IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020

Last updated: 25 April 2020
Quick Summary
The Insolvency and Bankruptcy Board of India has issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020. These amendments, effective from 25th March 2020, introduce a new sub-regulation 40B(4). This new rule specifies a fee of five hundred rupees per Form for each calendar month of delay after 1st October 2020, applicable to any late filings, corrections, or updates.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION

New Delhi, the 20th April, 2020

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

No. IBBI/2020-21/GN/REG056.- 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) (Second Amendment) Regulations, 2020.

(2) They shall be deemed to come into force on the 25th March, 2020.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, in regulation 40B, for sub-regulation (4), the following sub-regulation shall be substituted, namely: -

“(4) The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st October, 2020.

Example: A Form is required to be filed by 30th October, 2020. It shall be filed along with a fee as under:

Please refer to the attached file for full notification.

FAQ :

These are amendments made by the Insolvency and Bankruptcy Board of India to the existing Insolvency Resolution Process for Corporate Persons Regulations, 2016.

These regulations are deemed to have come into force on the 25th March 2020.

The amendments introduce a new fee structure for late filings of Forms under regulation 40B.

A fee of five hundred rupees per Form is applicable for each calendar month of delay after 1st October 2020 for any late filing, correction, or updation.

The Insolvency and Bankruptcy Board of India (IBBI) is issuing these regulations.

 

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Notification No : IBBI/2020-21/GN/REG056
Published in Corporate Law
Source : https://www.ibbi.gov.in/uploads/legalframwork/ba2702f58a4ed1841e0e7a9a71ba40ec.pdf
Attached File : 322600_9437_2.pdf
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