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

Last updated: 26 March 2020

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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 changes to Regulation 40B concerning the filing of forms. Specifically, after 1st October 2020, late filings will incur a fee of five hundred rupees per form for each calendar month of delay.

*[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART III, SECTION 4] PUBLISHED BY AUTHORITY NEW DELHI, THE 25 TH MARCH, 2020 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 25th March, 2020 Insolvency and Bankruptcy Board of India (Insolvency Resolution Proc

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FAQ :

The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 came into force on the 25th March 2020.

Regulation 40B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 has been amended.

After 1st October 2020, any filing of a Form after the due date, whether for correction, updation, or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay.

Yes, the fee applies to the filing of a Form under regulation 40B after the due date of submission, for any reason including correction or updation.

If a Form is due on 30th October 2020 and filed on any day in November 2020, the fee would be 1000 rupees. If filed on any day in December 2020, the fee would be 1500 rupees.