Executive Summary:
This notification from the Insolvency and Bankruptcy Board of India announces the Second Amendment Regulations of 2017 regarding the Fast Track Insolvency Resolution Process for Corporate Persons. The amendment modifies existing regulations and took effect on the date of its publication in the Official Gazette, October 5, 2017. It addresses the inclusion of stakeholder interests in resolution plans.
Key Points / Main Content:
Amendment Overview:
* These regulations are called the Insolvency and Bankruptcy Board of India Fast Track Insolvency Resolution Process for Corporate Persons Second Amendment Regulations, 2017.
* The regulations came into force on the date of their publication in the Official Gazette (October 5, 2017).
Specific Amendments:
* Regulation change: The words "INSOLVENCY RESOLUTION FOR CORPORATE PERSONS REGULATIONS, 2017" are substituted with "INSOLVENCY AND BANKRUPTCY BOARD OF INDIA FAST TRACK INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS REGULATIONS, 2017."
* Regulation 37 amendment: After subregulation 1, a new subregulation 1A is inserted, mandating that a resolution plan must include a statement detailing how it addresses the interests of all stakeholders, including financial and operational creditors, of the corporate debtor.
Impact Analysis:
Stakeholders: Corporate Debtors, Financial Creditors, Operational Creditors, Insolvency Professionals, and Resolution Applicants.
Corporate Debtors:
* Impact: Subject to the amended regulations concerning the fast-track insolvency resolution process.
* Action Required: Ensure awareness of the new regulations.
Financial and Operational Creditors:
* Impact: Their interests must be explicitly addressed in any resolution plan.
* Action Required: Review resolution plans to ensure their interests are adequately considered and documented.
Insolvency Professionals:
* Impact: Must ensure resolution plans include a statement on how all stakeholders' interests are dealt with.
* Action Required: Incorporate the new requirements into the preparation and evaluation of resolution plans.
Resolution Applicants:
* Impact: Must include a statement in the resolution plan on how it has dealt with the interests of all stakeholders.
* Action Required: When submitting a resolution plan, ensure it addresses 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 that oversees insolvency proceedings and related matters.
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.
Fast Track Insolvency Resolution Process for Corporate Persons Regulations, 2017: Regulations established by the Insolvency and Bankruptcy Board of India to streamline the insolvency resolution process for corporate entities.
New Delhi: The capital of India, where the notification was issued.
Official Gazette: A publication of the government in which important notifications and regulations are published.
M.S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
Insolvency Resolution for Corporate Persons Regulations, 2017: Regulations pertaining to insolvency resolution processes for corporate entities in India.
Mayapuri, New Delhi: Location of the Government of India Press.
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EXTRAORDINARY
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PART III—Section 4
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No. 385] NEW DELHI, THURSDAY, OCTOBER 5, 2017/ASVINA 13, 1939
भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ददददववववााााललललाााा औऔऔऔरररर शशशशोोोोधधधधनननन अअअअ(cid:14)(cid:14)(cid:14)(cid:14)ममममतततताााा बबबबोोोोडडडड (cid:19)(cid:19)(cid:19)(cid:19)
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भभभभााााररररततततीीीीयययय (cid:8)(cid:8)(cid:8)(cid:8)ददददववववााााललललाााा औऔऔऔरररर शशशशोोोोधधधधनननन अअअअ(cid:18)(cid:18)(cid:18)(cid:18)ममममतततताााा बबबबोोोोडडडड (cid:22)(cid:22) (cid:22)(cid:22)((((ककककााााररररपपपपोोोोररररेेेेटटटट (cid:28)(cid:28)(cid:28)(cid:28)िििि(cid:30)(cid:30)(cid:30)(cid:30)यययय(cid:31)(cid:31)(cid:31)(cid:31) ककककेेेे ििििललललएएएए फफफफाााा""""टटटट ####ैैककैैकक (cid:8)(cid:8)(cid:8)(cid:8)ददददववववााााललललाााा ससससममममााााधधधधाााानननन &&&&(cid:8)(cid:8)(cid:8)(cid:8)''''ययययाााा)))) ((((िििि))))ततततीीीीयययय
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सससस...ंं.ंंआआआआईईईई....बबबबीीीी....बबबबीीीी....आआआआईईईई....////2222000011117777----11118888////जजजजीीीी....एएएएनननन....////आआआआरररर....ईईईई....जजजजीीीी....000011117777....————भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड,(cid:22) (cid:8)दवाला और
शोधन अ(cid:18)मता संिहता, 2016 (2016 का 31) क$ धारा 240 के साथ प)ठत धारा 196 क$ उपधारा (1) के खंड (न) .ारा /द0 शि1य2
का /योग करते 4ए, भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड(cid:22) (कारपोरेट 7ि1य2 के िलए फा8ट 9ैक (cid:8)दवाला समाधान /(cid:8);या)
िविनयम, 2017 का संशोधन करने के िलए िन=िलिखत िविनयम बनाता ह,ै अथा(cid:22)त:् —
1. (1) इन िविनयम2 का संि(cid:18)@ नाम भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड(cid:22) (कारपोरेट 7ि1य2 के िलए फा8ट 9ैक (cid:8)दवाला
समाधान /(cid:8);या) (ि.तीय संशोधन) िविनयम, 2017 ह ै।
(2) ये राजपC मD उनके /काशन क$ तारीख से /वृ0 ह2गे ।
2. भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड(cid:22) (कारपोरेट 7ि1य2 के िलए फा8ट 9ैक (cid:8)दवाला समाधान /(cid:8);या) िविनयम, 2017 मD,—
(i) /ारंिभक पैरा से पूव(cid:22) “भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड (cid:22)(कारपोरेट 7ि1य2 के िलए (cid:8)दवाला समाधान) िविनयम,
2017” शGद2 के 8थान पर िन=िलिखत रखा जाएगा, अथा(cid:22)त्:—
“भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड (cid:22)(कारपोरेट 7ि1य2 के िलए फा8ट 9ैक (cid:8)दवाला समाधान /(cid:8);या) िविनयम, 2017”
(ii) िविनयम 37 के उप-िविनयम (1) के पHात् िन=िलिखत उप-िविनयम अंतः8थािपत (cid:8)कया जाएगा, अथा(cid:22)त्:—
“(1क). समाधान योजना म Dइस बारे मD एक कथन शािमल होगा (cid:8)क उसमD कारपोरेट ऋणी के सम8त िहतधारक2 के,
िजसके अंतग(cid:22)त िव0ीय लेनदार और /चालन लेनदार भी ह,K िहत2 का िनपटारा (cid:8)कस /कार (cid:8)कया गया ह ै।”
[िवLापन-III/4/असा./253/17]
डॉ. एम. एस. साN, अOय(cid:18)
6074 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
****टटटट++++पपपपणणणण :::: भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड (cid:22) (कारपोरेट 7ि1य2 के िलए फा8ट 9ैक (cid:8)दवाला समाधान /(cid:8);या) िविनयम,
2017, भारत के राजपC, असाधारण, मD अिधसूचना सं. आई.बी.बी.आई./2017-18/जी.एन./आर.ई.जी.012, तारीख 14 जून, 2017
.ारा /कािशत (cid:8)कए गए थे और तQपHात् उसमD भारत के राजपC, असाधारण, मD अिधसूचना सं. आई.बी.बी.आई./2017-
18/जी.एन./आर.ई.जी.014, तारीख 16 अग8त, 2017 .ारा /कािशत भारतीय (cid:8)दवाला और शोधन अ(cid:18)मता बोड (cid:22)(कारपोरेट 7ि1य2
के िलए फा8ट 9ैक (cid:8)दवाला समाधान /(cid:8);या) (संशोधन) िविनयम, 2017 .ारा संशोधन (cid:8)कया गया था |
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 5th October, 2017
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (FAST TRACK INSOLVENCY
RESOLUTION PROCESS FOR CORPORATE PERSONS) (SECOND AMENDMENT)
REGULATIONS, 2017
No. IBBI/2017-18/GN/REG017.—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 0f 2016), the Insolvency and Bankruptcy
Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Fast
Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017, namely:—
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Fast Track 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 (Fast Track Insolvency Resolution Process for Corporate
Persons) Regulations, 2017,—
(i) before the opening paragraph, for the words “INSOLVENCY AND BANKRUPTCY BOARD OF
INDIA (INSOLVENCY RESOLUTION FOR CORPORATE PERSONS) REGULATIONS, 2017”, the
following shall be substituted, namely: —
“INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (FAST TRACK INSOLVENCY
RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2017”;
(ii) in regulation 37, 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.”
[ADVT.-III/4/Exty./253/17]
DR. M.S. SAHOO, Chairperson
Note : The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate
Persons) Regulations, 2017 were published in the Gazette of India, Extraordinary vide notification No. IBBI/2017-
18/GN/REG012 dated the 14th June, 2017 and were amended by the Insolvency and Bankruptcy Board of India (Fast
Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 published in the Gazette
of India, Extraordinary vide notification No. IBBI/2017-18/GN/REG 014 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.