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IBBI Notificatios

The document details amendments to regulations related to corporate insolvency resolution processes in India. It inserts a new regulation that periods of lockdown due to COVID-19 will not count against timeline requirements for insolvency resolution activities. The amendments were published by the Insolvency and Bankruptcy Board of India and will come into force on March 29, 2020.

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23 views1 page

IBBI Notificatios

The document details amendments to regulations related to corporate insolvency resolution processes in India. It inserts a new regulation that periods of lockdown due to COVID-19 will not count against timeline requirements for insolvency resolution activities. The amendments were published by the Insolvency and Bankruptcy Board of India and will come into force on March 29, 2020.

Uploaded by

Kinna Kr Sharma
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© © All Rights Reserved
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*[TO BE PUBLISHED IN THE GAZETTE OF INDIA

EXTRAORDINARY
PART III, SECTION 4]
PUBLISHED BY AUTHORITY
NEW DELHI, THE 29TH MARCH, 2020

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA


NOTIFICATION
New Delhi, the 29th March, 2020

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) (Third Amendment) Regulations, 2020.

No. IBBI/2019-20/GN/REG059.- 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 (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016, namely:-

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020.

(2) They shall come into force on the 29th March, 2020.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016, after regulation 40B, the following regulation shall be
inserted, namely: -
“40C. Special provision relating to time-line.
Notwithstanding the time-lines contained in these regulations, but subject to the provisions in
the Code, the period of lockdown imposed by the Central Government in the wake of COVID-
19 outbreak shall not be counted for the purposes of the time-line for any activity that could
not be completed due to such lockdown, in relation to a corporate insolvency resolution
process.”.

(Dr. M. S. SAHOO)
Chairperson
[ADVT.- III/4/Exty./…./20]

Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016 were published vide Notification No. IBBI/2016-
17/GN/REG004, dated 30th November, 2016 in the Gazette of India, Extraordinary, Part III,
Section 4, No. 432 on 30th November, 2016 and were last amended by the Insolvency and
Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second
Amendment) Regulations, 2020 vide Notification No. IBBI/2019-20/GN/REG056, dated the
25th March, 2020.

----------------------------------------------------------------------------------------------------------------
* The Notification shall be published in the Gazette of India as soon as the Government Press
accepts the same for publication.

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