IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 5th October, 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR
CORPORATE PERSONS) (SECOND AMENDMENT) REGULATIONS, 2017

No. IBBI/2017-18/GN/REG018.—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 to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:—

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017.

(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 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, in regulation 38, after sub-regulation (1), the following sub-regulation shall be inserted, namely:—

“(1A) A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor.”

Dr. M. S. SAHOO, Chairperson
[ ADVT.-III/4/Exty./254/17]

Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published in the Gazette of India, Extraordinary vide notification No. IBBI/2016-17/GN/REG004, dated the 30th November, 2016 and were amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017 published in the Gazette of India, Extraordinary vide notification No. IBBI/2017-18/GN/REG013, dated the 16th August, 2017.

Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *