INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
New Delhi, the 30th November, 2016
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016
IBBI/2016-17/GN/REG004.—In exercise of the powers conferred under sections 5, 7, 9, 14, 15, 17, 18, 21, 24, 25, 29, 30, 196 and 208 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, namely
1. Short title and commencement.
(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
(2) These Regulations shall come into force on 1st December, 2016.
(3) These Regulations shall apply to the corporate insolvency resolution process.
(1) In these Regulations, unless the context otherwise requires-
(a) “applicant” means the person(s) filing an application under sections 7, 9 or 10, as the case may be;
(b) “Code” means the Insolvency and Bankruptcy Code, 2016;
(c) “Code of Conduct” means the code of conduct for insolvency professionals as set out in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;
(d) “committee” means a committee of creditors established under section 21;
(e) “corporate insolvency resolution process” means the insolvency resolution process for corporate persons under Chapter II of Part II of the Code;
(f) “dissenting financial creditors” means the financial creditors who voted against the resolution plan approved by the committee;
(g) “electronic form” shall have the meaning assigned to it in the Information Technology Act, 2000 (21 of 2000);
(h) “electronic means” mean an authorized and secured computer programme which is capable of producing confirmation of sending communication to the participant entitled to receive such communication at the last electronic mail address provided by such participant and keeping record of such communication.
(i) “identification number” means the Limited Liability Partnership Identification Number or the Corporate Identity Number, as the case may be;
(j) “insolvency professional entity” means an entity recognised as such under the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;
(k) “liquidation value” means the amount determined in accordance with Regulation 35;
(l) “participant” means a person entitled to attend a meeting of the committee under section 24 or any other person authorised by the committee to attend the meeting;
(m) “registered valuer” means a person registered as such in accordance with the Companies Act, 2013 (18 of 2013) and rules made thereunder;
(n) “Schedule” means the schedule to these Regulations;
(o) “section” means section of the Code;
(p) “video conferencing or other audio and visual means” means such audio and visual facility which enables the participants in a meeting to communicate concurrently with one another and to participate effectively in the meeting.
(2) Unless the context otherwise requires, words and expressions used and not defined in these Regulations, but defined in the Code, shall have the meanings assigned to them in the Code.