{"id":23531,"date":"2022-10-19T23:07:45","date_gmt":"2022-10-19T17:37:45","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=23531"},"modified":"2022-10-19T23:25:00","modified_gmt":"2022-10-19T17:55:00","slug":"amends-in-ibc-regulations","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/amends-in-ibc-regulations\/","title":{"rendered":"Amends in IBC Regulations to decrease delays in Liquidation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d778aa25f1e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d778aa25f1e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/amends-in-ibc-regulations\/#Amends_in_IBC_Regulations_to_decrease_delays_in_insolvency_Liquidation_process\" title=\"Amends in IBC Regulations to decrease delays in insolvency &amp; Liquidation process. \">Amends in IBC Regulations to decrease delays in insolvency &amp; Liquidation process. <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/amends-in-ibc-regulations\/#Recent_Amendment_in_Liquidation_Regulations\" title=\"Recent Amendment in Liquidation Regulations\">Recent Amendment in Liquidation Regulations<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-23532\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amends-in-IBC-Regulations-in-Liquidation-process.jpeg\" alt=\"Amends in IBC Regulations in Liquidation process\" width=\"872\" height=\"499\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Amends_in_IBC_Regulations_to_decrease_delays_in_insolvency_Liquidation_process\"><\/span><span style=\"color: #000080;\"><strong>Amends in IBC Regulations to decrease delays in insolvency &amp; Liquidation process. <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Objective to decrease delays &amp; realise better value, IBBI has notified the IBBI (Liquidation Process) (2nd Amendment) Regulations 2022, IBBI (Voluntary Liquidation Process) (2nd Amendment) Regulations 2022 (Amendment Voluntary Liquidation Regulations) &amp; (Amendment Liquidation Regulations),.<\/li>\n<li>Above notification issue on Sept. 16 2022, Insolvency and Bankruptcy Board of India \u00a0official sources said.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23539\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-000.jpg\" alt=\"Amendments comparison\" width=\"1397\" height=\"1016\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-000.jpg 1397w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-000-300x218.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-000-1024x745.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-000-768x559.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-000-800x582.jpg 800w\" sizes=\"(max-width: 1397px) 100vw, 1397px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23540\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0005.jpg\" alt=\"Amendments comparison 2\" width=\"1410\" height=\"990\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0005.jpg 1410w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0005-300x211.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0005-1024x719.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0005-768x539.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0005-800x562.jpg 800w\" sizes=\"(max-width: 1410px) 100vw, 1410px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23541\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0001.jpg\" alt=\"Amendments comparison_page-003\" width=\"1352\" height=\"984\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0001.jpg 1352w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0001-300x218.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0001-1024x745.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0001-768x559.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0001-800x582.jpg 800w\" sizes=\"(max-width: 1352px) 100vw, 1352px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23542\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0002.jpg\" alt=\"Amendments comparison_page-0004\" width=\"1357\" height=\"986\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0002.jpg 1357w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0002-300x218.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0002-1024x744.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0002-768x558.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/Amendments-comparison_page-0002-800x581.jpg 800w\" sizes=\"(max-width: 1357px) 100vw, 1357px\" \/><\/p>\n<ul>\n<li>The Voluntary Liquidation Regulations) &amp; Amendment Liquidation Regulations amendments would ensure better participation of stakeholders &amp; streamline the liquidation process to decrease delays in the IBC process,<\/li>\n<li>Post Amendment, the Committee of Creditors constituted during the CIRP would function as Stakeholders Consultation Committee during the first Sixty days.<\/li>\n<li>After adjudication of claims &amp; within Sixty days of initiation of process, the Stakeholders Consultation Committee shall be reconstituted based upon the admitted claims.<\/li>\n<li>Also, as per the Amendments, the liquidator has been Compulsory to initiate meetings of Stakeholders Consultation Committee in a structured &amp; timeline manner with better activation of stakeholders.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Recent_Amendment_in_Liquidation_Regulations\"><\/span><span style=\"color: #000080;\"><strong>Recent Amendment in Liquidation Regulations<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Amendment Liquidation Regulations and Amendment Voluntary Liquidation Regulations will be in effect Beginning on September 16, 2022, Both www.ibbi.gov.in &amp; www.mca.gov.in have these.<\/li>\n<li>Scope of compulsory consultation by the liquidator with Stakeholders Consultation Committee has been increase.<\/li>\n<li>Now, Stakeholders Consultation Committee may even propose change of Insolvency professional as liquidator to the NCLT or NCLAT &amp; fix fees of the Insolvency professional as liquidator, in case the Committee of Creditors has not fix it during the Corporate Insolvency Resolution Process.<\/li>\n<li>In case any claim is not filed during the liquidation process under the IBC Code, claim amount collated during Corporate Insolvency Resolution Process shall be verified by the Insolvency professional appointed as liquidator.<\/li>\n<li>Wherever the Committee of Creditors decides that process of arrangement or compromise may be explored during the IBC liquidation process,<\/li>\n<li>Insolvency professional appointed as liquidator shall file application only in such cases before the AA, for considering the proposal of arrangement or compromise plan, if any, within thirty days of the order of liquidation under the IBC.<\/li>\n<li>The auction process has been given specific event-based timeframes. Furthermore,<\/li>\n<li>Stakeholders Consultation Committee must notify the liquidator of the manner in which proceedings regarding avoidance transactions, or wrongful trading or fraudulent shall be pursued after the liquidation proceedings are concluded before filing an application for dissolution or closure of the process.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Amends in IBC Regulations to decrease delays in insolvency &amp; Liquidation process. Objective to decrease delays &amp; realise better value, IBBI has notified the IBBI (Liquidation Process) (2nd Amendment) Regulations 2022, IBBI (Voluntary Liquidation Process) (2nd Amendment) Regulations 2022 (Amendment Voluntary Liquidation Regulations) &amp; (Amendment Liquidation Regulations),. Above notification issue on Sept. 16 2022, Insolvency &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[5661,8626,10085],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/23531"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=23531"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/23531\/revisions"}],"predecessor-version":[{"id":23538,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/23531\/revisions\/23538"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=23531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=23531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=23531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}