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The Tax Publishers Regulations as to Insolvency Resolution Process for Corporate Persons--Key Amendments Pragya Bhandari In this article, the learned author has cast thoughts on the key Amendments w.r.t. the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as notified in February and March, 2018. 1. Introduction Insolvency and Bankruptcy Code, 2016 was introduced to protect the interest of corporate creditors, further, to facilitate a formal and time bound insolvency resolution process and liquidation. In this regard, the Insolvency and Bankruptcy Board of India (IBBI) has made the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 [hereinafter, 'the Regulation, 2016']. These Regulations would apply to the corporate insolvency resolution process. These Regulations have been amended from time to time to develop a transparent and effective system for the insolvency and liquidation resolution process. The major amendments in regulations vide Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2018, dt. 06-02-2018 and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018, dt. 27-03-2018 [in short 'the Amendment Regulations, 2018'], have been discussed hereunder. In this context, various provisions related to evaluation matrix, fair value, description of assets and liabilities in information memorandum etc. are introduced, however, various provisions of Regulations have been substituted with earlier one. 2. Evaluation Matrix The new concept of 'Evaluation Matrix' has been introduced vide the Amendment Regulations, 2018. It means parameters to be applied and the manner of applying parameters for consideration of resolution plans for its approval. Further, it should be duly approved by the committee. 3. Fair value SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Regulations as to Insolvency Resolution Process for Corporate Persons--Key Amendments

Pragya Bhandari

In this article, the learned author has cast thoughts on the key Amendments w.r.t. the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as notified in February and March, 2018.

1. Introduction

Insolvency and Bankruptcy Code, 2016 was introduced to protect the interest of corporate creditors, further, to facilitate a formal and time bound insolvency resolution process and liquidation. In this regard, the Insolvency and Bankruptcy Board of India (IBBI) has made the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 [hereinafter, 'the Regulation, 2016']. These Regulations would apply to the corporate insolvency resolution process.

These Regulations have been amended from time to time to develop a transparent and effective system for the insolvency and liquidation resolution process. The major amendments in regulations vide Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2018, dt. 06-02-2018 and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2018, dt. 27-03-2018 [in short 'the Amendment Regulations, 2018'], have been discussed hereunder. In this context, various provisions related to evaluation matrix, fair value, description of assets and liabilities in information memorandum etc. are introduced, however, various provisions of Regulations have been substituted with earlier one.

2. Evaluation Matrix

The new concept of 'Evaluation Matrix' has been introduced vide the Amendment Regulations, 2018. It means parameters to be applied and the manner of applying parameters for consideration of resolution plans for its approval. Further, it should be duly approved by the committee.

3. Fair value