CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016


 Notice Date : 29 March 2020

The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) today.

2. Government of India has declared a lockdown of twenty-one days with effect from 25th March, 2020 as a measure to combat and contain the spread of COVID-19. It is difficult for the insolvency professionals to continue to conduct the process, for members of committee of creditors to attend the meetings, and for prospective resolution applicants to prepare and submit resolution plans, during the period of lockdown. Therefore, it may be difficult to complete various activities during a corporate insolvency resolution process within the timelines specified in the CIRP Regulations.

3. To address this difficulty, the IBBI amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to the lockdown, in relation to a corporate insolvency resolution process. This would, however, be subject to the overall time-limit provided in the Code.

4. The amended regulations are effective from today. These are available at www.mca.gov.in and www.ibbi.gov.in. 

 

Guest
on 30 March 2020
Notification No : IBBI/PR/2020/06
Published in Corporate Law
Source : ,





 






Trending Tags
Service Tax
dvat
law
gstr 9
rbi
gstr 3b
tcs
income tax
companies act 2013
dgft
coronavirus
custom
itc
Professional Resource
gst portal
itr
llp
Others
career
csr
tds
sebi
exams
newgstreturn
VAT
traces
gst council meeting

GST Live Class    |    x