1. Regulations
| DATE | REGULATION | DESCRIPTION |
| 06.01.2020 | Insolvency And Bankruptcy Board Of India (Liquidation Process) Regulations, 2016 | These regulations apply to Chapter III of Part II of the Code i.e. liquidation process. It envisages the appointment and remuneration of liquidator, powers and functions of liquidator, claims, and other aspects of the liquidation process. This amendment includes the introduction of a ‘Corporate Liquidation Account’. Further, regulation 37(8) has been added wherein a secured creditor shall not sell or transfer an asset, which is subject to security interest, to any person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the CD. |
| 15.01.2020 (Amended upto 15.01.2020) | Insolvency And Bankruptcy Board Of India (Voluntary Liquidation Process) Regulations, 2017 | These regulations apply to the voluntary liquidation of corporate persons under Chapter V of Part II of the Code. It includes commencement of liquidation, appointment, remuneration, powers, and functions of liquidator, claims for debt or dues arising and more. This includes the insertion of regulation 2(1)(ba) that states that the Corporate Voluntary Liquidation Account shall be operated and maintained by the Board under regulation 39. |
| 12.02.2020 (Amended upto 12.02.2020) | Insolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 | These regulations apply to the corporate insolvency resolution process. This includes amendment to regulation 40B wherein, filing a form under these regulations after due date will be attract a fee of five hundred rupees per Form for each calendar month of delay after 1st April, 2020. |
| 24.04.2020 (Amended upto 24-04-2020) | Insolvency And Bankruptcy Board Of India (Model Bye- Laws And Governing Board Of Insolvency Professional Agencies) Regulations, 2016 | These regulations include changes to the Model Bye-laws and Governing Board of Insolvency Professional Agencies Regulations, 2016 including the Bye-laws governing an insolvency professional agency, governing body and forms required. It also includes the changes brought about by the notification dated 20th April 2020 wherein if the authorisation for assignment is not issued, renewed or rejected by the Agency within 30 days, the authorisation will be deemed to have been issued or renewed. |
| 24.04.2020 [Amended upto 24-04-2020] | Insolvency And Bankruptcy Board Of India (Insolvency Professionals) Regulations, 2016 | These regulations include details on examinations, registration of insolvency professional, issue and surrender of authorisation for assignment and disciplinary proceedings. It also includes the amendments as under notification dated 20th April 2020 such as, an insolvency professional shall pay the fee under regulation 7(2)(ca), for the financial year 2019-20 on or before 30th June, 2020. |
| 24.04.2020 [Amended upto 24-04-2020] | Insolvency And Bankruptcy Board Of India (Liquidation Process) Regulations, 2016 | These regulations apply to the liquidation process under Chapter III of the IBC. It includes the insertion of regulation 47A i.e. the exclusion of period of lockdown for computation of the timeline for any task that could not be completed due to such lockdown, in relation to the liquidation process. |
| 24.04.2020 (Amended upto 24.04.2020) | Insolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 | These regulations include changes to the insolvency resolution process for corporate persons. This also includes changes brought into the regulations under notification dated 20th April 2020, i.e. regulation 40C, wherein the time-line will not be considered for any activity that could not be completed due to such lockdown, in relation to the CIRP. |
| 01.07.2020 (Amended upto 01-07-2020) | Insolvency And Bankruptcy Board Of India (Insolvency Professionals) Regulations, 2016 | These regulations envisage the insolvency examinations, registration of insolvency professionals, issue and surrender of authorisation for assignment and disciplinary proceedings. Further, it involves changes to regulation 12 wherein, a company is recognised as an insolvency professional if its sole objective is to provide support services to insolvency professionals as under notification dated 30th June 2020. |
| 17.08.2020 (Amended upto 07.08.2020) | Insolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 | These regulations govern the IRP for corporate persons. It includes instances where an authorised representative for the creditors of a class, circulates the agenda to creditors in a class, and may seek their preliminary views on any item in the agenda to enable him to effectively participate in the meeting of the committee. It includes changes made under notification dated 7th August 2020. The creditors shall have a time window of 12 hours to submit preliminary views. Further, as under regulation 39, the committee shall evaluate the RP received as per evaluation matrix, record its deliberations on the feasibility and viability and vote on these resolution plan. |
| 17.08.2020 (Amended upto 05.08.2020) | Insolvency And Bankruptcy Board Of India (Voluntary Liquidation Process) Regulations, 2017 | These regulations envisage the voluntary liquidation of corporate persons under Chapter V of Part II of the IBC. As per notification dated 5th August 2020, changes have been brought about to regulation 5 wherein, the corporate person shall appoint an IP as liquidator and appoint another IP as liquidator. The IP within 3 days of his appointment as liquidator, intimate the Board about such appointment. |
| 17.08.2020 [Amended upto 05-08-2020] | Insolvency And Bankruptcy Board Of India (Liquidation Process) Regulations, 2016 | Theses regulations apply to Chapter III of the Code. As per these regulations, under notification dated 5th August, if a liquidator realises any amount but does not distribute the same, he shall be entitled to a fee corresponding to the amount realised by him. |
2. Notification
| DATE | NOTIFICATION | DESCRIPTION |
| 03.01.2020 | Notification – regarding look after arrangement for office of President NCLT | On completion of term of office of Justice Shri MM Kumar as President, NCLT on 04.01.2020, Shri Bethala Shantha Vijaya Prakash Kumar, Member (Judicial), the senior most Member in NCLT, shall act as President, NCLT in terms of Section 415 of the Companies Act, 2013 for a period of three months with effect from 05.01.2020 or until a regular President is appointed or until further orders, whichever is earliest. |
| 30.01.2020 | Notification under section 227 read with rule 10 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 | In exercise of powers conferred by section 227 of the IBC and rule10 of the IBC (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, the Central Government, in consultation with the RBI notifies the manner of dealing with third party assets in custody or possession of such financial service providers. |
| 12.03.2020 | Justice (Retd.) Shri Bansi Lal Bhat, Member (Judicial), NCLAT as Officiating Chairperson of NCLAT | Consequent on the completion of the term of Office of Justice (Retd.) Shri S.J. Mukhopadhaya, as Chairperson, National Company Law Appellate Tribunal (NCLAT) on 14.03.2020, Central Government thereby appointed, Justice (Retd.) Shri Bansi Lal Bhat, Member (Judicial), NCLAT, as officiating Chairperson in terms of Rule 10(1) of the Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2020 for a period of three months with effect from 15.03.2020 or until a regular Chairperson is appointed or until further orders, whichever is earliest. |
| 13.03.2020 | The Companies (Registration Offices and Fees) Second Amendment Rules, 2020 to include filing under IBC in Form GNL-2 | In exercise of the powers under sections 396, 398, 399, 403 and 404 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013, the Central Government amended the Companies Act, in Form No. GNL-2, after item number “Form 159 of the Companies (Court) Rules, 1959, to ‘Filing under IBC, 2016’. |
| 13.03.2020 | Constitution of NCLAT Bench at Chennai | Under section 410 of the Companies Act, the Central Government constituted another Bench of the NCLT at Chennai to hear appeals against the orders of the Benches of the NCLT having jurisdiction of Karnataka, TN, Kerala, AP, Telangana, Lakshadweep, and Puducherry. |
| 19.03.2020 | Notification under section 5(15) of the IBC, 2016 | The expression “Special Window for Affordable and Middle-Income Housing Investment Fund I” shall mean the fund sponsored by the Central Government for providing priority debt financing for stalled housing projects, as an alternate investment fund and registered with the Securities and Exchange Board of India, established under sub-section (1) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to provide financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector. |
| 24.03.2020 | Notification under section 4 of the IBC, 2016 | In exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016, the Central Government specified one crore rupees as the minimum amount of default. |
| 12.05.2020 | Order of NCLT to file default record from the IU for application under section 7 of the Code | No new petition shall be entertained without record of default with Information Utility under section 7 of IBC, 2016. |
| 13.08.2020 | Order of NCLT in modification of earlier Order dated 12th May 2020 regarding filing of default record from the IU for application under section 7 of the Code. | In continuance with the previous notification, all concerned are to file default record from the IU along with new petitions filed under section 7 of the IBC, 2016 wherever available with the IU. The authorised representatives/parties in the cases pending for admission under section 7 of the IBC are also directed to file default record from the IU wherever available with the IU. |
3. Notification
| DATE | CIRCULARS | DESCRIPTION |
| 09.01.2020 | Deposit of unclaimed dividends and/or undistributed proceeds of liquidation process in accordance with regulation 46 of the IBBI (Liquidation Process) Regulations, 2016 | The IBBI amended regulation 46 of the IBBI (Liquidation Process) Regulations, 2016 to provide that the IBBI shall operate and maintain an account to be called the Corporate Liquidation Account in the Public Accounts of India, the IBBI shall open a separate bank account with a scheduled bank for deposit of the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process. |
| 20.01.2020 | Deposit of unclaimed dividends and/or undistributed proceeds of voluntary liquidation process in accordance with regulation 39 of the IBBI (Voluntary Liquidation Process) Regulations, 2017 | The amended regulation 39 of the Regulations provides that the IBBI shall operate and maintain an Account to be called the Corporate Voluntary Liquidation Account in the Public Accounts of India for the purpose of making deposit of the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a voluntary liquidation process by the liquidator. Further, it provides that until the Corporate Voluntary Liquidation Account is operated as part of the Public Accounts of India, the IBBI shall open a separate bank account with a scheduled bank for the said purpose. |
| 28.01.2020 | Transfer of Membership from one RVO to another | This circular envisages the mechanism of transfer of a member from one RVO to another. They are to avoid restrictive and unreasonable practices and to allow transfer of membership expeditiously, after recovering dues, if any, pending from the member concerned and charging a reasonable fee to cover the expenses on transfer. |
| 17.02.2020 | MCA circular for filing of various forms in the Registry (MCA-21) by IPs appointed under IBC, 2016 | This circular envisages the filing of documents and statutory requirements in the MCA-21 registry where an Insolvency Professional (IRP or RP or Liquidator) is appointed for a company. |
| 06.03.2020 | MCA circular for filing of various forms in the Registry (MCA-21) by IPs appointed under IBC, 2016 | In continuance of the previous circular, this circular envisages a clarification in respect of companies under CIRP. |
| 17.03.2020 | Feature for modification of CIRP forms submitted by an IP in compliance of regulation 40B of the CIRP Regulations, 2016 | This circular envisages the modification of CIRP forms submitted by an IP in compliance of regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. |
| 20.03.2020 | Pre-registration educational course under the IBBI (Insolvency Professional) Regulations, 2016 | This circular envisages the pre-registration educational course under the IBBI (Insolvency Professional) Regulations, 2016. |
| 23.04.2020 | Governance structure of the Registered Valuers Organisation | This circular envisages the governance structure and functioning of the Registered Valuers Organisations. |
4. Guidelines
| DATE | GUIDELINE | DESCRIPTION |
| 22.01.2020 | Amendment to the guidelines for technical standards for the performance of core services and other services under the IBBI (Information utilities) Regulations, 2017 | This amendment to the Guidelines for technical standards for the performance of core services and other services under the IBBI (Information utilities) Regulations, 2017 envisages changes to the definitional clause, among others. |
| 27.02.2020 | Guidelines for Appointment of Insolvency Professional as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 | These guidelines provide for appointment of insolvency professionals as administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. They have been prepared in consultation with SEBI to facilitate appointment of IPs as administrators. |
| 02.06.2020 | Insolvency Professionals to act as Interim Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020 | This guideline states that the IBBI is required to recommend name of any IP for appointment as IRP or liquidator as under the Code. |
| 10.06.2020 | IBBI (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020 | These guidelines envisage the education by Insolvency Professional Agencies, Registered Valuers Organisations, delivery of education and more. |
| 01.08.2020 | The Insolvency and Bankruptcy Board of India Research Initiative, 2019 (Updated as on 31st July, 2020) | This initiative is aimed at promoting research-legal, economic, and interdisciplinary in the insolvency and bankruptcy regime in India. |
5. Other Authorities
| DATE | NOTIFICATION | DESCRIPTION |
| 21.03.2020 | Notification No.11-2020 under CGST Act, 2017 regarding registration of corporate debtor under CIRP as a class of person | Ministry of Finance: Those registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016, undergoing the CIRP and the management of whose affairs are being undertaken by interim resolution professionals (IRP) or resolution professionals (RP), as the class of persons who shall follow the following special procedure, from the date of the appointment of the IRP/RP till the period they undergo the corporate insolvency resolution process. |
| 27.03.2020 | RBI statement on development and regulatory practices | RBI: This statement sets out various developmental and regulatory policies that address the stress in the financial conditions caused by Covid-19. It includes expanding liquidity in the system, reinforcing monetary transmission and easing financial stress and improving the functioning of markets. |
| 17.04.2020 | Covid-19 regulatory package-Review of Resolution timelines under Prudential Framework on Resolution of Stressed Assets | RBI: The Governor’s Statement of April 17, 2020 announced certain additional regulatory measures aimed at alleviating the lingering impact of Covid-19 on businesses and financial institutions in India, consistent with the globally coordinated action committed by the Basel Committee on Banking Supervision. In this regard, the detailed instructions relating to extension of resolution timelines under the Prudential Framework on Resolution of Stressed Assets dated June 7, 2019 have been provided. |
| 23.05.2020 | Covid-19 Regulatory package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets | RBI: In continuation of the previous circular, this circular excludes the period March 1, 2020, to August 31, 2020, from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lenders shall have the usual 180 days for resolution. |
| 06.08.2020 | RBI-Resolution Framework for Covid-19 related stress | RBI: It has been decided to provide a window under the Prudential Framework to enable the lenders to implement a resolution plan in respect of eligible corporate exposures without change in ownership, and personal loans, while classifying such exposures as Standard, subject to specified conditions. The lending institutions shall ensure that the resolution under this facility is extended only to borrowers having stress on account of Covid19. |
| 26.08.2020 | Initiation of individual insolvency process against personal guarantors to corporate debtors before the NCLT under the IBC, 2016. | Ministry of Finance: Banks may consider putting in place a mechanism for monitoring the cases which may require initiation of individual insolvency process before NCLT against personal guarantors to corporate debtors. Banks may also consider setting up an IT system to collate data regarding personal guarantee to corporate debtors in all such cases for the requisite follow up and consequential action. |
6. Order by the MCA
| DATE | ORDER | DESCRIPTION |
| 30.01.2020 | Constitution of a committee for recommending rules and regulatory framework for smooth implementation of proposed Cross Border Insolvency provisions in the IBC, 2016 | The Insolvency Law Committee examined the suggestions/representations from public and stakeholders, deliberated on the provisions among its members, and submitted its report on Cross border insolvency, which provides recommendations of the Committee on the adoption of the UNCITRAL Model Law in India with the necessary modifications in the Indian context. |
| 26.02.2020 | Addendum to the order dated 23.01.2020 – Constitution of a Committee for proposed Cross Border Insolvency Provisions in IBC, 2016 | This order envisages the constitution of a committee for recommending Rules and Regulatory framework for smooth implementation of proposed Cross Border Insolvency provisions in the IBC, 2016. |
| 24.06.2020 | Constitution of sub-committee if Insolvency Law Committee to propose a detailed scheme for implementing pre-pack and pre-arranged insolvency resolution process | This order proposes to form a sub-committee for examining it further and to give its recommendation to this Ministry on the following terms of reference to study and recommend the regulatory framework for pre-pack insolvency resolution process which shall include pre-requisite for initiation of PPRIP in terms of default and threshold, the appointment of Insolvency Professional, role and responsibility of the committee of creditors, moratorium, expected cost of the process, timelines for completion of process and more. |
NUALS Restructuring and Insolvency Law Journal 