{"id":3834,"date":"2021-04-03T06:30:31","date_gmt":"2021-04-03T06:30:31","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3834"},"modified":"2021-04-03T09:31:49","modified_gmt":"2021-04-03T09:31:49","slug":"changes-bought-in-ibbi-liquidation-process-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/changes-bought-in-ibbi-liquidation-process-amendment-regulations-2021\/","title":{"rendered":"Changes Bought in IBBI (Liquidation Process) (Amendment) Regulations 2021"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The Insolvency and Bankruptcy Board of\nIndia (IBBI), by way of the powers provided by section 196 (1) (t), read with\nthe provisions of section 240 of the Insolvency and Bankruptcy Code 2016, has\nnotified the IBBI (Liquidation Process) (Amendment) Regulations 2021. The same was\ndone through a Notification issued on 04.03.2021.<\/p>\n\n\n\n<p>Also, it shall be noted that such\nchanges are made in the IBBI (Liquidation Process) Regulations 2021.<\/p>\n\n\n\n<p>In this blog, we will cover the concept of<strong> IBBI<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/ibbi.gov.in\/public-announcement?ann=Public+Announcement+of+Corporate+Insolvency+Resolution+Process&amp;page=13\"><strong>[1]<\/strong><\/a><\/sup>, together with the key changes bought in the IBBI (Liquidation Process) (Amendment) Regulations 2021.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4e8c8a1a908\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4e8c8a1a908\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/changes-bought-in-ibbi-liquidation-process-amendment-regulations-2021\/#Concept_of_Insolvency_Bankruptcy_Board_of_India\" title=\"Concept\nof Insolvency Bankruptcy Board of India\">Concept\nof Insolvency Bankruptcy Board of India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/changes-bought-in-ibbi-liquidation-process-amendment-regulations-2021\/#Key_Changes_Bought_in_IBBI_Liquidation_Process_Amendment_Regulations_2021\" title=\"Key Changes\nBought in IBBI (Liquidation Process) (Amendment) Regulations 2021\">Key Changes\nBought in IBBI (Liquidation Process) (Amendment) Regulations 2021<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/changes-bought-in-ibbi-liquidation-process-amendment-regulations-2021\/#Substitution_in_Sub_Rule_2_of_Rule_31\" title=\"Substitution\nin Sub Rule (2) of Rule 31\">Substitution\nin Sub Rule (2) of Rule 31<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/changes-bought-in-ibbi-liquidation-process-amendment-regulations-2021\/#Insertion_of_clause_d_in_Sub_Rule_5_of_Rule_31\" title=\"Insertion\nof clause (d) in Sub Rule 5 of Rule 31\">Insertion\nof clause (d) in Sub Rule 5 of Rule 31<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/changes-bought-in-ibbi-liquidation-process-amendment-regulations-2021\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Insolvency_Bankruptcy_Board_of_India\"><\/span><strong>Concept\nof Insolvency Bankruptcy Board of India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IBBI or the Insolvency Bankruptcy Board of India is a key pillar in the ecosystem, which is responsible for the implementation of IBC 2016 and amends the laws and provisions concerning the reorganisation and insolvency resolution of <a href=\"https:\/\/swaritadvisors.com\/partnership-firm-registration\" class=\"text-primary\"><strong>partnership firms<\/strong><\/a>, corporate persons, and individuals that, too, in a time bound manner. The reason for the same is that it helps in the maximization of the asset value of such persons, promotion of entrepreneurship, credit availability, etc. Also, it balances the interest of all the stakeholders. <\/p>\n\n\n\n<p>Further,\nit is a unique regulator, which regulates both profession and processes and has\nregulatory oversight over the following:<\/p>\n\n\n\n<ol><li>Insolvency Professionals (IP); <\/li><li>Insolvency Professional\nAgencies (IPA); <\/li><li>Insolvency Professional\nEntities &amp; Information Utilities (IPEIU), etc.; &nbsp;<\/li><\/ol>\n\n\n\n<p>Also,\nthe same has the power to write and enforce rules for the processes, such as\nfollows: <\/p>\n\n\n\n<ol><li>Corporate Insolvency\nResolution; <\/li><li>Corporate Liquidation; <\/li><li>Individual Insolvency\nResolution; <\/li><li>Individual Bankruptcy under the Code, etc.; <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Changes_Bought_in_IBBI_Liquidation_Process_Amendment_Regulations_2021\"><\/span><strong>Key Changes\nBought in IBBI (Liquidation Process) (Amendment) Regulations 2021<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key changes bought in the Insolvency\nBankruptcy Board of India (Liquidation Process) (Amendment) Regulations 2021\ncan be summarised as:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Substitution_in_Sub_Rule_2_of_Rule_31\"><\/span><strong>Substitution\nin Sub Rule (2) of Rule 31<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the new provisions, the\nliquidator will file a complete list of stakeholders with the AA (Adjudicating\nAuthority) within a period of forty five days, starting from the last date for\nthe receipt of the claims.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_clause_d_in_Sub_Rule_5_of_Rule_31\"><\/span><strong>Insertion\nof clause (d) in Sub Rule 5 of Rule 31<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The newly inserted clause states that the details filed on the electronic platform of the\nIBBI for dissemination on its website.<\/p>\n\n\n\n<p>Provided that this said clause will\napply to every liquidation process that is ongoing and commencing on or after\nthe commencement date of the Insolvency and Bankruptcy Board of India\n(Liquidation Process) (Amendment) Regulations 2021.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, IBBI, by way of the powers provided by IBC 2016, has notified amendments in the IBBI (Liquidation Process) Regulations 2021. The main reason for the same was to develop, boost, and infuse transparency in the ecosystem.<\/p>\n\n\n\n<p><strong>Official Notification of Amendment issued by IBBI<\/strong><\/p>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/04\/2a0408cf690dc73b21a2faa8805281fe-1.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">2a0408cf690dc73b21a2faa8805281fe-1<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India (IBBI), by way of the powers provided by section 196 (1) (t), read with the provisions of section 240 of the Insolvency and Bankruptcy Code 2016, has notified the IBBI (Liquidation Process) (Amendment) Regulations 2021. The same was done through a Notification issued on 04.03.2021. Also, it shall [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[561],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3834"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3834"}],"version-history":[{"count":7,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3834\/revisions"}],"predecessor-version":[{"id":3844,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3834\/revisions\/3844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3837"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}