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

Last updated: 25 April 2020
Quick Summary
The Insolvency and Bankruptcy Board of India has issued the Third Amendment to the Corporate Persons Insolvency Resolution Process Regulations, 2020. This amendment addresses the impact of the COVID-19 lockdown on insolvency timelines. It clarifies that the lockdown period imposed by the Central Government will not be counted towards the timelines for any activities that could not be completed due to the lockdown within a corporate insolvency resolution process.

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) (Third Amendment) Regulations, 2020 No. IBBI/2020-21/GN/REG059.-In exercise of the powers conferred by
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FAQ :

The main purpose is to provide a special provision relating to time-lines in the corporate insolvency resolution process, specifically addressing the impact of the COVID-19 lockdown.

These regulations are deemed to have come into force from the 29th March, 2020.

The period of lockdown imposed by the Central Government due to the 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.

Regulation 40C, titled 'Special provision relating to time-line', was inserted after regulation 40B in the principal regulations.

The amendment was made effective from March 29, 2020, to provide clarity to stakeholders regarding the model time-line in the corporate insolvency resolution process, and it is certified that no person is being adversely affected by this retrospective effect.

 

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Notification No : No. IBBI/2020-21/GN/REG059
Published in Corporate Law
Source : https://www.ibbi.gov.in/uploads/legalframwork/3d8c8efd906d320e296833445c91a0a4.pdf
Attached File : 322600_9433_1.pdf
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