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 (IBBI) amended the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020.
- The IBBI has amended regulations for the liquidation process to provide more clarity on fee payable to liquidators.
- Now as per the amendment, the regulations require the Committee of Creditors (CoC) to fix the fee payable to the liquidator. Where the fee has not been fixed by the CoC, the regulations provide for a fee as a percentage of the amount realised and of the amount distributed by the liquidator.
Recent Related News:
On 29th May 2020, the Insolvency and Bankruptcy Board of India (IBBI) reorganised its advisory committee on service providers and appointed TV Mohandas Pai, Service Chairman of Manipal Global Education as its chairman to support the 12 member panel and provide professional insights on the service providers handled by the IBBI.
It is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
Chairperson– MS Sahoo
Headquarter– New Delhi