IBBI Update :Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022

Regulation Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022. Comments Reg 2B Compromise or arrangement sub-regulation (1), after the proviso, the following proviso shall be inserted Reg 4 Liquidator fee after sub-regulation (1), sub-regulation (1A) shall be inserted sub-regulation (2) Provided further that where the recommendation to explore proposal of compromise or arrangement has been made by the committee under regulation 39BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the liquidator shall file the proposal within thirty days of the order of liquidation.” The proposal of compromise or arrangement has to be file by the liquidator within thirty days of the order of liquidation. Regulation 12 Public Announcement in sub-regulation (2), after clause (b), Where no fee has been fixed under sub-regulation (1), the consultation committee may fix the fee of the liquidator in its first meeting.” In cases other than those covered under sub-regulation (1) and (1A) , the liquidator shall be entitled to a fee The consultation committee can fix the fees of the liquidator in its first meeting After the figure and brackets “(1)”, the word, figure, letter and brackets “ and (1A)” shall be inserted. If stakeholder does not submit the claim during the liquidation process the claim submitted by such a stakeholder and duly collated by the IRP and RP during CIRP shall be deemed to be submitted under section 38 New Reg- 12A is inserted Process Email ID The liquidator shall operate the process email account handed over to him by the resolution professional in accordance with regulation 4C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations,2016 and in the event of his replacement, the credentials of such email ID shall be handed over to the new liquidator. The liquidator shall operate the process email account handover by the RP and in case of replacement the credentials of such mail id shall be handed over to new liquidator. Reg 15 Progress Report Sub Reg (4) The liquidator shall submit Progress Reports to the Adjudicating Authority A Progress Report shall enclose a statement indicating any material change in expected realization of any property proposed to be sold, along with the basis for such change: Pr