Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020

Feb 13, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Insolvency and Bankruptcy Board of India (IBBI) on February 12, 2020, has published the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The vide amendment substitutes the Regulation 40B(4) which specifies the procedure for filing forms under this Regulations:

"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 five hundred rupees per Form for each calendar month of delay after April 01, 2020."

A Form is required to be filed by April 29, 2020 [Changes made vide Corrigendum No. IBBI/2019-20/GN/REG055(1)] along with a fee as under:

If filed on

Fee (in Rupees)

April 28, 2020

0

April 29, 2020

0

April 30, 2020

500

Any day in May, 2020

1000

Any day in June, 2020

1500

They will come into force on the date of their publication in the Official Gazette.

[Notification No. IBBI/2019-20/GN/REG055]


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