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

*[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 subsection (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 COVID19 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.