IBBI (Liquidation Process) (Second Amendment) Regulations, 2021

Last updated: 04 October 2021
Quick Summary
The Insolvency and Bankruptcy Board of India has issued the IBBI (Liquidation Process) (Second Amendment) Regulations, 2021. These amendments, effective from their publication date, introduce several changes to the principal regulations. Key updates include modifications to the consultation committee's role, auction procedures, and reporting requirements for liquidators.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 30th September, 2021 Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021 No. IBBI/2021-22/GN/REG079.-In exercise of the powers conferred by clause (t) of sub-section (1) o
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FAQ :

These regulations came into force on the date of their publication in the Official Gazette.

The liquidator must constitute a consultation committee within sixty days of the liquidation commencement date. This committee will advise on matters such as the appointment and remuneration of professionals, and the sale of assets, including the manner of sale, pre-bid qualifications, reserve price, earnest money deposit, and marketing strategy.

Yes, the liquidator shall not require payment of any non-refundable deposit or fee for participation in an auction. The earnest money deposit shall not exceed ten percent of the reserve price. If the highest bid is rejected, the liquidator must inform the highest bidder of the reasons.

If stakeholders of any class fail to nominate their representatives, such representatives shall be selected by a majority of the voting share of that class, present and voting.

Yes, several phrases have been omitted or substituted, including 'to contributories', 'sub-sections (1) and (4) of', and 'Chapter III of'. The term 'announcement' has also been replaced with 'notice' in certain contexts.

 
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