Preliminary

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for

Corporate Persons) Regulations, 2016.


(2) These Regulations shall come into force on 1st December, 2016.


(3) These Regulations shall apply to the corporate insolvency resolution process.


VL Note : –

(1) In these Regulations, unless the context otherwise requires-

      (a) “applicant” means the person(s) filing an application under sections 7, 9 or 10, as the case may be;

      

      (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.]

      

      (b) “Code” means the Insolvency and Bankruptcy Code, 2016;

      

      (c) “Code of Conduct” means the code of conduct for insolvency professionals as set out in the Insolvency and

      Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;

      

      (d) “committee” means a committee of creditors established under section 21;

      

      (e) “corporate insolvency resolution process” means the insolvency resolution process for corporate persons under

      Chapter II of Part II of the Code;

      

      (f) [***]

      

      (g) “electronic form” shall have the meaning assigned to it in the Information Technology Act, 2000 (21 of 2000);

      

      (h) “electronic means” mean an authorized and secured computer programme which is capable of producing confirmation

      of sending communication to the participant entitled to receive such communication at the last electronic mail address

      provided by such participant and keeping record of such communication.

      

      (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.

      

      (i) “identification number” means the Limited Liability Partnership Identification Number or the Corporate Identity

      Number, as the case may be;

      

      (j) “insolvency professional entity” means an entity recognised as such under the Insolvency and Bankruptcy Board of

      India (Insolvency Professionals) Regulations, 2016;

      

      (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.

      

      (l) “participant” means a person entitled to attend a meeting of the committee under section 24 or any other person

      authorised by the committee to attend the meeting;

      

      (m) “registered valuer” means a person registered as such in accordance with the Companies Act, 2013 (18 of 2013) and

      rules made thereunder;

      

      (n) “Schedule” means the schedule to these Regulations;

      

      (o) “section” means section of the Code;

      

      (p) “video conferencing or other audio and visual means” means such audio and visual facility which enables the

      participants in a meeting to communicate concurrently with one another and to participate effectively in the meeting.


Unless the context otherwise requires, words and expressions used and not defined in these Regulations, but defined in the

Code, shall have the meanings assigned to them in the Code.



VL Note : –