Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020

*[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART III, SECTION 4]
PUBLISHED BY AUTHORITY
NEW DELHI, THE 25
TH MARCH, 2020

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION

New Delhi, the 25th March, 2020

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) (Second Amendment) Regulations, 2020.

No. IBBI/2019-20/GN/REG056.—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 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, 2020.
(2) They shall come into force on the 25th March, 2020.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016, in regulation 40B, for sub-regulation (4), the following sub-regulation shall
be substituted, namely: -

“(4) The filing of a Form under this regulation after due date of submission, whether by correction,
updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar
month of delay after 1st October, 2020.

Example: A Form is required to be filed by 30th October, 2020. It shall be filed along with a fee as
under:

If filed on Fee (in Rupees)
29th October, 2020: 0
30th October, 2020: 0
31st October, 2020: 500
Any day in November, 2020: 1000
Any day in December, 2020: 1500

(Dr. M. S. SAHOO)
Chairperson
[ADVT.- III/4/Exty./…./20]

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
30th 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, 2020 published vide Notification
No. IBBI/2019-20/GN/REG055, dated the 12th February, 2020 in the Gazette of India, Extraordinary,
Part III, Section 4, No. 58 on 12th February, 2020.

* The Notification shall be published in the Gazette of India as soon as the Government Press accepts
the same for publication.