिया के दौरान पत्र-व्यवहार;
(ड) ददवाला समाधान प्रदिया लागत; और
(ढ) अजधमानी, न्यून-मूल्यांदकत, अजतिय उधार संव्यवहार या कपटपूणड या सदोषपूण ड व्यापार ।
(3) अतं ठरम समाधान व्यावसाजयक या समाधान व्यावसाजयक, कारपोरेट ददवाला समाधान प्रदिया के पूरा होने
या बोडड, न्यायजनणाडयक प्राजधकरण, अपील प्राजधकरण या दकसी न्यायालय के समक्ष कारपोरेट ददवाला समाधान प्रदिया से
संबंजधत दकसी कायडवाही के समाप्त हो जाने की तारीख से, इनम ेंसे जो भी पश्चात्वती हो,-
(क) कम से कम आठ वषड की अवजध के जलए समस्ट्त अजभलेख की इलैक्ट्रॉजनक प्रजत(भौजतक और इलक्ट्ै रॉजनक); और
(ख) कम से तीन वषड की अवजध के जलए अजभलेखों की भौजतक प्रजत,
पठररजक्षत रखगे ा ।
(4) अंतठरम समाधान व्यावसाजयक या समाधान व्यावसाजयक, अजभलेख को दकसी सुरजक्षत स्ट्थान पर पठररजक्षत
रखेगा और जैसा दक संजहता और जवजनयमों के अधीन अपेजक्षत हो, अजभलेख को प्रस्ट्तुत करन े के दाजयत्वाधीन होगा ।[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 3
स्ट्पष्टीकरण – इस जवजनयम में जनर्ददष्ट अजभलेख के अंतगडत दकसी कारपोरेट ददवाला समाधान प्रदिया की ऐसी
अवजध से संबंजधत अजभलेख भी ह,ै जजसके दौरान अंतठरम समाधान व्यावसाजयक या समाधान व्यावसाजयक ने, इस तथ्य
पर ध्यान ददए जबना दक उसने उसके प्रारंभ से असाइनमेंट रहणहण नहक दकया था या उसके परू ा होने तक असाइनमेंट में बना
नहक रहा था, इस रूप म ेंकायड दकया था ।”
डॉ. नवरंग सैनी, अध्यक्ष
[जवज्ञापन-III/4/असा./636/2021-22]
ठटप्पण : भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान प्रदिया) जवजनयम,
2016, भारत के राजपत्र, असाधारण, भाग 4 स.ं 432, तारीख 30 नवम्बर, 2016 में अजधसूचना सं.
आई.बी.बी.आई./2016-17/जी.एन./आर.ई.जी.004, तारीख 30 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थ े
और उनमें अंजतम संिोधन भारत के राजपत्र, असाधारण, भाग III, खंड 4, सं. 427, तारीख 30 जसतम्बर,
2021 म,ें अजधसूचना सं. आई.बी.बी.आई./2021-22/जी.एन./आर.ई.जी.078, तारीख 30 जसतम्बर, 2021
द्वारा प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए ददवाला समाधान
प्रदिया) (तीसरा सिं ोधन) जवजनयम, 2021 द्वारा दकया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 9th February, 2022
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
(Amendment) Regulations, 2022
F. No. IBBI/2021-22/GN/REG/080.—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, 2022.
(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‟), regulation 18 shall be substituted
by the following, namely: -
“18. Meetings of the committee.
(1) A resolution professional may convene a meeting of the committee as and when he considers
necessary.
(2) A resolution professional may convene a meeting, if he considers it necessary, on a request received
from members of the committee and shall convene a meeting if the same is made by members of the
committee representing at least thirty three per cent of the voting rights.
(3) A resolution professional may place a proposal received from members of the committee in a meeting,
if he considers it necessary and shall place the proposal if the same is made by members of the committee
representing at least thirty three per cent of the voting rights.”
3. In the principal regulations, for regulation 39A, the following regulation shall be substituted, namely: -
“39A. Preservation of records.
(1) The interim resolution professional or the resolution professional, as the case may be, shall preserve
copies of all such records which are required to give a complete account of the corporate insolvency
resolution process.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(2) Without prejudice to the generality of the obligations under sub-regulation (1), the interim resolution
professional or the resolution professional, as the case may be, shall preserve copies of records relating to
or forming the basis of: -
(a) his appointment as interim resolution professional or resolution professional, including the terms of
appointment;
(b) handing over / taking over of the assignment;
(c) admission of corporate debtor into corporate insolvency resolution process;
(d) public announcement;
(e) the constitution of committee and meetings of the committee;
(f) claims, verification of claims, and list of creditors;
(g) engagement of professionals, registered valuers, and insolvency professional entity, including work
done, reports etc., submitted by them;
(h) information memorandum;
(i) all filings with the Adjudicating Authority, Appellate Authority and their orders;
(j) invitation, consideration and approval of the resolution plan;
(k) statutory filings with Board and insolvency professional agencies;
(l) correspondence during the corporate insolvency resolution process;
(m) insolvency resolution process cost; and
(n) preferential, undervalued, extortionate credit transactions or fraudulent or wrongful trading.
(3) The interim resolution professional or the resolution professional shall preserve:
(a) electronic copy of all records (physical and electronic) for a minimum period of eight years; and
(b) a physical copy of records for a minimum period of three years;
from the date of completion of the corporate insolvency resolution process or the conclusion of any
proceeding relating to the corporate insolvency resolution process, before the Board, the Adjudicating
Authority, Appellate Authority or any Court, whichever is later.
(4) The interim resolution professional or the resolution professional shall preserve the records at a secure
place and shall be obliged to produce records as may be required under the Code and the Regulations.
Explanation - The records referred to in this regulation includes records pertaining to the period of a
corporate insolvency resolution process during which the interim resolution professional or the resolution
professional acted as such, irrespective of the fact that he did not take up the assignment from its
commencement or continue the assignment till its conclusion.”
Dr. NAVRANG SAINI, Chairperson
[ADVT.-III/4/Exty./636/2021-22]
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) (Third Amendment) Regulations, 2021
published vide notification No. IBBI/2021-22/GN/REG078, dated the 30th September, 2021 in the
Gazette of India, Extraordinary, Part III, Section 4, No. 427 on 30th September, 2021.
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and Published by the Controller of Publications, Delhi-110054.