IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020

Mar 27, 2020 | by Avantis RegTech Legal Research Team


Secretarial Compliance

The Insolvency and Bankruptcy Board of India (IBBI) on March 25, 2020, notifies the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 to further amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The amendments are made in Regulation 40B(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 related to “Filing of forms”, stands substituted, stating that the filing of a Form under this Regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of Rs. 500/- per Form for each calendar month of delay after October 01, 2020. The Form is required to be filed by October 30, 2020 along with a fee as under:

If filed on

Fee (in Rupees)

October 29, 2020

0

October 30, 2020

0

October 31, 2020

500/-

Any day in November, 2020

1000/-

Any day in December, 2020

1500/-

These Regulations shall come into effect from March 25, 2020.

[Notification No. IBBI/2019-20/GN/REG056]


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