Discussion Paper on Real-Estate Related Proposals- CIRP & Liquidation

1. The discussion paper deals with the following issues being faced in insolvency processes of real-estate projects: A. Mandatory registration and extension of projects under Real Estate Regulatory Authority (RERA); B. Operating a separate bank account for each real estate project; C. Execution of registration/sublease deeds with approval of committee of the creditors (CoC) during corporate insolvency resolution process (CIRP); D. CoC to examine and invite separate plans for each project; and E. Exclusion of property in possession of homebuyers from the liquidation estate. 2. Implementation of Amitabh Kant’s Committee Report on Real-Estate projects. 3. The Colloquium on Functioning and Strengthening of the IBC Ecosystem.

Discussion paper on amendments to IBBI Insolvency Resolution Process for Corporate Process) Regulations, 2016

Discussion paper on amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Process) Regulations, 2016 1st November, 2023 This discussion paper solicits comments on following issues, namely: - A. Approval of committee of creditors (CoC) for…

Enforcement of amendment in Section 23 of Companies Act, 2013 by Companies (Amendment) Act, 2020 – MCA Notification SO-4744(E) dated 30.10.2023

On 30.10.2023, MCA notifies the amendments in Section 23- "Public offer and private placement", of the Companies Act, 2013 w.e.f. 30.10.2023. By the Companies (Amendment) Act, 2020 (s.5), the following two sub-sections were inserted: “(3) Such class of public companies may issue such class of securities for the purposes of listing on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed. (4) The Central Government may, by notification, exempt any class or classes of public companies referred to in sub-section (3) from any of the provisions of this Chapter, Chapter IV, section 89, section 90 or section 127 and a copy of every such notification shall, as soon as may be after it is issued, be laid before both Houses of Parliament.” The above provisions enforced w.e.f 30.10.2023 vide the notification no. S.O. 4744(E) dated 30th October, 2023.

Discussion Paper on ‘Strengthening the Liquidation Process’

To respond to emerging needs, the regulatory framework of the liquidation process has been amended on several occasions. With the emergence of new issues, as detailed in this paper, a need is felt to further strengthen the regulatory framework of the liquidation process in terms of certain matters related to sale, accountability of liquidator towards stakeholders, etc as detailed below: 1. Review of Auction Framework 2. Reduction in reserve price 3. Monitoring Private Sale 4. Listing of all assets on listing platform 5. Circulation of progress reports to stakeholders 6. Simplification of calculation of liquidator’s fee 7. Meetings of SCC at regular intervals 8. Preliminary Report 9. Liquidation Cost 10. Valuation related 11. Litigation related 12. Running business of the CD as Going Concern 13. Form H - Compliance Certificate 14. Assignment of Not Readily Realisable Assets (NRRA) 15. Early Dissolution 16. Withdrawal from Corporate Liquidation Account

The Mediation (Removal of Difficulties) Order, 2023 – SO 4506(E) dated 13.10.2023

MINISTRY OF LAW AND JUSTICE(Department of Legal Affairs)ORDERNew Delhi, the 13th October, 2023 S.O. 4506(E).—Whereas, the Mediation Act, 2023 (32 of 2023) (hereinafter referred to as the said Act) received the assent of the President on the 14th September, 2023;…

Enforcement of “Arbitration Council of India” provisions, Arbitration and Conciliation (Amendment) Act, 2019 – S.O. 4486(E) dated 12.10.2023

MINISTRY OF LAW AND JUSTICE(Department of Legal Affairs)NOTIFICATIONNew Delhi, the 12th October, 2023 S.O. 4486(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Arbitration and Conciliation (Amendment) Act, 2019 (33 of 2019), the Central Government…

Enforcement of Sections of Mediation Act, 2023 – SO-4384(E) dated 09.10.2023

The Central Government appoints the 9th day of October, 2023 as the date on which the provision of the following sections of the Mediation Act, 2023 (32 of 2023) shall come into force, namely:- (1) Section 1; (2) Section 3; (3) Section 26; (4) Sections 31 to 38 (both inclusive); (5) Sections 45 to 47 (both inclusive); (6) Sections 50 to 54 (both inclusive); and (7) Sections 56 to 57 (both inclusive). The Complete Act is available here: https://ibclaw.in/mediation-act-2023-section-wise-bare-act/

Discussion Paper – Streamlining the Voluntary Liquidation Process, October, 2023

Insolvency and Bankruptcy Board of India 5th October, 2023 Discussion Paper on Streamlining the Voluntary Liquidation Process The Code and IBBI (Voluntary Liquidation Process) Regulations, 2017 (' Voluntary Liquidation Regulations’) provide for completely market-driven approach in voluntary liquidation process in…