IBBI (Voluntary Liquidation Course of) (Second Modification) Rules, 2020



THE GAZETTE OF INDIA

EXTRAORDINARY

PART III, SECTION 4

PUBLISHED BY AUTHORITY

NEW DELHI, WEDNESDAY, AUGUST 5, 2020


INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION


New Delhi, August 5, 2020


Insolvency and Chapter Board of India (Voluntary Liquidation Course of) (Second Modification) Rules, 2020




No. IBBI/2020-21/GN/REG.063.– 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 laws additional to amend the Insolvency and Chapter Board of India (Voluntary Liquidation Course of) Rules, 2017, specifically: –


1. (1) These Rules could also be known as the Insolvency and Chapter Board of India (Voluntary Liquidation Course of) (Second Modification) Rules, 2020.




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


2. Within the Insolvency and Chapter Board of India (Voluntary Liquidation Course of) Rules, 2017, for regulation 5, the next regulation shall be substituted, specifically: –


“5. Appointment of liquidator.


(1) Topic to regulation 6, the company particular person shall appoint an insolvency skilled as liquidator, and, wherever required, could change him by appointing one other insolvency skilled as liquidator, by a decision handed underneath clause (c) of sub-section (3) of part 59 or clause (c) of sub-regulation (1) of regulation 3, because the case could also be:


Offered that such decision shall comprise the phrases and situations of appointment of the liquidator, together with the remuneration payable to him.


(2) The insolvency skilled shall, inside three days of his appointment as liquidator, intimate the Board about such appointment.”.


Dr. M. S. Sahoo

Chairperson

Insolvency and Chapter Board of India

[ADVT ………………………]


Be aware: The Insolvency and Chapter Board of India (Voluntary Liquidation Course of) Rules, 2017 had been revealed vide notification No. IBBI/2016-17/GN/REG010 on 31st March, 2017 within the Gazette of India, Extraordinary, Half III, Part 4, No. 130 dated 31st March, 2017 and had been final amended by the Insolvency and Chapter Board of India (Voluntary Liquidation Course of) (Modification) Rules, 2020 revealed vide notification No. IBBI/2019-20/GN/REG054 dated 15th January, 2020 within the Gazette of India, Extraordinary, Half III, Part 4, No. 26 on 15th January, 2020.






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