{"id":26636,"date":"2024-05-18T15:31:11","date_gmt":"2024-05-18T10:01:11","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=26636"},"modified":"2025-10-28T00:03:07","modified_gmt":"2025-10-27T18:33:07","slug":"overview-on-ibbi-3rd-amendment-regulations","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/","title":{"rendered":"Overview on IBBI 3rd Amendment Regulations"},"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-69e735e498bb6\" 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-69e735e498bb6\"  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\/overview-on-ibbi-3rd-amendment-regulations\/#Important_Amendment_Regulations_introduced_to_Corporate_Insolvency_Resolution_Process\" title=\"Important Amendment Regulations introduced to Corporate Insolvency Resolution Process\">Important Amendment Regulations introduced to Corporate Insolvency Resolution 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\/overview-on-ibbi-3rd-amendment-regulations\/#Application_for_Withdrawal\" title=\"Application for Withdrawal:\">Application for Withdrawal:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#Role_of_IRP_in_Absence_of_Resolution_Professional\" title=\"Role of IRP in Absence of Resolution Professional :\">Role of IRP in Absence of Resolution Professional :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#CoC_Meetings\" title=\"CoC Meetings:\">CoC Meetings:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#Appointment_of_Authorised_Representative\" title=\"Appointment of Authorised Representative:\">Appointment of Authorised Representative:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#Timelines_for_Transactions\" title=\"Timelines for Transactions:\">Timelines for Transactions:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#Invitation_for_EoI\" title=\"Invitation for EoI:\">Invitation for EoI:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#Request_for_Resolution_Plans\" title=\"Request for Resolution Plans:\">Request for Resolution Plans:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#The_Bill_proposes_significant_changes_to_the_Insolvency_and_Bankruptcy_Code_2016_aiming_to_introduce_new_processes\" title=\"The Bill proposes significant changes to the Insolvency and Bankruptcy Code, 2016, aiming to introduce new processes:\">The Bill proposes significant changes to the Insolvency and Bankruptcy Code, 2016, aiming to introduce new processes:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/overview-on-ibbi-3rd-amendment-regulations\/#Our_Services\" title=\"Our Services \">Our Services <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-10257\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/01\/IBBI.png\" alt=\"www.carajput.com; IBBI\" width=\"738\" height=\"226\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/01\/IBBI.png 405w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/01\/IBBI-300x92.png 300w\" sizes=\"(max-width: 738px) 100vw, 738px\" \/><\/p>\n<h2 class=\"entry-title\"><span class=\"ez-toc-section\" id=\"Important_Amendment_Regulations_introduced_to_Corporate_Insolvency_Resolution_Process\"><\/span><span style=\"color: #000080;\">Important Amendment Regulations introduced to <b>Corporate Insolvency Resolution Process<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018. The key aspects of these amendments (3<sup>rd<\/sup> Amendment) Regulations, 2018 are as follows:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Application_for_Withdrawal\"><\/span><span style=\"color: #000080;\"><strong>Application for Withdrawal:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>An application to withdraw an admitted application under the Insolvency and Bankruptcy Code can be submitted to the Interim Resolution Professional (IRP) or Resolution Professional (RP) before the invitation for Expression of Interest (EoI) is issued.<\/li>\n<li>This withdrawal requires approval from the Committee of Creditors (CoC) with a 90% voting share.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Role_of_IRP_in_Absence_of_Resolution_Professional\"><\/span><span style=\"color: #000080;\"><strong>Role of IRP in Absence of Resolution Professional :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>If there is a delay in appointing the Resolution Professional, the IRP shall take on the Resolution Professional&#8217;s functions from the 40th day after the commencement of insolvency until an Resolution Professional is appointed.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"CoC_Meetings\"><\/span><span style=\"color: #000080;\"><strong>CoC Meetings:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Modifications have been made regarding the notice period and the voting window for meetings of the CoC.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Appointment_of_Authorised_Representative\"><\/span><span style=\"color: #000080;\"><strong>Appointment of Authorised Representative:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The regulations specify the manner of appointing an authorised representative for creditors in cases where the corporate debtor has different classes of creditors, with at least ten creditors in each class.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Timelines_for_Transactions\"><\/span><span style=\"color: #000080;\"><strong>Timelines for Transactions:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Resolution Professional is given a specific time limit to determine and apply for relief concerning preferential transactions, undervalued transactions, extortionate transactions, or fraudulent transactions.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Invitation_for_EoI\"><\/span><span style=\"color: #000080;\"><strong>Invitation for EoI:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Resolution Professional must publish an invitation for EoI by the 75th day from the insolvency commencement date.<\/li>\n<li>Any EoI received after the specified time shall be rejected.<\/li>\n<li>The timeline for issuing a provisional list of prospective resolution applicants has been specified.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Request_for_Resolution_Plans\"><\/span><span style=\"color: #000080;\"><strong>Request for Resolution Plans:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Resolution Professional must issue the information memorandum, evaluation matrix, and request for resolution plans within five days of issuing the provisional list to the prospective resolution applicants.<\/li>\n<li>At least 30 days must be allowed for the submission of resolution plans.<\/li>\n<li>Further details regarding the request for resolution plans have been specified.<\/li>\n<\/ul>\n<p>These amendments aim to streamline the insolvency resolution process, ensuring clarity and efficiency in handling corporate insolvency cases.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Bill_proposes_significant_changes_to_the_Insolvency_and_Bankruptcy_Code_2016_aiming_to_introduce_new_processes\"><\/span><span style=\"color: #000080;\"><strong>The Bill proposes significant changes to the Insolvency and Bankruptcy Code, 2016, aiming to introduce new processes:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Creditor-Initiated Insolvency Resolution Process (CIIRP) for faster, out-of-court resolutions.<\/li>\n<li>Group Insolvency framework for coordinated resolution of interconnected corporate entities.<\/li>\n<li>Cross-Border Insolvency provisions to align with global best practices.<\/li>\n<li><span style=\"color: #000080;\"><strong>Strengthen existing mechanisms:<\/strong><\/span>\n<ul>\n<li>Clarify definitions (e.g., \u201csecurity interest\u201d, \u201cservice provider\u201d).<\/li>\n<li>Streamline timelines for adjudication and resolution.<\/li>\n<li>Enhance powers and duties of resolution professionals and liquidators.<\/li>\n<li>Improve governance and accountability of stakeholders (e.g., penalties for frivolous proceedings).<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000080;\"><strong>Empower regulatory bodies<\/strong>:<\/span>\n<ul>\n<li>Broaden rule-making powers of the Central Government and IBBI.<\/li>\n<li>Introduce electronic portals for insolvency processes.<\/li>\n<\/ul>\n<\/li>\n<li data-olk-copy-source=\"MessageBody\"><span style=\"color: #000080;\"><strong><span data-olk-copy-source=\"MessageBody\">As there are 68 clauses covering various proposed amendments in the Code, <\/span>The Bill may be referred by clicking on the following link:\u00a0<\/strong><\/span> <a id=\"anchor-c95b90ab-bf1a-2456-0ea4-a1debb43f62f\" title=\"https:\/\/ibbi.gov.in\/uploads\/legalframwork\/da78600a457741799bb2e7c8da25f946.pdf\" href=\"https:\/\/ibbi.gov.in\/uploads\/legalframwork\/da78600a457741799bb2e7c8da25f946.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"0\">https:\/\/ibbi.gov.in\/uploads\/legalframwork\/da78600a457741799bb2e7c8da25f946.pdf<\/a><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Our_Services\"><\/span><span style=\"color: #000080;\"><strong>Our Services <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>We are pleased to introduce Rajput Jain and Associates, a distinguished management consultancy firm dedicated to providing strategic advisory services across various verticals. Our expertise spans the following domains:<\/p>\n<ol>\n<li><strong>Business Strategy and Planning<\/strong><\/li>\n<li><strong>Financial Advisory and Investment Consulting<\/strong><\/li>\n<li><strong>IBC Advisory Services:<\/strong>\n<ul>\n<li>Liquidation Process<\/li>\n<li>Prepackaged\/ Individual Insolvency<\/li>\n<li>Account and Finance Management<\/li>\n<li>Compliance and Technical Services<\/li>\n<li>Advisory to Committee of Creditors (CoC)<\/li>\n<li>Building Resolution Plans<\/li>\n<li>Corporate Debtor (CD) Operations<\/li>\n<li>Section 29A Certificate Issuance<\/li>\n<li>Resolution Plan Preparation<\/li>\n<li>Arranging Prospective Buyers for CIRP and Liquidation Matters<\/li>\n<li>Accounting and Taxation Services for CIRP Care<\/li>\n<li>Financial Bid Evaluation before Section 29A Due Diligence<\/li>\n<li>Corporate Insolvency Resolution Process (CIRP) Audits<\/li>\n<li>Accounting and Taxation Services for Liquidation Matters<\/li>\n<li>Voluntary Liquidation Process<\/li>\n<li>Forensic Audit<\/li>\n<li>Corporate Insolvency Resolution (CIR) Process<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>Our team of seasoned professionals brings a wealth of knowledge and experience, ensuring tailored solutions that drive growth, enhance efficiency, and create lasting value for our clients. You can reach us at singh@carajput.com or at 9555 555 480.<\/p>\n<p><strong>Other Popular blog:-<\/strong><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/overviews-of-principles-of-avoidable-preferential-transactions-ibc-2016\/\">Overviews of Principles of Avoidable Preferential Transactions IBC-2016<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/services\/how-does-the-role-of-resolution-professional-help.php\">How does the Role of Resolution Professional help under IBC<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/learn\/quick-review-on-insolvency-and-bankruptcy-code.html\">quick overview of IBC<\/a><\/p>\n<p><span style=\"color: #000080;\"><strong>Popular blog:-\u00a0<\/strong><\/span><strong>You may also know more about 29A certificate\u00a0<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/learn\/section-29a-certification-services-under-ibc.html\">29A Cerificate under the IBC law<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/section-29a-of-ibc-2016\/\">Related party under section 29a of ibc Code<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/publications\/ibc-laws-critical-analysis-of-section-29a-of-the-code.pdf\">Section 29A of IBC act<\/a><\/span><\/li>\n<li><a href=\"https:\/\/carajput.com\/press-releases\/ibbi-uploading-of-judicial-orders-related-to-ibc-proceedings-by-ip.pdf\">IBBI: Uploading of judicial orders related to IBC Proceedings by IP &#8211; <\/a><a href=\"https:\/\/ibbi.gov.in\/uploads\/legalframwork\/ef3fb678992457e435db462881bfd258.pdf\">Link\u00a0<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/overviews-of-principles-of-avoidable-preferential-transactions-ibc-2016\/\">Overviews of Principles of Avoidable Preferential Transactions IBC-2016<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/services\/how-does-the-role-of-resolution-professional-help.php\">How does the Role of Resolution Professional help under IBC<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/learn\/quick-review-on-insolvency-and-bankruptcy-code.html\">quick overview of IBC<\/a><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/archives\/ip-hand-book-on-best-practices-during-cirp-process-under-ibc-code.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/ip-hand-book-on-best-practices-during-cirp-process-under-ibc-code.pdf\">IP Hand book on Best Practices during CIRP Process under IBC Code<\/a><\/strong><\/li>\n<li><a href=\"https:\/\/carajput.com\/archives\/fee-payment-structure-of-iibbi-fees-payable-to-the-ibbi-board.pdf\"><span style=\"color: #000080;\"><strong>Fee Payment structure of IBBI fees payable to the IBBI \/ Board<\/strong><\/span><\/a><\/li>\n<li><span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/sale-as-going-concern-under-liquidation\/\">Sale as Going concern under liquidation\u00a0<\/a><\/strong><\/span><\/li>\n<li><span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/liquidator-fees-to-be-paid-cirp-regulations\/\">Liquidator fees to be paid CIRP Regulations<\/a><\/strong><\/span><\/li>\n<li><span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/liquidation-process-for-cd-under-ibc\/\">Liquidation Process for CD under IBC\u00a0<\/a><\/strong><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/ibc-forms-insolvency-and-bankruptcy-code-2016-forms-demand-notices-returns\/\"><strong>IBC Forms Insolvency and Bankruptcy Code 2016 Forms Demand Notices Returns<\/strong><\/a><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Important Amendment Regulations introduced to Corporate Insolvency Resolution Process The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018. The key aspects of these amendments (3rd Amendment) Regulations, 2018 are as follows: Application for Withdrawal: An application to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8788],"tags":[10095],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26636"}],"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=26636"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26636\/revisions"}],"predecessor-version":[{"id":30284,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26636\/revisions\/30284"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=26636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=26636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=26636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}