The Insolvency and Bankruptcy Board of
India (“IBBI") issues IBBI(Insolvency
Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018
and the IBBI(Liquidation Process) (Amendment) Regulations, 2018.
These regulations shall be effective
from 1st April, 2018.
IBBI (Liquidation
Process) (Amendment) Regulations, 2018 inserted the definition of “liquidation
cost” which is:
(ea) “liquidation
cost” under sub-section 16 of section 5 means-
(a) fees payable to liquidation under
regulation 4;
(b) remuneration payable to
liquidator under regulation 7;
(c) cost incurred by the liquidator
under regulation 24; and
(d)
interest on interim finance for a period of twelve months or for a period from
the liquidation commencement date till repayment of interim finance, whichever
is lower.”
Further, IBBI (Liquidation Process)
(Amendment) Regulations, 2018 allows the liquidator to sell the corporate
debtor as a going concern. Now Regulation 32 allows Liquidator to realize the
assets of in the following manner:
(a)
sell an asset on a standalone basis; or
(b)
sell
·
the
asset in a slump sale,
·
a
set of assets collectively;
·
the
assets in parcels; or
(c) sell the corporate debtor as a going concern.
IBBI also amends IBBI (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016, wherein after the 1st
April 2018 resolution professional would be required to disclose item wise
insolvency resolution process cost and resolution professional shall identify
the prospective resolution applicants on or before the 105th day
from the insolvency commencement date.
Thereafter, IBBI states that as per
the amendment Regulation the expenses incurred by resolution professional would
be considered as the fee to be paid to the IRP, fee to be paid to insolvency
professional entity (if any) and fee to be paid to professionals (if any) and
other expenses to be incurred by the IRP.
The amendment Regulation clearly
directs financial creditor to declare whether financial creditor is or is not
related party in relation to the corporate debtor while submitting the claim to
the interim resolution professional. The Amendment Regulation also disperses
with the requirement of affidavit that was required to be submitted with the
forms for submission of claims from claimants.
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