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ARTICLE · 26 MAY 2022

Restructuring & Insolvency Monthly Update | May 2022

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The Insolvency and Bankruptcy Board of India (IBBI), in exercise of powers conferred under Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
Avishek Roy
Avishek Roy
Bhawana Sharma
Bhawana Sharma
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STATUTORY UPDATES

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022

  • The Insolvency and Bankruptcy Board of India (IBBI), in exercise of powers conferred under Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016, introduced the following amendments to the IBBI (Liquidation Process) Regulations, 2019 (Liquidation Regulations):
    • An explanation to the existing Regulation 2A (Contributions to liquidation costs) has been inserted which essentially states that the said regulation shall be applicable only to the liquidation processes commenced after the introduction of the Liquidation Regulations i.e. on or after July 25, 2019. The same reads as under:
      • 'Explanation: It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India (Liquidation

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