IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

Last updated: 06 August 2020
Quick Summary
The Insolvency and Bankruptcy Board of India (IBBI) has introduced amendments to the Liquidation Process Regulations of 2016. These changes clarify how liquidators are compensated. Previously, the committee of creditors was responsible for setting liquidator fees. If they didn't, fees were based on a percentage of amounts realised and distributed. The amendment specifies that a liquidator is entitled to a fee for amounts they realise, even if they don't distribute them, and similarly for amounts they distribute but didn't realise themselves. These updated regulations are effective immediately.

Insolvency and Bankruptcy Board of India No. IBBI/PR/2020/08 05th August, 2020 The Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 The Insolvency and Bankruptcy Board of India (IBBI) notified the
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FAQ :

The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 have been amended.

The amendments clarify how liquidator fees are calculated, particularly when different liquidators handle realisation and distribution of funds.

If the committee of creditors fixes the fee, that applies. Otherwise, the fee is based on amounts realised and distributed. The amendment clarifies entitlement for realisation and distribution separately.

The amended regulations are effective from 5th August, 2020.

The amended regulations are available on www.mca.gov.in and www.ibbi.gov.in.

 
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