IBBI (Insolvency Decision Course of for Company Individuals) (Fourth Modification) Rules, 2020.



INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the seventh August, 2020


Insolvency and Chapter Board of India (Insolvency Decision Course of for Company Individuals) (Fourth Modification) Rules, 2020.


No. IBBI/2020-21/GN/REG064.- In train of the powers conferred by clause (t) of subsection (1) of part 196 learn with part 240 of the Insolvency and Chapter Code, 2016 (31 of 2016), the Insolvency and Chapter Board of India hereby makes the next rules additional to amend the Insolvency and Chapter Board of India (Insolvency Decision Course of for Company Individuals) Rules, 2016, specifically: –


1. (1) These rules could also be referred to as the Insolvency and Chapter Board of India (Insolvency Decision Course of for Company Individuals) (Fourth Modification) Rules, 2020.


(2) They shall come into power on the date of their publication within the Official Gazette.


2. Within the Insolvency and Chapter Board of India (Insolvency Decision Course of for Company Individuals) Rules, 2016 (hereinafter known as the principal rules) in regulation 4A, in sub-regulation (2), after clause (a), the next clause shall be inserted, specifically: –


“(aa) having their addresses, as registered with the Board, within the State or Union Territory, because the case could also be, which has the best variety of collectors within the class as per their addresses within the data of the company debtor:


Offered that the place such State or Union Territory doesn’t have enough variety of insolvency professionals, the insolvency professionals having addresses in a close-by State or Union Territory, because the case could also be, shall be thought of;”.


3. Within the principal rules, in regulation 16A, for sub-regulation (9), the next subregulation shall be substituted, specifically: –


“(9) The authorised consultant shall flow into the agenda to collectors in a category, and will search their preliminary views on any merchandise within the agenda to allow him to successfully take part within the assembly of the committee:


Offered that collectors shall have a time window of a minimum of twelve hours to submit their preliminary views, and the stated window opens a minimum of twenty-four hours after the authorised consultant seeks preliminary views:


Offered additional that such preliminary views shall not be thought of as voting directions by the collectors.”.


4. Within the principal rules, in regulation 39, for sub-regulation (3), the next subregulations shall be substituted, specifically: –


“(3) The committee shall-


(a) consider the decision plans acquired underneath sub-regulation (2) as per analysis matrix;


(b) file its deliberations on the feasibility and viability of every decision plan; and


(c) vote on all such decision plans concurrently.


(3A) The place just one decision plan is put to vote, it shall be thought of accepted if it receives requisite votes.


(3B) The place two or extra decision plans are put to vote concurrently, the decision plan, which receives the best votes, however not lower than requisite votes, shall be thought of as accepted:


Offered that the place two or extra decision plans obtain equal votes, however not lower than requisite votes, the committee shall approve any one in every of them, as per the tie-breaker formulation introduced earlier than voting:


Offered additional that the place not one of the decision plans receives requisite votes, the committee shall once more vote on the decision plan that acquired the best votes, topic to the timelines underneath the Code.


Illustration. – The committee is voting on two decision plans, specifically, A and B, concurrently. The voting end result is as underneath:







Voting end result % of votes in favour of Standing of approval
Plan A Plan B
1 55 60 No Plan is accepted, as neither of the Plans acquired requisite votes. The committee shall vote once more on Plan B, which acquired the upper votes, topic to the timelines underneath the Code.
2 70 75 Plan B is accepted, because it acquired larger votes, which isn’t lower than requisite votes.
3 75 75 The committee shall approve both Plan A or Plan B, as per the tie-breaker formulation introduced earlier than voting.”.

Dr. M. S. SAHOO

Chairperson

[ADVT.- ______]


Be aware: The Insolvency and Chapter Board of India (Insolvency Decision Course of for Company Individuals) Rules, 2016 have been revealed vide notification No. IBBI/2016-17/GN/REG004, dated 30th November, 2016 within the Gazette of India, Extraordinary, Half III, Part 4, No. 432 on 30th November, 2016 and have been final amended by the Insolvency and Chapter Board of India (Insolvency Decision Course of for Company Individuals) (Third Modification) Rules, 2020 revealed vide notification No. IBBI/2020-21/GN/REG059, dated the 20th April, 2020 within the Gazette of India, Extraordinary, Half III, Part 4, No. 156 on 24th April, 2020.






Source link

anmol ghai

Leave a Reply