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TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021.X X X X Extracts X X X X X X X X Extracts X X X X ..... Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 , namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021. (2) They shall come into force on the date of their publication in the Official Gazette. (3) They shall apply to every corporate insolvency resolution process ongoing or commencing on or after the date of coming into force of these regulations. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cipal regulations , after regulation 4A , the following regulation shall be inserted, namely:- 4B. Disclosure of change in name and address of corporate debtor. Where a corporate debtor has changed its name or registered office address during the period of two years preceding the insolvency commencement date, the interim resolution professional or resolution professional, as the case may be, shall disclose all the former name(s) and registered office address(es) so changed along with the current name and registered office address in every communication, record, proceeding or any other document. 6. In the principal regulations , in regulation 9A , in sub-regulation (1), for the word and figures regulation 7, 8 or 9, , the wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... professional under this regulation on an arm's length basis following an objective and transparent process: Provided that the following persons shall not be appointed, namely: - (a) a relative of the resolution professional; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the period of five years preceding the insolvency commencement date; (d) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director. (4) The invoice for fee and other expenses incurred by a professional appointed under this regulation shall be raised in the name of the professional and be paid directly into the bank account of such pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG004, dated 30 th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021 published vide notification No. IBBI/2020-21/GN/REG070, dated the 15th March, 2021 in the Gazette of India, Extraordinary, Part III, Section 4, No. 98 on 15th March, 2021 . - Notification Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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