Section 16 - Amendment of section 240 - Insolvency and Bankruptcy Code (Amendment) Act, 2021

Amendment of section 240. 16 . In section 240 of the principal Act, in sub-section (2),- (i) after clause (e), the following clause shall be inserted, namely:- (ea) the other costs under sub-clause (e) of clause (23C) of section 5; ; (ii) after clause (zk), the following clauses shall be inserted, namely:- (zka) such number of financial creditors and the manner of proposing the insolvency professional, and the form for approving such insolvency professional by the financial creditors under clause (e), the persons who shall provide approval under the proviso to clause (e), the form for making a declaration under clause (f) of sub-section (2) of section 54A; (zkb) the form for obtaining approval from financial creditors under sub-section (3), and the persons who shall provide approval under the proviso to sub-section (3) of section 54A; (zkc) the other conditions for the base resolution plan under clause (c), and such information and documents under clause (d) of sub-section (4) of section 54A; (zkd) the form in which the report is to be prepared under clause (a), such reports and other documents under clause (b), and such other duties under clause (c) of sub-section (1), and the manner of determining and bearing the fees in sub-section (3) of section 54B; (zke) the form for providing written consent of the insolvency professional under clause (b), the form for declaration under clause (c), the information relating to books of account and such other documents relating to such period under clause (d) of sub-section (3) of section 54C; (zkf) the form and manner for making application for termination of the pre-packaged insolvency resolution process under sub-section (3) of section 54D; (zkg) the form and manner of making public announcement under clause (c) of sub-section (1) of section 54E; (zkh) the manner of confirming the list of claims under clause (a), the manner of informing creditors under clause (b), the manner of maintaining an updated list of claims under clause (c), the form and manner of preparing the information memorandum under clause (g), and such other duties under clause (i) of sub-section (2) of section 54F; (zki) such other persons under clause (c), the manner of appointing accountants, legal or other professionals under clause (e), such other matters under sub-clause (iv) of clause (f) and the manner of taking other actions under clause (g) of sub-section (3) of section 54F; (zkj) the manner of determination of fees and expenses as may be incurred by the resolution professional under sub-section (6) of section 54F; (zkk) the manner of bearing fees and expenses under sub-section (7) of section 54F; (zkl) the form and manner of list of claims and preliminary information memorandum under sub-section (1) of section 54G; (zkm) the conditions under clause (a) of section 54H; (zkn) the manner of alteration of the composition of the committee of creditors under the proviso to sub-section (1) of section 54-I; (zko) the form and manner of making application under sub-section (1) of section 54J; (zkp) the manner of inviting prospective resolution applicants under sub-section (5) of section 54K; (zkq) the other conditions under sub-section (6) of section 54K; (zkr) the conditions under clause (a) and the manner of providing the basis for evaluation of resolution plans and the information referred to in section 29 under sub-section (7) of section 54K; (zks) the conditions under the proviso to sub-section (10) of section 54K; (zkt) the manner and conditions under sub-section (11) of section 54K; (zku) the form and manner of filing application under the proviso to sub-section (12) of section 54K; (zkv) the other requirements under sub-section (13) of section 54K; (zkw) the form for submission of written consent under clause (b) of sub-section (2) of section 54-O; .