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. These regulations are called the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Second Amendment Regulations, 2017. The amendment includes a requirement for resolution plans to include a statement on how the interests of all stakeholders have been addressed. The regulations came into force on the date of their publication in the Official Gazette: October 5, 2017.
Key Points / Main Content:
* **Amendment Regulations:**
* These regulations are called the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Second Amendment Regulations, 2017.
* These regulations amend the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Regulations, 2016.
* The regulations are issued under Section 196(1)(t) read with Section 240 of the Insolvency and Bankruptcy Code, 2016.
* These regulations came into force on October 5, 2017.
* **Resolution Plan Requirement:**
* Regulation 38 of the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Regulations, 2016 is amended.
* A new sub-regulation (1A) is inserted after sub-regulation (1) in regulation 38.
* The new sub-regulation (1A) mandates that a resolution plan must include a statement detailing how it has dealt with the interests of all stakeholders, including financial and operational creditors, of the corporate debtor.
Impact Analysis:
* **Corporate Debtors:**
* Impact: Resolution plans concerning corporate debtors must now explicitly state how the interests of all stakeholders, including financial and operational creditors, have been addressed.
* Action Required: Ensure that all future resolution plans include the required statement detailing the treatment of stakeholder interests.
* **Financial Creditors:**
* Impact: Resolution plans must now explicitly state how their interests have been addressed.
* Action Required: Review resolution plans to ensure adequate consideration of their interests and assess the provided statement.
* **Operational Creditors:**
* Impact: Resolution plans must now explicitly state how their interests have been addressed.
* Action Required: Review resolution plans to ensure adequate consideration of their interests and assess the provided statement.
* **Insolvency and Bankruptcy Board of India:**
* Impact: Responsible for enforcing the amended regulations.
* Action Required: Ensure compliance with the amended regulations when reviewing and approving resolution plans.
* **Insolvency Professionals:**
* Impact: These professionals are responsible for creating and implementing resolution plans.
* Action Required: When preparing resolution plans, include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India responsible for the implementation and enforcement of the Insolvency and Bankruptcy Code.
Insolvency and Bankruptcy Code, 2016: A law in India 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 Second Amendment Regulations, 2017: Regulations amending the Insolvency Resolution Process for Corporate Persons Regulations, 2016.
Insolvency Resolution Process for Corporate Persons Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India regarding the insolvency resolution process for corporate entities.
New Delhi: The location where the notification was issued, New Delhi, Delhi.
Dr. M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
Financial Creditors: Creditors to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to.
Operational Creditors: A person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred
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6075 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 5th October, 2017
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR
CORPORATE PERSONS) (SECOND AMENDMENT) REGULATIONS, 2017
No. IBBI/2017-18/GN/REG018.—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 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) (Second Amendment) Regulations, 2017.
(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 38, after sub-regulation (1), the following sub-regulation shall be inserted,
namely:—
“(1A) A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders,
including financial creditors and operational creditors, of the corporate debtor.”
Dr. M. S. SAHOO, Chairperson
[ ADVT.-III/4/Exty./254/17]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 were published in the Gazette of India, Extraordinary vide notification No. IBBI/2016-
17/GN/REG004, dated the 30th November, 2016 and were amended by the Insolvency and Bankruptcy Board of
India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 published in the
Gazette of India, Extraordinary vide notification No. IBBI/2017-18/GN/REG013, dated the 16th August, 2017.
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.