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TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020.X X X X Extracts X X X X X X X X Extracts X X X X ..... Process for Corporate Persons) (Fourth Amendment) Regulations, 2020. No. IBBI/2020-21/GN/REG064.- 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), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itors in the class as per their addresses in the records of the corporate debtor: Provided that where such State or Union Territory does not have adequate number of insolvency professionals, the insolvency professionals having addresses in a nearby State or Union Territory, as the case may be, shall be considered;". 3. In the principal regulations, in regulation 16A, for sub-regulation (9), the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate the resolution plans received under sub-regulation (2) as per evaluation matrix; (b) record its deliberations on the feasibility and viability of each resolution plan; and (c) vote on all such resolution plans simultaneously. (3A) Where only one resolution plan is put to vote, it shall be considered approved if it receives requisite votes. (3B) Where two or more resolution plans are pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s approved, as neither of the Plans received requisite votes. The committee shall vote again on Plan B, which received the higher votes, subject to the timelines under the Code. 2 70 75 Plan B is approved, as it received higher votes, which is not less than requisite votes 3 75 75 The committee shall approve either Plan A or Plan B, as per the tie-breaker formula announced before voting." ..... X X X X Extracts X X X X X X X X Extracts X X X X
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