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ARTICLE · 22 OCTOBER 2021

Restructuring & Insolvency Monthly Update | October 2021

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In exercise of the powers conferred by Clause (t) of sub-Section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (IBC)...

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

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021

  • In exercise of the powers conferred by Clause (t) of sub-Section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (IBC), the Insolvency and Bankruptcy Board of India (IBBI) on September 30, 2021 notified the following amendments into the IBBI (Liquidation Process) Regulations, 2016 (Principal Regulations).
  • Regulation 31A of the Principal Regulations provides for formation of a consultation committee known as Stakeholders' Consultation Committee (SCC), which has representation from secured Financial Creditors, unsecured Financial Creditors, workmen and employees, government, other operational creditors, and shareholder/partners to advice the Liquidator on matters relating to sale. In terms of the present amendment, following substitutions have been made in Regulation 31 A of the Principal Regulations:

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