Executive Summary:
This notification announces the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Amendment Regulations, 2019. These regulations amend the 2017 regulations regarding voluntary liquidation processes, focusing on substituting "secretarial auditors" for "company secretaries" and clarifying the timeline for date insertion in Form A. The regulations take effect on the date of their publication in the Official Gazette.
Key Points / Main Content:
* **General Information**
* These regulations are called the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Amendment Regulations, 2019.
* The regulations are issued by the Insolvency and Bankruptcy Board of India, exercising powers conferred by sections 59 and 208 read with clause (t) of subsection (1) of section 196 and section 240 of the Insolvency and Bankruptcy Code, 2016.
* The regulations come into force on the date of their publication in the Official Gazette.
* **Amendments to the 2017 Regulations**
* In regulation 6(1), in the Explanation, in clause (c), in sub-clause (i), "secretarial auditors" shall be substituted for "company secretaries."
* In Schedule I, in Form A, "insert the date falling thirty days from the liquidation commencement date" shall be substituted for "insert the date falling thirty days after the liquidation commencement date."
Impact Analysis:
**Stakeholder: Insolvency and Bankruptcy Board of India**
* Impact: Responsible for implementing and enforcing the amended regulations.
* Action Required: Ensure compliance with the amended regulations in voluntary liquidation processes.
**Stakeholder: Companies undergoing Voluntary Liquidation**
* Impact: Must adhere to the revised regulations in their voluntary liquidation process.
* Action Required: Replace references to "company secretaries" with "secretarial auditors" and use the updated wording for date insertion in Form A.
**Stakeholder: Professionals Involved in Voluntary Liquidation (e.g., Insolvency Professionals, Secretarial Auditors)**
* Impact: Need to be aware of the changes in terminology and timelines for compliance.
* Action Required: Update their practices to reflect the substitution of "secretarial auditors" and the revised wording in Form A.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and bankruptcy matters.
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 in a time bound manner.
Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017: Regulations framed by the Insolvency and Bankruptcy Board of India pertaining to the voluntary liquidation process under the Insolvency and Bankruptcy Code.
New Delhi: The location of the notification, New Delhi, Delhi.
Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Amendment Regulations, 2019: Amendment regulations to the Insolvency and Bankruptcy Board of India Voluntary Liquidation Process Regulations, 2017.
M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
Official Gazette: Official government publication where regulations are published.
Mayapuri, New Delhi: Location of the Government of India Press.
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315 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC 4]
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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 15th January, 2019
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION
PROCESS) (AMENDMENT) REGULATIONS, 2019
No. IBBI/2019-20 /GN/REG039.—In exercise of the powers conferred by sections 59 and
208 read with clause (t) of sub-section (1) of section 196 and 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 (Voluntary
Liquidation Process) Regulations, 2017, namely: -
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary
Liquidation Process) (Amendment) Regulations, 2019.
(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 (Voluntary Liquidation Process) Regulations, 2017
(hereinafter referred to as the principal regulations), in regulation 6, in sub-regulation (1), in the
Explanation, in clause (c), in sub-clause (i), for the words “company secretaries”, the words
“secretarial auditors” shall be substituted.
3. In the principal regulations, in Schedule I, in Form A, for “[insert the date falling thirty days after the
liquidation commencement date]”, the following shall be substituted, namely:-
“[insert the date falling thirty days from the liquidation commencement date]”.
[ADVT.-III/4/Exty./490/18]
Dr. M. S. SAHOO, Chairperson
Note: The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations,
2017 were published vide notification No. IBBI/2016-17/GN/REG010 on 31st March, 2017 in
the Gazette of India, Extraordinary, Part III, Section 4, No. 130 dated 31st March, 2017 and
these have not been amended so far.
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.