IBBI Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations

The Insolvency and Bankruptcy Board of India (“IBBI”) has released a circular dated 28.09.2023, clarifying the interpretation and computation of the Liquidators’ fee under Regulation 4(2)(b) of IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Regulations”). Brief background Regulation 4 of Liquidation Regulations provides for Liquidator’s fee. Regulation 4(1) and 4(1A) provide that the fee payable to the liquidator be decided by the Committee of Creditors (CoC) or...

IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (“IP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 20.09.2023 the IBBI issued a Press Release, summarizing the amendments. The key amendments are as under: Introduction of a unified enrolment and registration application form to enable...

IBBI Amends ‘Model Bye Laws of Insolvency Professional Agencies Regulations’ w.e.f. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The amendments are effective from 18.09.2023. The key changes are as under: An individual or an Insolvency Professional Entity (IPE) may apply for enrolment as a professional member by submitting an application in Part – I of...

IBBI Introduces Amendments To CIRP Regulations W.E.F. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 19.09.2023 the IBBI issued a Press Release, summarizing the amendments as under: To facilitate smooth conduct of Corporate Insolvency Resolution Process (“CIRP”),...

IBBI Amends Model Bye-Laws Regulations For Insolvency Professional Agencies

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 ("Model Bye laws Regulations") for a second time vide Gazette notification dated 31.10.2022. The Model Bye Laws Regulations lay down the governance structure and provides for model bye laws of the Insolvency Professional Agencies (IPA). The IBBI had issued three circulars, namely, (i) Circular No. IP/005/2018 dated...

COC To Function As Stakeholder's Consultation Committee For First 60 Days: IBBI Amends Liquidation Process Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") on 16.09.2022 has notified amendments to the IBBI (Voluntary Liquidation Process) Regulations, 2016 ("Voluntary Liquidation Regulations") and IBBI (Liquidation Process) Regulations, 2016 ("Liquidation Regulations") for a second time. These amended Regulations have come into force on 16.09.2022. Detailed Overview In exercise of the powers conferred by Section 196(1)(t) read with Section 240 of the Insolvency and Bankruptcy Code,...

RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a fourth time and has notified the amendment on 16.09.2022. The amended CIRP Regulations have been introduced by the IBBI 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). These regulations may be called...

IBBI Notifies Second Amendment To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Professionals) Regulations, 2016 ("IP Regulations") for a second time and has notified the amendment on 13.09.2022. The amendment has added Clause 26A to the IP Regulations which states that an Insolvency Professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes. Detailed Overview In exercise of the powers...

Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a third time and has notified the amendment on 13.09.2022. The amendment has introduced Clause 34B and Schedule II to the CIRP Regulations which have brought about the following changes: The fee of the interim resolution professional or the resolution professional, appointed on or after 1st October 2022 shall be...

IBBI Notifies Amendments To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") vide a notification dated 04.07.2022 in the Gazette of India (Extraordinary) has notified amendments to the IBBI (Insolvency Professionals) Regulations, 2016. These amendments have come into force on 04.07.2022. The following clauses have been inserted in the Insolvency Professional Regulations: Clause 8B: Insolvency professional shall disclose his relationship, if any, with the corporate debtor, other professionals engaged by...

IBBI Amends Its Regulations On Information Utilities

The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 ("Information Utility Regulations") vide a notification dated 14.06.2022, bearing No. IBBI/2022-23/GN/REG085, in order to improve the availability of information. These amendments have come into force on 14.06.2022. The Information Utility Regulations were first published on 31.03.2017 in the Gazette of India...

IBBI Rescinds Its Previous Circulars

The Insolvency and Bankruptcy Board of India (IBBI) vide its circular dated 23.05.2022 has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016. As per circular dated 23.05.2022, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required due to incorporation of those changes in the IBBI (Insolvency Resolution Process for Corporate...