1. PRESENTED BY:
ASHOK JUNEJA
(LLB, FCS, ACMA, DBF, ADICA, M.COM)
ADVOCATE & INSOLVENCY PROFESSIONAL
FOUNDER & MANAGING PARTNER
MANTRAH LAW HOUSE LLP
1302, Vijaya Building,
17 Barakhamba Road,
Connaught Place, New Delhi-110001
Mobile No: +91-9810532462
Landline No: 011-41563467/ 43011969/23324078
Email: ashokjuneja@gmail.com

2. A BIRD’S EYE VIEW OF THE NOTIFIED
AMENDMENT
ADVOCATE & IP
ASHOK JUNEJA
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

3. Sec 3 – Definitions:
 In the definition of term ‘default’ the word ‘repaid’
shall be substituted with the word ‘paid’.
 The meaning of the term ‘repay’ is narrow in scope
meaning “to pay back” or “refund” and the term
‘repayment’ means “the act of repaying”. Whereas, the
word ‘payment’ is a wider term which may include
even other dues to banks like taxes and cesses.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

4. Sec 5 – Definitions:
1. ‘Corporate Guarantor’ has now been defined to mean a
corporate person who is the surety in a contract of
guarantee to a corporate debtor.
2. Definition of ‘Financial Debt’ has been amended. Now,
any amount raised from allottees under a real estate
project shall be deemed to be an amount having
commercial effect of a borrowing and hence allottees
under a real estate project will now be treated as ‘financial
creditors’ under the Code.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

5.  In Chitra Sharma v. Union of India the amount of debts
owed to home buyers, which was paid by them as
advances, was claimed to be Rs. 15,000 Crore, more than
what was due to banks. Despite this, banks are in a more
favorable position under the Code since they are financial
creditors.
 Similar judgments in Anil Mahindroo & Anr v. Earth
Organics Infrastructure and Nikhil Mehta and Sons
(HUF) v. AMR Infrastructure Ltd paved way for this
amendment.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

6. 3. In the definition of operation debt the word
‘repayment’ has been substituted with the word
‘payment’ for the reasons mentioned above.
4. The term ‘related party’ in relation to an individual has
now been specifically defined.
 Several Sections of the code and regulations use the term
‘related party’ w.r.t an individual but the same was not
defined. Hence, this amendment.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

7. Sec 7 – Initiation of CIRP by financial
creditor:
 Now, even a guardian of a financial creditor,
administrator or executor of estate of a financial
creditor or debenture trustee and the like may trigger
insolvency of a corporate debtor, and be a part of the
CoC.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

8. Sec 8 – Insolvency resolution by
operational creditor:
 The definition of the term ‘dispute’ has been amended
to even include such disputes which are not pending in
a suit or arbitration proceedings.
 The Hon’ble Supreme Court in the matter of Mobilox
Innovations Private Limited v. Kirusa Software
Private Limited held that the dispute must be existing
prior to the receipt of the notice but need not be
pending in a suit or arbitration proceeding.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

9. Sec 9 – Application for initiation of
CIRP by operational creditor:
 The requirement for operational creditors to submit a
certificate from a financial institution has been made optional.
 The Hon’ble Supreme Court in Macquarie Bank Limited v.
Shilpi Cable Technologies Ltd held that Section 9(3)(c) of the
Code is an optional requirement and an alternate
understanding would make it discriminatory.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

10. Sec 10 – Initiation of CIRP by Corporate
applicant:
 Corporate Debtor shall now get special resolution
passed by its shareholders or a resolution passed by at
least 3/4th of the total number of its partners, as the
case may be, for filing of the CIRP application.
 The presence or absence of pending disciplinary
proceedings against the proposed Resolution
Professional shall now be a ground for acceptance or
rejection of application for CIRP filed by the corporate
applicant.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

11. Sec 12 – Time-limit for completion of
insolvency resolution process:
 For extension of CIRP period the COC voting threshold
is reduced from 75% to 66% of voting share.
 The high threshold of 75% of voting share was proving
to be a road-block. Hence, a suitable amendment has
been made to reduce the same to 66% of voting share.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

12. Sec 12A – Withdrawal of application
admitted under Section 7, 9 or 10:
 The Adjudicating Authority (referred to as ‘AA’ in
rest of the Article) may allow withdrawal of CIRP
application post admission with the approval
of 90% voting share of CoC.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

13. Sec 14 – Moratorium:
 The scope of the moratorium may be restricted to the
assets of the Corporate Debtor only and Moratorium
shall not be applicable to a surety in a contract of
guarantee to a corporate debtor.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

14. Case Judgement
NCLAT in the matter of Alpha and
Omega Diagnostics (India) Ltd. v.
Asset Reconstruction Company of
India & Schweitzer Systemtek
India Private Limited v. Phoenix
ARC Private Limited.
• Moratorium has no
application on the
properties beyond the
ownership of the
Corporate Debtor.
Allahabad High Court subsequently
took a differing view in Sanjeev
Shriya vs. State Bank of India
• Applied moratorium to
enforcement of guarantee
against personal guarantor
to the debt.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

15. Sec 15 – Public announcement
of CIRP:
 Now, IBBI is vested with the power to specify the last date
for submission of claims.
 Different Sections and CIRP regulations have provided for
different period for submission of claims. Since the
nuances regarding submission of claims, constitution of
the CoC, verification of claims, etc. are captured in the
CIRP Regulations, it is now decided to vest such powers
with IBBI to provide for flexibility.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

16. Sec 16 – Appointment and tenure of IRP:
 Now, IRP to continue till the appointment of the RP.
 Section 16(5) of the Code provided that the term of the
IRP shall not exceed 30 days from the date of his
appointment and Regulation 17(1) of CIRP Regulations
states that the IRP is required to file a report certifying the
constitution of CoC on or before the expiry of 30 days
from the date of his appointment.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

17. Sec 17 – Management of the affairs of
the corporate debtor by IRP:
 The IRP will also be responsible for complying with the
statutory requirements under applicable laws while
managing the affairs of the corporate debtor during CIRP.
 To avoid any ambiguity, ‘management of corporate affairs’
also includes responsibility for statutory compliances.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

18. Sec 18- Duties of IRP:
 In section 18 of the Principal Act, in the Explanation,
for the word “Sub-Section”, The word “Section”
shall be substituted.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

19. Sec 21- Committee of Creditors (CoC):
 Authorised Representatives of financial creditors who are related
parties to the corporate debtor are now disqualified from
participating in the CoC.
 However, a carve out has been provided for financial creditors that
are regulated by a financial sector regulator and have become a
related party of the corporate debtor solely on account of
conversion or substitution of debt into equity shares of the
corporate debtor, prior to the insolvency commencement date.
 Persons other than the financial creditors shall not be a part of the
CoC for the purposes of representation and voting
 Manner of participation and voting in the CoC provided for, where
the financial debt-
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

20. a) is in the form of securities and deposits
b) is owed to a class of creditors (other than under
consortium arrangement or syndicated facility)
exceeding the specified number;
c) is represented by a guardian, executor or administrator.
 There was a need of mechanism for providing mode of
representation in meetings of security holders, deposit
holders, and all other classes of financial creditors which
exceed a certain number, through an authorized
representative. Hence, this amendment.
 The decisions of routine nature shall require approval from
51% of voting share of CoC instead of present provision
requiring approval from 75% of voting share.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

21. Sec 22 – Appointment of resolution
professional:
 Voting threshold for obtaining the approval of the CoC
for appointment of RP reduced from 75% to 66% of
voting share.
 Now, it is required to obtain consent of an IRP to continue
as RP or for appointment of RP.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

22. Sec 23 – Resolution professional to
conduct the CIRP:
 RP shall continue to manage the operations of the
corporate debtor after the expiry of the CIRP period post
submission of the resolution plan, until an order is passed
by the AA.
 Currently, the RP is responsible to manage the Corporate
Debtor only during the CIRP i.e., 180/270 days as the case
may be. However, there was no guidance in the Code
regarding the responsibility management after the CIRP
process until an order was passed by the AA.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

23. Sec 24- Meeting of COCs:
 In section 24 of the principal Act, — (i) in sub-section (3),
in clause (a), for the words "Committee of creditors", the
words, brackets, figures and letter "committee of creditors,
including the authorised representatives referred to in sub-
sections (6) and (6A) of section 21 and sub-section (5)"
shall be substituted; (ii) in sub-section (5), for the words
"Any creditor", the words, brackets, figures and letters
"Subject to sub-sections (6), (6A) and (6B) of section 21,
any creditor" shall be substituted.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

24. Sec 25A – Rights and duties of AR of
financial creditors:
1. The new Section provides for the rights and duties of the
authorised representatives of financial creditors.
2. Few salient features of the provision are as follows:
a) The authorised representative shall have the right to participate and vote in
the meeting of the CoC on behalf of the financial creditors it represents.
b) It shall be the duty of the authorised representative to circulate the agenda
and minutes of the meeting of the CoC to the financial creditors it represents
c) The authorised representative shall not act against the interest of the
financial creditors it represents.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

25. Sec 27 – Replacement of RP by COC:
 The threshold for replacing the existing RP
appointed with another RP has been reduced from
75% to 66% of voting share, subject to a written
consent from the latter.
ASHOK JUNEJA
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26. Sec 28 – Approval of COC for certain
actions:
 The threshold for voting for all actions under this
Section such as raising of interim finance, create any
security interest over the assets of corporate debtor,
undertake any RPT etc. has been reduced from 75% to
66% of voting share.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

27. Sec 29A – Persons not eligible to submit
resolution plan:
 Account must be Non performing asset (“NPA”) at the time
of submission of the resolution plan.
 Financial creditor which is not a related party to the
corporate debtor and holding convertible securities therein
not to be disqualified from submitting resolution plan.
 No disqualification under this section for resolution
applicants with an NPA account, if such account was
acquired pursuant to a prior resolution plan approved under
this Code for a period of 3 years from the date of approval
of such prior resolution plan by the AA.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

28.  A Person is disqualified from filing resolution plan for a
period of Two (2) years from the date of his release from
imprisonment if he has been convicted for Two (2) years
or more for offences under the Acts listed in the
Schedule XII or for Seven (7) years or more under any
other law for the time being in force.
 Exemption from disqualification has been provided to a
connected person of a disqualified Director.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

29.  No disqualification for a resolution applicant who has
acquired a corporate debtor in which a preferential,
undervalued, extortionate credit transaction or fraudulent
transaction has taken place prior to the acquisition of the
corporate debtor pursuant to a resolution plan approved
under the Code or pursuant to a scheme or plan approved
by a financial sector regulator or a court of law and has
not otherwise contributed to such transaction/s.
 It is specified that the disqualification is applicable only if
the guarantee has been invoked by the creditor and
dishonored by the guarantor.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

30. Sec 30 – Submission of resolution
plan:
 The resolution plan submitted by RP deemed posses
shareholder approval required under the Companies
Act, 2013 or any other law for the time being in force.
 The voting threshold for approving the resolution plan
has been reduced from 75% to 66% of voting share.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

31. Sec 31 – Approval of the resolution plan:
 The AA shall, before passing an order of approval of
resolution plan, ensure that the resolution plan has a
satisfactory implementation plan.
 Specifically provided that necessary approvals required
under any law for the time being in force, may be obtained
within a period of One (1) year from the date of approval
of the resolution plan or such time as is specified in the
relevant law for obtaining such approvals, whichever is
later.
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

32. Subject Matter
Previous
Threshold
Amended
Threshold
Approval of resolution plan – section 30 75% 66%
Extension of CIRP beyond 180 days –
section 12 75% 66%
Replacement or appointment of RP –
sections 22,27 75% 66%
Passing a resolution for liquidation –
section 33 75% 66%
Actions by resolution professional with
approval of CoC – section 28 75% 66%
Other routine decisions for continuing
the Corporate debtor as a going concern
by the RP/ IRP 75% 51%
ASHOK JUNEJA
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33. A Short Journey of
CIRP Regulation
IBBI (Corporate Resolution Process Regulation), 2016
Regulation came into force on 30th November, 2016
ADVOCATE & IP
ASHOK JUNEJA
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

34. Various Amendment made in 2017 in CIRP Regulation,2016
Sr.
No.
No. of Amendment
Date of amendment
Amendment Notification No.
1 1st 16thAugust, 2017
Notification No. IBBI/2017-18/GN/REG013,
2 2nd 5th October,2017
Notification No. IBBI/2017-18/GN/REG018
3 3rd 7th November, 2017
Notification No. IBBI/2017-18/GN/REG019
4 4h 31st December,2017
Notification No. IBBI/2017-18/GN/REG022
Various Amendment made in 2018 in CIRP Regulation,2016
1
1st
6th February, 2018
Notification No. IBBI/2017-18/GN/REG024,
2
2nd
27th March,2018
Notification No. IBBI/2017-18/GN/REG030
3
3rd
3rd July,2018
Notification No. IBBI/2017-18/GN/REG031
4
4h
5th October, 2018
Notification No. IBBI/2017-18/GN/REG032
ASHOK JUNEJA
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35. 1St Amendment in CIRP Regulation made in the year 2017
Date of Notification:16/08/2018
1st Amendment under (CIRP)
Regulations, 2016
ADVOCATE & IP
ASHOK JUNEJA
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

36. “Regulation 9A.
Claims by other creditors”
After regulation 9, the following regulation shall be
inserted, namely:
 “9A. Claims by other creditors.
(1) A person claiming to be a creditor, other than those
covered under regulations 7, 8, or 9, shall submit proof
of its claim to the interim resolution professional or
resolution professional in person, by post or by
electronic means in Form F of the Schedule.
(2) The existence of the claim of the creditor referred to
in sub-section (1) may be proved on the basis of –
ASHOK JUNEJA
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37. (a) the records available in an information utility, if
any, or
(b) other relevant documents sufficient to establish the
claim, including any or all of the following: —
(i) documentary evidence demanding satisfaction of
the claim;
(ii) bank statements of the creditor showing non-
satisfaction of claim;
(iii) an order of court or tribunal that has adjudicated
upon non-satisfaction of claim, if any.”
ASHOK JUNEJA
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38. In the principal regulations, in the schedule, in
Form A, for paragraph starting with the words
 “The financial creditors” and ending with the
words “electronic means”, the following paragraph
shall be substituted, namely: —
 “The financial creditors shall submit their proof of
claims by electronic means only. All other creditors
may submit the proof of claims in person, by post or
by electronic means.”
ASHOK JUNEJA
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39. “Induction of -Form-F”
 In the principal regulations, in the Schedule, after
Form E, the following new Form F shall be inserted,
namely: —“FORM-F (Claims by Creditors other
than Operational and Financial Creditors)
ASHOK JUNEJA
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40. 2nd Amendment made in CIRP Regulation in the Year 2017
Date of Notification: 5/10/2017
2nd Amendment under IBBI (CIRP)
Regulations, 2016
ADVOCATE & IP
ASHOK JUNEJA
ASHOK JUNEJA
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41. Regulation- 38,
“Mandatory Contents of the Resolution Plan”
In regulation 38, after sub-regulation (1), the
following sub-regulation shall be inserted,
namely:—
 “(1A) A resolution plan shall include a statement as to
how it has dealt with the interests of all stakeholders,
including financial creditors and operational creditors,
of the corporate debtor.”
ASHOK JUNEJA
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42. 3rd Amendment in CIRP Regulation made in the Year 2017
Date of Notification: 07/11/2017
3rd Amendment under IBBI (CIRP)
Regulations, 2016
ADVOCATE & IP
ASHOK JUNEJA
ASHOK JUNEJA
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43. Regulation 38-
Mandatory Contents of resolution plan
In regulation 38, after sub-regulation (2), the following sub-
regulation shall be inserted, namely: -
 “(3) A resolution plan shall contain details of the resolution
applicant and other connected persons to enable the
committee to assess the credibility of such applicant and other
connected persons to take a prudent decision while
considering the resolution plan for its approval.
Explanation : For the purposes of this sub-regulation,-
(i) ‘details’ shall include the following in respect of the
resolution applicant and other connected person, namely:-
(a) identity;
ASHOK JUNEJA
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44. (b) conviction for any offence, if any, during the
preceding five years;
(c) criminal proceedings pending, if any;
(d) disqualification, if any, under Companies Act, 2013,
to act as a director;
(e) identification as a willful defaulter, if any, by any
bank or financial institution or consortium thereof in
accordance with the guidelines of the Reserve Bank of
India;
(f) debarment, if any, from accessing to, or trading in,
securities markets under any order or directions of the
Securities and Exchange Board of India,; and
(g) transactions, if any, with the corporate debtor in the
preceding two years.”;
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45. (ii) the expression ‘connected persons’ means-
(a) persons who are promoters or in the management or
control of the resolution applicant;
(b) persons who will be promoters or in management or
control of the business the corporate debtor during the
implementation of the resolution plan;
(c) holding company, subsidiary company, associate
company and related party of the persons referred to
in items (a) and (b) .”
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46. Regulation 39-
Approval of Resolution Plan
In the principal regulations, in regulation 39, for
sub-regulation (2) ,the following sub-regulation shall
be substituted, namely:-
“(2) The resolution professional shall submit to the
committee all resolution plans which comply with the
requirements of the Code and regulations made
thereunder along with the details of following
transactions, if any, observed, found or determined by
him:-
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47. (a) preferential transactions under section 43;
(b) undervalued transactions under section 45;
(c) extortionate credit transactions under section 50;
and
(d) fraudulent transactions under section 66, and the
orders, if any, of the adjudicating authority in
respect of such transactions.”
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48. 4th Amendment in CIRP Regulation made in the Year 2017
Date of Notification: 31/12/2017
4th Amendment under IBBI (CIRP)
Regulations, 2016
ADVOCATE & IP
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49. “Regulation- 2 Definition”
In regulation 2, for clause (f) of sub regulation (1),
the following clause shall be substituted, namely: -
 “(f) “dissenting financial creditor” means a
financial creditor who voted against the resolution plan
or abstained from voting for the resolution plan,
approved by the committee;”
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50. “Regulation -35
Preferential and other transaction”
In the principal regulations, in regulation 35, -
(a) for sub-regulation (3), the following sub-regulation shall be
substituted, namely: -
 “(3) After the receipt of resolution plans in accordance with the Code and
these regulations, the resolution professional shall provide the liquidation
value to every member of the committee in electronic form, on receiving an
undertaking from the member to the effect that such member shall maintain
confidentiality of the liquidation value and shall not use such value to cause an
undue gain or undue loss to itself or any other person and comply with the
requirements under sub-section (2) of section 29.”;
(b) after sub-regulation (3), the following sub-regulation shall be inserted,
namely: -
 “(4) Subject to sub-regulation (3), the interim resolution professional or the
resolution professional, as the case may be, shall maintain confidentiality of
the liquidation value.”.
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51. “Regulation -36-Information
Memorandum”
 In the principal regulations, in regulation 36, in
sub-regulation (2), clauses (j) and (k) shall be
omitted.
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52. “Regulation -39
Approval of Resolution Plan”
In the principal regulations, in regulation 39, for
sub-regulation (1), the following sub-regulation
shall be substituted, namely: -
 “(1) A resolution applicant shall submit resolution
plan(s) prepared in accordance with the Code and
these regulations to the resolution professional
within the time given in the invitation made under
clause (h) of sub-section (2) of section 25.”
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53. 1st Amendment under IBBI
Regulations, 2016 (CIRP)
ADVOCATE & IP
ASHOK JUNEJA
1St Amendment in CIRP Regulation made in the year 2018
Date of Notification:06/02/2018
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54. “Regulation- (2)-Definition”
In sub-regulation (1) of regulation (2),
(i) after clause (h), the following clauses shall be inserted, namely:-
 “(ha) “evaluation matrix” means such parameters to be applied and the manner
of applying such parameters, as approved by the committee, for consideration of
resolution plans for its approval;
 (hb) “fair value” means the estimated realizable value of the assets of the
corporate debtor, if they were to be exchanged on the insolvency
commencement date between a willing buyer and a willing seller in an arm’s
length transaction, after proper marketing and where the parties had acted
knowledgeably, prudently and without compulsion;”
(ii) for clause (k), the following clause shall be substituted, namely:-
“(k) “liquidation value” means the estimated realizable value of the assets of the
corporate debtor, if the corporate debtor were to be liquidated on the insolvency
commencement date.”ASHOK JUNEJA
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55. Regulation- 27
“Appointment of registered valuers.”
In the principal regulations, for regulation 27, the
following regulation shall be substituted, namely:-
 “27. Appointment of registered valuers. - The
resolution professional shall within seven days of his
appointment, appoint two registered valuers to
determine the fair value and the liquidation value of
the corporate debtor in accordance with regulation 35:
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56. Provided that the following persons shall not be
appointed as registered valuers, 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 five years preceding the insolvency
commencement date; or
(d) a partner or director of the insolvency
professional entity of which the resolution
professional is a partner or director.”
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57. Regulation-35
“Fair value and Liquidation value.
In the principal regulations, for regulation 35, the
following regulation shall be substituted, namely:-
“35. Fair value and Liquidation value.
(1) Fair value and liquidation value shall be determined
in the following manner:-
(a) the two registered valuers appointed under regulation
27 shall submit to the resolution professional an estimate
of the fair value and of the liquidation value computed in
accordance with internationally accepted valuation
standards, after physical verification of the inventory
and fixed assets of the corporate debtor;
ASHOK JUNEJA
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58. (b) if in the opinion of the resolution professional, the two
estimates of a value are significantly different, he may appoint
another registered valuer who shall submit an estimate of the value
computed in the same manner; and
(c) the average of the two closest estimates of a value shall be
considered the fair value or the liquidation value, as the case may
be.
(2) After the receipt of resolution plans in accordance with the
Code and these regulations, the resolution professional shall
provide the fair value and the liquidation value to every member of
the committee in electronic form, on receiving an undertaking from
the member to the effect that such member shall maintain
confidentiality of the fair value and the liquidation value and shall
not use such values to cause an undue gain or undue loss to itself or
any other person and comply with the requirements under sub-
section (2) of section 29:
(3) The resolution professional and registered valuers shall maintain
confidentiality of the fair value and the liquidation value.”.
ASHOK JUNEJA
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59. “Regulation 36-
Information memorandum”
In the principal regulations, for sub-regulation (1) of
regulation 36, the following sub-regulation shall be
substituted, namely: -
“(1) Subject to sub-regulation (4), the resolution
professional shall submit the information memorandum
in electronic form to-
(a) each member of the committee within two weeks of
his appointment as resolution professional; and
(b) to each prospective resolution applicant latest by the
date of invitation of resolution plan under clause (h) of
sub-section (2) of section 25 of the Code.”
ASHOK JUNEJA
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60. “Regulation -36
Information memorandum”
In the principal regulations, for clause (a) of sub-
regulation (2) of regulation 36, the following clause
shall be substituted, namely: -
 “(a) assets and liabilities with such description, as on the
insolvency commencement date, as are generally
necessary for ascertaining their values”.
 Explanation: Description‟ includes the details such as
date of acquisition, cost of acquisition, remaining useful
life, identification number, depreciation charged, book
value, and any other relevant details.”.
ASHOK JUNEJA
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61. “Regulation -36
Information memorandum”
In the principal regulations, for sub-regulation (4)
of regulation 36, the following sub-regulation shall
be substituted, namely:-
 “(4) The resolution professional shall share the
information memorandum after receiving an
undertaking from a member of the committee or a
prospective resolution applicant to the effect that such
member or resolution applicant shall maintain
confidentiality of the information and shall not use
such information to cause an undue gain or undue loss
to itself or any other person and comply with the
requirements under sub-section (2) of section 29.”
ASHOK JUNEJA
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62. “Regulation-36A-
Invitation of Resolution Plans”
In the principal regulations, after regulation 36, the
following shall be inserted, namely: -
“36A. Invitation of Resolution Plans
 The resolution professional shall issue an invitation , including
evaluation matrix, to the prospective resolution applicants in
accordance with clause (h) of sub-section (2) of section 25, to
submit resolution plans at least thirty days before the last date
of submission of resolution plans. 2) Where the invitation does
not contain the evaluation matrix, the resolution professional
shall issue, with the approval of the committee, the evaluation
matrix to the prospective resolution applicants at least fifteen
days before the last date for submission of resolution plans.
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63. (3) The resolution professional may modify the invitation, the
evaluation matrix or both with the approval of the committee
within the timelines given under sub-regulation (1) or sub-
regulation (2), as the case may be.
(4) The timelines specified under this regulation shall not apply
to an ongoing corporate insolvency resolution process-
(a) where a period of less than thirty-seven days is left for
submission of resolution plans under sub-regulation (1);
(b) where a period of less than eighteen days is left for submission
of resolution plans under sub-regulation (2).
(5) The resolution professional shall publish brief particulars
of the invitation in Form G of the Schedule:
(a) on the website, if any, of the corporate debtor; and
(b) on the website, if any, designated by the Board for the
purpose.”
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64. “Regulation-37. Resolution Plan.”
In the principal regulations, for regulation 37, the
following regulation shall be substituted, namely: -
“37. Resolution Plan–
 A resolution plan shall provide for the measures, as
may be necessary, for insolvency resolution of the
corporate debtor for maximization of value of its
assets, including but not limited to the following:-
(a) transfer of all or part of the assets of the corporate
debtor to one or more persons;
(b) sale of all or part of the assets whether subject to
any security interest or not;ASHOK JUNEJA
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65. (c) the substantial acquisition of shares of the corporate
debtor, or the merger or consolidation of the corporate
debtor with one or more persons;
(d) satisfaction or modification of any security interest;
(e) curing or waiving of any breach of the terms of any debt
due from the corporate debtor;
(f) reduction in the amount payable to the creditors;
(g) extension of a maturity date or a change in interest rate
or other terms of a debt due from the corporate debtor;
(h) amendment of the constitutional documents of the
corporate debtor;
ASHOK JUNEJA
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66. (i) issuance of securities of the corporate debtor, for cash,
property, securities, or in exchange for claims or interests, or
other appropriate purpose;
(j) change in portfolio of goods or services produced or rendered
by the corporate debtor;
(k) change in technology used by the corporate debtor; and
(l) obtaining necessary approvals from the Central and State
Governments and other authorities.”
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67. Regulation- 39
“Approval of Resolution Plan”
In the principal regulations, after sub-regulation
(3) of regulation 39, the following sub-regulation
(3A) shall be inserted, namely:-
 “(3A) The committee shall, while approving the
resolution plan under sub-section (4) of section (30),
specify the amounts payable from resources under the
resolution plan for the purposes under sub-regulation
(1) of regulation 38.”
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68. Regulation- 39,
“Approval of Resolution Plan”
In the principal regulations, for sub-
regulation (4) of regulation 39, the following
sub-regulation (4) shall be substituted,
namely: -
 “(4) The resolution professional shall submit
the resolution plan approved by the committee
to the Adjudicating Authority, at least fifteen
days before the expiry of the maximum period
permitted under section 12 for the completion
of the corporate insolvency resolution process,
with the certification that-
ASHOK JUNEJA
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69. (a) the contents of the resolution plan meet all
the requirements of the Code and the
Regulations; and
(b) the resolution plan has been approved by the
committee:
 Provided that the timeline specified in this sub
regulation shall not apply to an ongoing
corporate insolvency resolution process which
has completed 130th day from its
commencement date.”ASHOK JUNEJA
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70. Indentation of New Form-G
In the principal regulations, after Form F, the following Form
shall be inserted, namely:-
New Form –G inserted for- “FOR THE ATTENTION OF
THE PROSPECTIVE RESOLUTION APPLICANTS
OF”
ASHOK JUNEJA
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71. 2nd Amendment under IBBI
Regulations, 2016 (CIRP)
ADVOCATE & IP
ASHOK JUNEJA
2nd Amendment in CIRP Regulation made in the year 2018
Date of Notification:27/03/2018
ASHOK JUNEJA
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72. “Regulation 3-
Eligibility for Resolution Professional”
 In regulation 3, in sub-regulation (1), in clause (c), in sub-
clause (i), for the words “company secretaries”, the
words “secretarial auditors” shall be substituted.
ASHOK JUNEJA
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73. “Regulation 33-Cost of Interim
Resolution Professional”
 In the principal regulations, in regulation 33, for the
Explanation, the following Explanation shall be
substituted, namely:-
 “Explanation- For the purposes of this regulation,
“expenses” include the fee to be paid to the interim
resolution professional, fee to be paid to insolvency
professional entity, if any, and fee to be paid to
professionals, if any, and other expenses to be
incurred by the interim resolution professional.”
ASHOK JUNEJA
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74. “Regulation 34-
Resolution Professional Cost”
 In the principal regulations, in regulation 34, for
the Explanation, the following Explanation shall be
substituted, namely: -
 “Explanation. - For the purposes of this
regulation, “expenses” include the fee to be paid to
the resolution professional, fee to be paid to
insolvency professional entity, if any, and fee to be
paid to professionals, if any, and other expenses to
be incurred by the resolution professional.”.
ASHOK JUNEJA
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75. “Regulation 34A-
Discloser of Cost”
In the principal regulations, after regulation 34, the
following regulation shall be inserted, namely:-
 “34A. Disclosure of Costs. - The interim resolution
professional or the resolution professional, as the
case may be, shall disclose item wise insolvency
resolution process costs in such manner as may be
required by the Board.”
ASHOK JUNEJA
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76. “Regulation 35A-
Prefrential and other transaction”
In the principal regulations, after regulation 35, the
following regulation shall be inserted, namely:-
 “35A. Identification of Resolution Applicant.- The
resolution professional shall identify the
prospective resolution applicants on or before the
105th day from the insolvency commencement
date.”
ASHOK JUNEJA
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77. In the principal regulations, in
the Schedule
 In the principal regulations, in the Schedule, in
Form A, for entries 8 and 9, the following entries
shall be substituted, namely:-
8
NAME AND REGISTRATION NUMBER OF THE
INSOLVENCY PROFESSIONAL ACTING AS INTERIM
RESOLUTION PROFESSIONAL
9 ADDRESS AND E-MAIL OF THE INTERIM RESOLUTION
PROFESSIONAL, AS REGISTERED
WITH THE BOARD
10 ADDRESS AND E-MAIL TO BE USED FOR
CORRESPONDENCE WITH THE INTERIM RESOLUTION
PROFESSIONAL, IF DIFFERENT
FROM THOSE GIVEN AT SL. NO. 9.
11 LAST DATE FOR SUBMISSION OF CLAIMS.”.ASHOK JUNEJA
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78. In the principal regulations, in the
Schedule, in Form B,
 In the principal regulations, in the Schedule, in Form
B, for the Affidavit and Verification, the following
shall respectively be substituted, namely: -
“DECLARATION”.
ASHOK JUNEJA
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79. In the principal regulations, in the
Schedule, in Form C-
In the principal regulations, in the Schedule, in Form C,-
(a) in the Table, in item 10, for the words “OPERATIONAL
CREDITOR”, the words “FINANCIAL CREDITOR” shall be
substituted;
(b) for the Affidavit and Verification, the following shall be
substituted, namely: -
[Note: In the case of company or limited liability partnership, the
declaration and verification shall be made by the
director/manager/secretary and in the case of other entities, an
officer authorized for the purpose by the entity]”
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80. In the principal regulations, in the
Schedule, in Form D-
 In the principal regulations, in the Schedule, in Form
D, for the Affidavit and Verification, the following
shall respectively be substituted, namely:-
“DECLARATION”.
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81. In the principal regulations, in the
Schedule, in Form E-
In the principal regulations, in the Schedule, in Form E,-
(a) under the heading, ATTACHMENTS, for items (a)
and (b), the following shall be substituted, namely:
“Documents relied as evidence as proof of debt and as
proofs of non-payment of debt”;
(b) for the Affidavit and Verification, the following shall
respectively be substituted, namely: -
ASHOK JUNEJA
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82. In the principal regulations, in the
Schedule, in Form F-
 In the principal regulations, in the Schedule, in Form
F, for the Affidavit and Verification, the following
shall respectively be substituted, namely:-
“DECLARATION”
ASHOK JUNEJA
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83. 3rd Amendment under IBBI
Regulations, 2016 (CIRP)
ADVOCATE & IP
ASHOK JUNEJA
3rd Amendment in CIRP Regulation made in the year 2018
Date of Notification:03/07/2018
ASHOK JUNEJA
(LL.B,FCS,ACMA,DBF,NCFM,ADICA,M.COM)

84. Definitions.
“2(aa) class of creditors”
 In the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate
Persons) Regulations, 2016 (hereinafter referred to
as the principal regulations), in regulation 2, in
sub-regulation (1), after clause (a), the following
clause shall be inserted, namely:-
 “(aa) “class of creditors” means a class with at
least ten financial creditors under clause (b) of sub-
section (6A) of section 21 and the expression,
“creditors in a class” shall be construed
accordingly.”ASHOK JUNEJA
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85. “Regulation 3-
Eligibility for resolution professional”
In the principal regulations, in regulation 3,—
(a) in sub-regulation (1), in clause (c), in sub-clause (ii),
for the words “ten per cent”, the words “five per cent”
shall be substituted;
(b) after sub-regulation (1), the following sub-regulation
shall be inserted, namely:—
 “(1A) Where the committee decides to appoint the interim
resolution professional as resolution professional or
replace the interim resolution professional under section
22 or replace the resolution professional under section 27,
it shall obtain the written consent of the proposed
resolution professional in Form AA of the Schedule.”ASHOK JUNEJA
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86. “Regulation-4A
Choice of authorised representative
 “4A. Choice of authorised representative
(1) On an examination of books of account and
other relevant records of the corporate debtor, the
interim resolution professional shall ascertain
class(s) of creditors, if any.
(2) For representation of creditors in a class
ascertained under sub-regulation (1) in the
committee, the interim resolution professional shall
identify three insolvency professionals who are—
(a) not his relatives or related parties;
ASHOK JUNEJA
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87. (b) eligible to be insolvency professionals under
regulation 3; and
(c) willing to act as authorised representative of
creditors in the class.
(3) The interim resolution professional shall obtain the
consent of each insolvency professional identified
under Sub-regulation (2) to act as the authorized
representative of creditors in the class in Form AB of
the Schedule.”
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88. “Regulation-6
Public announcement”
In the principal regulations, in regulation 6,
 in sub-regulation (2), after clause (b), the following
clauses shall be inserted, namely:—
“(ba) state where claim forms can be downloaded or
obtained from, as the case may be; (bb) offer choice of
three insolvency professionals identified under
regulation 4A to act as the authorised representative of
creditors in each class; and”.
 in sub-regulation (3), the words “Clarification- The
expenses on the public announcement shall not form
part of insolvency resolution process costs” shall be
omitted.
ASHOK JUNEJA
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89. “Regulation-7
Claims by operational creditors”.
 In the principal regulations, in regulation 7, in sub-regulation
(1), for the words,“submit proof of claim”, the words
“submit claim with proof” shall be substituted.
ASHOK JUNEJA
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90. “8. Claims by financial creditors”.
In the principal regulations, in regulation 8, -
(a) in sub-regulation (1), for the words, “financial
creditor of the corporate debtor shall submit proof
of claim”, the words “financial creditor, other
than a financial creditor belonging to a class of
creditors, shall submit claim with proof” shall
be substituted;
(b) in sub-regulation (2), in clause (b), in sub-
clause (iii), for the word “repaid”, the word
“paid” shall be substituted.
ASHOK JUNEJA
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91. “8A. Claims by creditors in a class.”
In the principal regulations, after regulation 8, the following regulation shall be inserted,
namely: -
 “8A. Claims by creditors in a class.
(1) A person claiming to be a creditor in a class shall submit claim with proof to the interim
resolution professional in electronic form in Form CA of the Schedule.
(2) The existence of debt due to a creditor in a class may be proved on the basis of-
(a) the records available with an information utility, if any; or
(b) other relevant documents, including any-
(i) agreement for sale;
(ii) letter of allotment;
(iii) receipt of payment made; or
(iv) such other document, evidencing existence of debt.
(3) A creditor in a class may indicate its choice of an insolvency professional, from amongst the
three choices provided by the interim resolution professional in the public announcement, to
act as its authorised representative.”
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92. “Regulation-9.
Claims by workmen and employees”
 In the principal regulations, in regulation 9, in sub-
regulation (1) and (2), for the words, “proof of
claim”, the words “claim with proof” shall
respectively be substituted;
ASHOK JUNEJA
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93. Regulation-9A
Claims by other creditors
 In the principal regulations, in regulation 9A, in sub-
regulation (1), for the words, “proof of its claim”, the
words “its claim with proof” shall be substituted
ASHOK JUNEJA
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94. “Regulation-12.
Submission of proof of claims”.
In the principal regulations, in regulation 12, -
(a) in sub-regulation (1), for the words, “proof of claim”, the words
“claim with proof” shall be substituted;
(b) for sub-regulation (2), the following sub-regulation shall be
substituted, namely:-
“(2) A creditor, who fails to submit claim with proof within the time
stipulated in the public announcement, may submit the claim with proof
to the interim resolution professional or the resolution professional, as the
case may be, on or before the ninetieth day of the insolvency
commencement date.”;
(c) in sub-regulation (3), for the words, “a financial creditor”, the words “a
financial creditor under regulation 8” shall be substituted
ASHOK JUNEJA
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95. “Regulation- 16A.
Authorised representative”.
After regulation 16, the following regulations shall be inserted, namely: -
“16A. Authorised representative.
(1) The interim resolution professional shall select the insolvency professional,
who is the choice of the highest number of financial creditors in the class in Form
CA received under sub-regulation (1) of regulation 12, to act as the authorised
representative of the creditors of the respective class:
Provided that the choice for an insolvency professional to act as authorised
representative in Form CA received under sub-regulation (2) of regulation 12 shall
not be considered.
(2) The interim resolution professional shall apply to the Adjudicating Authority
for appointment of the authorised representatives selected under sub-regulation (1)
within two days of the verification of claims received under sub-regulation (1) of
regulation 12.
(3) Any delay in appointment of the authorised representative for any class of
creditors shall not affect the validity of any decision taken by the committee.
ASHOK JUNEJA
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96. (4) The interim resolution professional shall provide the
list of creditors in each class to the respective authorised
representative appointed by the Adjudicating Authority.
(5) The interim resolution professional or the resolution
professional, as the case may be, shall provide an updated
list of creditors in each class to the respective authorised
representative as and when the list is updated.
Clarification: The authorised representative shall have no
role in receipt or verification of claims of creditors of the
class he represents.
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97. (6) The interim resolution professional or the resolution
professional, as the case may be, shall provide electronic
means of communication between the authorised
representative and the creditors in the class.
(7) The voting share of a creditor in a class shall be in
proportion to the financial debt which includes an interest at
the rate of eight per cent per annum unless a different rate
has been agreed to between the parties.
(8) The authorised representative of creditors in a class shall
be entitled to receive fee for every meeting of the
committee attended by him in the following manner,
namely:-
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98. (9) The authorised representative shall circulate the
agenda to creditors in a class and announce the
voting window at least twenty-four hours before the
window opens for voting instructions and keep the
voting window open for at least twelve hours.
Number of creditors in the class Fee per meeting of the committee
(Rs.)
10-100 15,000
101-1000 20,000
More than 1000 25,000
ASHOK JUNEJA
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99. “Regulation- 16B.
Committee with only creditors in a class.”
 16B. Committee with only creditors in a class.
Where the corporate debtor has only creditors in a class and
no other financial creditor eligible to join the committee, the
committee shall consist of only the authorized
representative(s).
ASHOK JUNEJA
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100. “Regulation- 17.
Constitution of committee.”
In the principal regulations, for regulation 17, the following
regulation shall be substituted, namely: -
“17. Constitution of committee.
(1) The interim resolution professional shall file a report certifying
constitution of the committee to the Adjudicating Authority within two
days of the verification of claims received under sub-regulation (1) of
regulation 12.
(2) The interim resolution professional shall hold the first meeting of the
committee within seven days of filing the report under this regulation.
(3) Where the appointment of resolution professional is delayed, the
interim resolution professional shall perform the functions of the
resolution professional from the fortieth day of the insolvency
commencement date till a resolution professional is appointed under
section 22.”
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101. “Regulation- 19”
In the principal regulations, for regulation 19, the following
regulation shall be substituted, namely: -
 “19. (1) Subject to this Regulation, a meeting of the committee shall
be called by giving not less than five days’ notice in writing to every
participant, at the address it has provided to the resolution professional
and such notice may be sent by hand delivery, or by post but in any
event, be served on every participant by electronic means in
accordance with Regulation 20.
 (2) The committee may reduce the notice period from five days to
such other period of not less than twenty-four hours, as it deems fit:
Provided that the committee may reduce the period to such other
period of not less than forty-eight hours if there is any authorised
representative.”
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102. “Regulation -25
Voting by the committee”.
In the principal regulations, in regulation 25, -
(a) for sub-regulation (3), the following sub-regulation shall be substituted,
namely: -
“(3) The resolution professional shall take a vote of the members of the committee
present in the meeting, on any item listed for voting after discussion on the same.”
(b) for sub-regulation (5), the following sub-regulation shall be substituted,
namely:
“(5) The resolution professional shall-
(a) circulate the minutes of the meeting by electronic means to all members of the
committee within forty-eight hours of the conclusion of the meeting; and
(b) seek a vote of the members who did not vote at the meeting on the matters listed
for voting, by electronic voting system in accordance with regulation 26 where the
voting shall be kept open for twenty-four hours from the circulation of the minutes,
for.”
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103. “Regulation-26
Voting through electronic means”
 In the principal regulations, in regulation 26, sub-regulation
(2) shall be omitted.
ASHOK JUNEJA
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104. “Regulation 27-
Appointment of registered valuers.”
In the principal regulations,
 in regulation 27, for the words, “seven days of his
appointment”, the words “seven days of his
appointment, but not later than forty-seventh day from
the insolvency commencement date” shall be
substituted.
ASHOK JUNEJA
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105. “Regulation 29
Sale of assets outside the ordinary course of business”
In the principal regulations,
 in regulation 29, in sub-regulation (2), for the words,
“approval of the committee”, the words “approval of
the committee by a vote of sixty-six per cent of
voting share of the members” shall be substituted.
ASHOK JUNEJA
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106. “Regulation 30A.
Withdrawal of application.”
In the principal regulations, after regulation 30, the following
regulation shall be inserted, namely: -
 “30A. Withdrawal of application.
(1) An application for withdrawal under section 12A shall be
submitted to the interim resolution professional or the resolution
professional, as the case may be, in Form FA of the Schedule before
issue of invitation for expression of interest under regulation 36A.
(2) The application in sub-regulation (1) shall be accompanied by a
bank guarantee towards estimated cost incurred for purposes of
clauses (c) and (d) of regulation 31 till the date of application.
(3) The committee shall consider the application made under sub-
regulation (1) within seven days of its constitution or seven days of
receipt of the application, whichever is later.
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107. (4) Where the application is approved by the committee
with ninety percent voting share, the resolution
Professional shall submit the application under sub-
regulation (1) to the Adjudicating Authority on behalf
of the applicant, within three days of such approval.
(5) The Adjudicating Authority may, by order, approve
the application submitted under sub-regulation (4).”
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108. “Regulation-31
Insolvency resolution process costs”
In the principal regulations, in regulation 31, after
clause (a), the following clauses shall be inserted,
namely: -
 “(aa) fee payable to authorized representative under
sub-regulation (7) of regulation 16A;
 (ab) out of pocket expenses of authorized
representative for discharge of his functions under
section 25;”
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109. “Regulation- 35A.
Preferential and other transactions.”
In the principal regulations, for regulation 35A, the following regulation shall be
substituted, namely: -
 “35A. Preferential and other transactions.
(1) On or before the seventy-fifth day of the insolvency commencement date, the
resolution professional shall form an opinion whether the corporate debtor has been
subjected to any transaction covered under sections 43, 45, 50 or 66.
(2) Where the resolution professional is of the opinion that the corporate debtor has
been subjected to any transactions covered under sections 43, 45, 50 or 66, he shall
make a determination on or before the one hundred and fifteenth day of the insolvency
commencement date, under intimation to the Board.
(3) Where the resolution professional makes a determination under sub-regulation (2),
he shall apply to the Adjudicating Authority for appropriate relief on or before the one
hundred and thirty-fifth day of the insolvency commencement date.”
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110. “Regulation- 36
Information memorandum”.
In the principal regulations, in regulation 36, -
(a) for sub-regulation (1), the following sub-regulation
shall be substituted, namely: -
 “(1) Subject to sub-regulation (4), the resolution
professional shall submit the information memorandum
in electronic form to each member of the committee
within two weeks of his appointment, but not later than
fifty-fourth day from the insolvency commencement
date, whichever is earlier.”
(b) in sub-regulation (4), the words “or a prospective
resolution applicant” shall be omitted;
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111. “Regulation- 36A.
Invitation for expression of interest.”
In the principal regulations, for regulation 36A, the
following regulation shall be substituted, namely: -
 “36A. Invitation for expression of interest.
(1) The resolution professional shall publish brief
particulars of the invitation for expression of interest in
Form G of the Schedule at the earliest, not later than
seventy-fifth day from the insolvency commencement date,
from interested and eligible prospective resolution
applicants to submit resolution plans.
(2) The resolution professional shall publish Form G-
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112. (i) in one English and one regional language newspaper with
wide circulation at the location of the registered office and
principal office, if any, of the corporate debtor and any other
location where in the opinion of the resolution professional, the
corporate debtor conducts material business operations;
(ii) on the website, if any, of the corporate debtor;
(iii) on the website, if any, designated by the Board for the
purpose; and
(iv) in any other manner as may be decided by the committee.
(3) The Form G in the Schedule shall -
(a) state where the detailed invitation for expression of interest
can be downloaded or obtained from, as the case may be; and
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113. (4) The detailed invitation referred to in sub-regulation (3) shall—
(a) specify the criteria for prospective resolution applicants, as approved by
the committee in accordance with clause (h) of sub-section (2) of section 25;
(b) state the ineligibility norms under section 29A to the extent applicable for
prospective resolution applicants;
(c) provide such basic information about the corporate debtor as may be
required by a prospective resolution applicant for expression of interest; and
(d) not require payment of any fee or any non-refundable deposit for
submission of expression of interest.
(5) A prospective resolution applicant, who meet the requirements of the
invitation for expression of interest, may submit expression of interest within
the time specified in the invitation under clause (b) of sub-regulation (3).
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114. (6) The expression of interest received after the time specified in the invitation
under clause (b) of sub-regulation (3) shall be rejected.
(7) An expression of interest shall be unconditional and be accompanied by-
(a) an undertaking by the prospective resolution applicant that it meets the
criteria specified by the committee under clause (h) of sub-section (2) of
section 25;
(b) relevant records in evidence of meeting the criteria under clause (a);
(c) an undertaking by the prospective resolution applicant that it does not
suffer from any ineligibility under section 29A to the extent applicable;
(d) relevant information and records to enable an assessment of ineligibility
under clause (c);
(e) an undertaking by the prospective resolution applicant that it shall intimate
the resolution professional forthwith if it becomes ineligible at any time
during the corporate insolvency resolution process;
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115. (f) an undertaking by the prospective resolution applicant that every
information and records provided in expression of interest is true and correct
and discovery of any false information or record at any time will render the
applicant ineligible to submit resolution plan, forfeit any refundable deposit,
and attract penal action under the Code; and
(g) an undertaking by the prospective resolution applicant to the effect that it
shall maintain confidentiality of the information and shall not use such
information to cause an undue gain or undue loss to itself or any other person
and comply with the requirements under sub-section (2) of section 29.
(8) The resolution professional shall conduct due diligence based on the
material on record in order to satisfy that the prospective resolution applicant
complies with-
(a) the provisions of clause (h) of sub-section (2) of section 25;
(b) the applicable provisions of section 29A, and
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116. (9) The resolution professional may seek any clarification or additional
information or document from the prospective resolution applicant for
conducting due diligence under sub-regulation (8).
(10) The resolution professional shall issue a provisional list of eligible
prospective resolution applicants within ten days of the last date for
submission of expression of interest to the committee and to all
prospective resolution applicants who submitted the expression of
interest.
(11) Any objection to inclusion or exclusion of a prospective resolution
applicant in the provisional list referred to in sub-regulation (10) may be
made with supporting documents within five days from the date of issue
of the provisional list.
(12) On considering the objections received under sub-regulation (11),
the resolution professional shall issue the final list of prospective
resolution applicants within ten days of the last date for receipt of
objections, to the committee.”
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117. “Regulation- 36B.
Request for resolution plans.”
In the principal regulations, after regulation 36A, the following
regulation shall be inserted, namely: -
 “36B. Request for resolution plans.
(1) The resolution professional shall issue the information memorandum,
evaluation matrix and a request for resolution plans, within five days of the
date of issue of the provisional list under sub-regulation (10) of regulation
36A to -
(a) every prospective resolution applicant in the provisional list; and
(b) every prospective resolution applicant who has contested the decision of
the resolution professional against its non-inclusion in the provisional list.
(2) The request for resolution plans shall detail each step in the process, and
the manner and purposes of interaction between the resolution professional
and the prospective resolution applicant, along with corresponding timelines.
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118. (3) The request for resolution plans shall allow prospective resolution
applicants a minimum of thirty days to submit the resolution plan(s).
(4) The request for resolution plans shall not require any non-
refundable deposit for submission of or along with resolution plan.
(5) Any modification in the request for resolution plan or the evaluation
matrix issued under sub-regulation (1), shall be deemed to be a fresh
issue and shall be subject to timeline under sub-regulation (3).
(6) The resolution professional may, with the approval of the
committee, extend the timeline for submission of resolution plans.
(7) The resolution professional may, with the approval of the
committee, re-issue request for resolution plans, if the resolution plans
received in response to an earlier request are not satisfactory, subject to
the condition that the request is made to all prospective resolution
applicants in the final list:
 Provided that provisions of sub-regulation (3) shall not apply for
submission of resolution plans under this sub regulation.”
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119. “Regulation -37
Resolution plan”.
In the principal regulations, in regulation 37, after
clause (c), the following clause shall be inserted,
namely: -
 “(ca) cancellation or delisting of any shares of the
corporate debtor, if applicable;”
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120. “Regulation- 38
Mandatory contents of the resolution plan”.
In the principal regulations, in regulation 38, -
(a) in sub-regulation (1), in clause (a), for the words,
“insolvency resolution process costs will be paid”, the
words “insolvency resolution process costs, to the extent
unpaid, will be paid” shall be substituted;
(b) for sub-regulation (3), the following sub-regulation
shall be substituted, namely:-
“(3) A resolution plan shall demonstrate that –
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121. (a) it addresses the cause of default;
(b) it is feasible and viable;
(c) it has provisions for its effective implementation;
(d) it has provisions for approvals required and the
timeline for the same; and
(e) the resolution applicant has the capability to
implement the resolution plan.”.
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122. “Regulation 39-
Approval of resolution plan”.
In the principal regulations, in regulation 39, -
(a) for sub-regulation (1), the following sub-regulations shall be
substituted, namely: -
“(1) A prospective resolution applicant in the final list may submit
resolution plan or plans prepared in accordance with the Code and
these regulations to the resolution professional electronically within
the time given in the request for resolution plans under regulation
36B along with
(a) an affidavit stating that it is eligible under section 29A to submit
resolution plans;
(b) an undertaking that it will provide for additional funds to the
extent required for the purposes under sub regulation (1) of
regulation 38; and
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123. (c) an undertaking by the prospective resolution applicant that every information
and records provided in connection with or in the resolution plan is true and
correct and discovery of false information and record at any time will render the
applicant ineligible to continue in the corporate insolvency resolution process,
forfeit any refundable deposit, and attract penal action under the Code.
(1A) A resolution plan which does not comply with the provisions of sub-
regulation (1) shall be rejected.”
(b) for sub-regulation (3), the following sub-regulations shall be substituted,
namely: -
“(3) The committee shall evaluate the resolution plans received under sub-
regulation (1) strictly as per the evaluation matrix to identify the best resolution
plan and may approve it with such modifications as it deems fit:
Provided that the committee shall record the reasons for approving or rejecting
a resolution plan.”
(c) for sub-regulation (4), the following sub-regulation shall be substituted,
namely: -
“(4) The resolution professional shall endeavour to submit the resolution plan
approved by the committee to the Adjudicating Authority at least fifteen days
before the maximum period for completion of corporate insolvency resolution
process under section 12, along with a compliance certificate in Form H of the
Schedule.”
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124. “Regulation- 40A”
In the principal regulations, after regulation 40, the
following regulation shall be inserted, namely: -
 “40A. Model time-line for corporate insolvency
resolution process.
 The following Table presents a model timeline of
corporate insolvency resolution process on the
assumption that the interim resolution professional is
appointed on the date of commencement of the process
and the time available is hundred and eighty days:
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125. 4th Amendment under IBBI
Regulations, 2016 (CIRP)
ADVOCATE & IP
ASHOK JUNEJA
4th Amendment in CIRP Regulation made in the year 2018
Date of Notification:05/10/2018
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126. “Regulation 2, Definitions”.
 In regulation 2, in sub-regulation (1), clause (f) shall be
omitted.
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127. “Regulation 21- Contents of the
Notice of the Meeting ”
In regulation 21, for sub-regulation (3), following
sub-regulation shall be substituted, namely: -
 “(3) The notice of the meeting shall contain the
following-
(i) a list of the matters to be discussed at the meeting;
(ii) a list of the issues to be voted upon at the meeting;
and
(iii) copies of all documents relevant to the matters to be
discussed and the issues to be voted upon at the
meeting.”.
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128. “Regulation 25-
Voting by Committee”
In regulation 25, for sub-regulation (5), the following
sub-regulations shall be substituted, namely: -
“(5) The resolution professional shall-
(a) circulate the minutes of the meeting by electronic
means to all members of the committee and the
authorised representative, if any, within forty-eight hours
of the conclusion of the meeting; and
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129. (b) seek a vote of the members who did not vote at
the meeting on the matters listed for voting, by
electronic voting system in accordance with
regulation 26 where the voting shall be kept open for
at least twenty-four hours from the circulation of the
minutes.
(6) The authorized representative shall circulate the
minutes of the meeting received under sub-
regulation(5) to creditors in a class and announce the
voting window at least twenty-four hours before the
window opens for voting instructions and keep the
voting window open for at least twelve hours.”
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130. “Regulation -26
Voting through Electronic Means”
 In regulation 26, after sub-regulation (1), the
following sub-regulation shall be inserted, namely:-
“(1A) The authorised representative shall exercise the
votes either by electronic means or through electronic
voting system as per the voting instructions received
by him from the creditors in the class Pursuant to sub-
regulation (6) of regulation 25.
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131. “Regulation- 38
Mandatory Contents of the Resolution Plan”
 In regulation 38, for sub-regulation (1), the
following sub-regulation shall be substituted,
namely: - “(1) The amount due to the operational
creditors under a resolution plan shall be given
priority in payment over financial creditors.”
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132. “Regulation 39 –
Approval of Resolution Plan”
 In regulation 39, -
(a) in sub-regulation (1), clause (b) shall be omitted;
(b) sub-regulation (3A) shall be omitted;
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133. “After regulation 39,”
 After regulation 39, the following regulation shall
be inserted, namely:-
 “39A. Preservation of records.-The interim
resolution professional or the resolution
professional, as the case may be, shall preserve a
physical as well as an electronic copy of the records
relating to corporate insolvency resolution process
of the corporate debtor as per the record retention
schedule as may be communicated by the Board in
consultation with Insolvency Professional
Agencies.”.
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134. For Any Query/ Clarification, please contact :
ADVOCATE ASHOK JUNEJA
(LLB, FCS, ACMA, DBF, ADICA, M.COM)
A REGISTERED INSOLVENCY PROFESSIONAL WITH INSOLVENCY
& BANKRUPTCYBOARD OF INDIA (IBBI)
FOUNDER & MANAGING PARTNER
MANTRAH LAW HOUSE LLP
1302, Vijaya Building,
17 Barakhamba Road,
Connaught Place, New Delhi-110001
Mobile No: +91-9810532462
Landline No: 011-41563467/ 43011969
Email: ashokjuneja@gmail.com