## Report on the Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Liquidation Process Amendment Regulations, 2022, as published on April 28, 2022. The core purpose of this amendment is to clarify the applicability of certain regulations within the Insolvency and Bankruptcy Board of India Liquidation Process Regulations, 2016, specifically regarding the commencement dates of liquidation processes. The key finding is that the amendment clarifies that regulations 2A, 21A, 31A, and 44 apply to liquidation processes commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2019, with specific instructions regarding the older version of Regulation 44.
**2. Introduction:**
This report aims to provide a comprehensive overview of the IBBI Liquidation Process Amendment Regulations, 2022, based solely on the provided policy text. The report analyzes the purpose, key changes, affected parties, and potential impact of the amendment.
**3. Policy Overview:**
* **Original Policy:** Insolvency and Bankruptcy Board of India Liquidation Process Regulations, 2016.
* **Core Objective(s) (Inferred):** Based on the title and the amending regulations, the core objective appears to be regulating and refining the liquidation process under the Insolvency and Bankruptcy Code. The clarification suggests ensuring consistent application of rules based on the commencement date of the liquidation.
**4. Background and Rationale:**
This amendment addresses potential ambiguities in the application of the Insolvency and Bankruptcy Board of India Liquidation Process Regulations, 2016. The repeated insertion of explanatory notes suggests that there may have been confusion or inconsistent interpretation of when the 2019 amendments to regulations 2A, 21A, 31A, and 44 should be applied. The amendment aims to resolve this by explicitly stating that these specific regulations (2A, 21A, and 31A) are applicable to liquidation processes commencing on or after the commencement of the 2019 Amendment Regulations, with special instructions for Regulation 44.
**5. Key Provisions / Changes:**
This is an amendment to the IBBI Liquidation Process Regulations, 2016. The specific changes introduced are:
* **Regulation 2A:** An explanation is added clarifying that the requirements of Regulation 2A apply to liquidation processes commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2019.
* **Regulation 21A:** An explanation is added clarifying that the requirements of Regulation 21A apply to liquidation processes commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2019.
* **Regulation 31A:** An explanation is added clarifying that the requirements of Regulation 31A apply to liquidation processes commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2019.
* **Regulation 44:** An explanation is added clarifying that for liquidation processes commenced prior to the commencement of the Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2019, the requirements of Regulation 44 as they existed *before* the 2019 amendments shall apply.
The effect of these changes is to provide explicit guidance on which version of the regulations should be applied based on the commencement date of the liquidation process. For liquidation processes commencing *before* the 2019 amendments took effect, the *older* version of Regulation 44 applies. This provides legal clarity.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders directly affected by these amendments include:
* Insolvency Professionals involved in liquidation processes.
* Creditors and debtors involved in liquidation processes.
* The Insolvency and Bankruptcy Board of India itself.
* Any other parties involved in or affected by liquidation proceedings under the Insolvency and Bankruptcy Code.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Insolvency and Bankruptcy Board of India (IBBI) is the responsible agency, as they issued the notification.
* **Timelines:** The amendment came into force on the date of its publication in the Official Gazette: April 28, 2022.
* **Procedures:** The amendment does not outline new procedures *per se*, but rather clarifies which existing regulations should be applied depending on the date of commencement of liquidation.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcome of these amendments is to reduce ambiguity and ensure consistent application of the IBBI Liquidation Process Regulations, 2016, particularly with respect to the 2019 amendments. This should lead to:
* Reduced legal challenges and disputes related to the applicability of regulations.
* Greater certainty for stakeholders involved in liquidation processes.
* More efficient and effective administration of liquidation proceedings.
**9. Conclusion:**
The IBBI Liquidation Process Amendment Regulations, 2022, are a clarifying measure designed to address potential ambiguities in the application of the 2019 amendments to the Liquidation Process Regulations, 2016. By explicitly stating the applicability of specific regulations based on the commencement date of the liquidation process, the amendment aims to promote clarity, consistency, and efficiency in the administration of liquidation proceedings under the Insolvency and Bankruptcy Code. This amendment is significant for all stakeholders involved in the liquidation process.
Key Entities Referenced
New Delhi: Place of notification
Insolvency and Bankruptcy Board of India: Regulatory body in India related to insolvency and bankruptcy processes.
Insolvency and Bankruptcy Code, 2016: The primary legislation governing insolvency and bankruptcy in India.
Insolvency and Bankruptcy Board of India Liquidation Process Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India pertaining to the liquidation process.
Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2022: Amendment regulations to the 2016 Liquidation Process Regulations.
Insolvency and Bankruptcy Board of India Liquidation Process Amendment Regulations, 2019: Amendment regulations to the 2016 Liquidation Process Regulations.
Ravi Mital: Chairperson of Insolvency and Bankruptcy Board of India
Insolvency and Bankruptcy Board of India Liquidation Process Second Amendment Regulations, 2021: Amendment regulations to the 2016 Liquidation Process Regulations.
Delhi: Location of Controller of Publications
Mayapuri, New Delhi: Location of Government of India Press
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअID.-E2x8xx0 42022-235410
CG-DL-E-28042022-235410
ऄसाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 231] नइ ददल्ली, बिृ स्ट्प जतवार, ऄप्रलै 28, 2022/विै ाख 8, 1944
No. 231] NEW DELHI, THURSDAY, APRIL 28, 2022/VAISAKHA 8, 1944
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल्ली, 28 ऄप्रैल, 2022
भारतीय ददवाला और िोधन ऄक्षमता बोड ड(समापन प्रदिया) (सिं ोधन) जवजनयम, 2022
स.ंअइ.बी.बी.अइ/2022-23/िी.एन/अर.इ.िी.082- 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 करत े हुए, भारतीय ददवाला और िोधन ऄक्षमता बोड ड (समापन प्रदिया) जवजनयमन, 2016 का
और संिोधन के जलए जनम्नजलजखत जवजनयम बनाता ि,ै ऄथाडत:-
1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) (संिोधन)
जवजनयम, 2022 ि ै।
(2) ये रािपत्र में प्रकािन की तारीख से प्रवृत्त िोंग े।
2. भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) जवजनयमन, 2016 (जिन्ि ें आसमें आसके पश्चात ् ‘मूल
जवजनयम’ किा गया ि)ै में, जवजनयम 2क के पश्चात ्जनम्नजलजखत स्ट्पष्टीकरण ऄतं ःस्ट्थाजपत दकया िाएगा, ऄथाडत:् -
“स्ट्पष्टीकरण – यि स्ट्पष्ट दकया िाता ि ै दक आस जवजनयम की ऄपेक्षाएं, भारतीय ददवाला और िोधन ऄक्षमता बोड ड
(समापन प्रदिया) (संिोधन) जवजनयम, 2019 के प्रारंभ की तारीख को या ईसके पश्चात ् प्रारंभ िोन े वाली समापन
प्रदियाओं को लागू िोंगी ।”
3. मूल जवजनयमों में, जवजनयम 21क के पश्चात ्जनम्नजलजखत स्ट्पष्टीकरण ऄंतःस्ट्थाजपत दकया िाएगा, ऄथातड :् -
“स्ट्पष्टीकरण – यि स्ट्पष्ट दकया िाता ि ै दक आस जवजनयम की ऄपेक्षाएं, भारतीय ददवाला और िोधन ऄक्षमता बोड ड
(समापन प्रदिया) (संिोधन) जवजनयम, 2019 के प्रारंभ की तारीख को या ईसके पश्चात ् प्रारंभ िोन े वाली समापन
प्रदियाओं को लागू िोंगी ।”
2916 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
4. मूल जवजनयमों में, जवजनयम 31क के पश्चात ्जनम्नजलजखत स्ट्पष्टीकरण ऄंतःस्ट्थाजपत दकया िाएगा, ऄथातड :् -
“स्ट्पष्टीकरण – यि स्ट्पष्ट दकया िाता ि ै दक आस जवजनयम की ऄपेक्षाएं, भारतीय ददवाला और िोधन ऄक्षमता बोड ड
(समापन प्रदिया) (संिोधन) जवजनयम, 2019 के प्रारंभ की तारीख को या ईसके पश्चात ् प्रारंभ िोन े वाली समापन
प्रदियाओं को लागू िोंगी ।”
5. मूल जवजनयमों में, जवजनयम 44 के पश्चात,् जनम्नजलजखत स्ट्पष्टीकरण ऄंतःस्ट्थाजपत दकया िाएगा, ऄथाडत:् -
“स्ट्पष्टीकरण - भारतीय ददवाला और िोधन ऄक्षमता बोड ड (समापन प्रदिया) (संिोधन) जवजनयम, 2019 के प्रारंभ
से पूवड प्रारंभ की गइ समापन प्रदियाओं के संबंध म,ें आस जवजनयम की ऄपेक्षाएं, िैसी व े ऐसे प्रारंभ से पूव ड
जवद्यमान थी, लाग ूिोंगी ।”
रजव जमत्तल, ऄध्यक्ष
[जवज्ञापन III/4/ऄसा./53/2022-23]
ठिप्पण : भारतीय ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) जवजनयमन, 2016, भारत के रािपत्र, ऄसाधारण,
भाग III, खडं 4 सं. 460, तारीख 15 ददसम्बर, 2016 में ऄजधसूचना सं. अइ.बी.बी.अइ./2016-17/िी.एन./
अर.इ.िी.005, तारीख 15 ददसम्बर, 2016 द्वारा प्रकाजित दकए गए थे और ईनमें ऄंजतम संिोधन भारत के
रािपत्र, ऄसाधारण, भाग III, खडं 4 सं. 428, तारीख 30 जसतम्बर, 2021 म ें ऄजधसूचना स.ं
अइ.बी.बी.अइ./2021-22/िी.एन./अर.इ.िी.079, तारीख 30 जसतम्बर, 2021 द्वारा प्रकाजित भारतीय
ददवाला और िोधन ऄक्षमता बोडड (समापन प्रदिया) (दसू रा सिं ोधन) जवजनयम, 2021 द्वारा दकया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 28th April, 2022
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022
No. IBBI/2022-23/GN/REG082.—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 (Liquidation Process) Regulations, 2016, namely: -
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation
Process) (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 (Liquidation Process) Regulations, 2016 (hereinafter
referred to as „the principal regulations‟), after regulation 2A, the following Explanation shall be inserted,
namely: -
“Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the
liquidation processes commencing on or after the date of the commencement of the Insolvency and
Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.”
3. In the principal regulations, after regulation 21A, the following Explanation shall be inserted, namely:-
“Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the
liquidation processes commencing on or after the date of the commencement of the Insolvency and
Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.”
4. In the principal regulations, after regulation 31A, the following Explanation shall be inserted, namely:-
“Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the
liquidation processes commencing on or after the date of the commencement of the Insolvency and
Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.”[भाग III—खण् ड 4] भारत का रािपत्र : ऄसाधारण 3
5. In the principal regulations, after regulation 44, the following Explanation shall be inserted, namely:—
“Explanation.- In relation to the liquidation processes commenced prior to the commencement of the
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019, the
requirements of this regulation as existing before such commencement, shall apply.”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./53/2022-23]
Note : The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 were
published vide notification No. IBBI/2016-17/GN/REG005 dated 15th December, 2016 in the
Gazette of India, Extraordinary, Part III, Section 4, vide No. 460 on 15th December, 2016 and were
last amended by Insolvency and Bankruptcy Board of India (Liquidation Process) (Second
Amendment) Regulations, 2021 vide notification No. IBBI/2021-22/GN/REG079 dated
30th September, 2021 in the Gazette of India, Extraordinary, Part III, Section 4, vide No. 428 on
30th September, 2021.
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.