News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
IBBI amends rules for corporate resolution, voluntary liquidation process
PrintThe Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to resolution process for corporate persons as well as voluntary liquidation.
The Insolvency and Bankruptcy Code (IBC) envisages appointment of an authorised representative by the adjudicating authority to represent financial creditors in a class, like allottees under a real estate project, in the Committee of Creditors (CoC).
In this regard, regulations require the interim resolution professional to offer a choice of three insolvency professionals in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative.
The latest amendments provide that the three insolvency professionals offered by the interim resolution professional "must be from the State or Union Territory, which has the highest number of creditors in the class as per records of the corporate debtor," an official release said on Friday.
Further, an authorised representative should seek voting instructions only after circulation of minutes of meeting and vote accordingly.
"He shall, however, circulate the agenda, and may seek preliminary views of creditors in the class before the meeting, to enable him to effectively participate in the meeting," the release said.
Citing the amendment, the release said that after evaluation of all compliant resolution plans as per the evaluation matrix, the CoC should vote on all compliant resolution plans simultaneously.
"The resolution plan, which receives the highest votes, but not less than sixty-six percent of voting share, shall be considered as approved," it added.
With regard to voluntary liquidation process also, certain amendments have been effected.
Now, a corporate person "may replace the liquidator by appointing another insolvency professional as liquidator by a resolution of members or partners, or contributories, as the case may be", the release said. #casansaar (Source - PTI, IBBI, Business Standard)
The Insolvency and Bankruptcy Code (IBC) envisages appointment of an authorised representative by the adjudicating authority to represent financial creditors in a class, like allottees under a real estate project, in the Committee of Creditors (CoC).
In this regard, regulations require the interim resolution professional to offer a choice of three insolvency professionals in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative.
The latest amendments provide that the three insolvency professionals offered by the interim resolution professional "must be from the State or Union Territory, which has the highest number of creditors in the class as per records of the corporate debtor," an official release said on Friday.
Further, an authorised representative should seek voting instructions only after circulation of minutes of meeting and vote accordingly.
"He shall, however, circulate the agenda, and may seek preliminary views of creditors in the class before the meeting, to enable him to effectively participate in the meeting," the release said.
Citing the amendment, the release said that after evaluation of all compliant resolution plans as per the evaluation matrix, the CoC should vote on all compliant resolution plans simultaneously.
"The resolution plan, which receives the highest votes, but not less than sixty-six percent of voting share, shall be considered as approved," it added.
With regard to voluntary liquidation process also, certain amendments have been effected.
Now, a corporate person "may replace the liquidator by appointing another insolvency professional as liquidator by a resolution of members or partners, or contributories, as the case may be", the release said. #casansaar (Source - PTI, IBBI, Business Standard)
Category : Insolvent Professional | Comments : 0 | Hits : 633
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments