IBBI amends Liquidation Process Regulations clarifying applicability of Regulation 2A, 21A, 31A and 44 of the Liquidation Process Regulations, 2016 – N. No. IBBI/2022-23/GN/REG082 dated 28.04.2022

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 28th April, 2022
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022

No. IBBI/2022-23/GN/REG082.—In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, namely: –

1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022.

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

2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as „the principal regulations‟), after regulation 2A, the following Explanation shall be inserted, namely: –

“Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.”

3. In the principal regulations, after regulation 21A, the following Explanation shall be inserted, namely:-

“Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.”

4. In the principal regulations, after regulation 31A, the following Explanation shall be inserted, namely:-

“Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.”

5. In the principal regulations, after regulation 44, the following Explanation shall be inserted, namely:—

“Explanation.- In relation to the liquidation processes commenced prior to the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019, the requirements of this regulation as existing before such commencement, shall apply.”

RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./53/2022-23]

Note: The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG005 dated 15th December, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, vide No. 460 on 15th December, 2016 and were last amended by Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021 vide notification No. IBBI/2021-22/GN/REG079 dated 30th September, 2021 in the Gazette of India, Extraordinary, Part III, Section 4, vide No. 428 on 30th September, 2021.


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