INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (AMENDMENT) REGULATIONS, 2020

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

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA vide notification / Gazette id No. CG-DL-E-13022020-216129 and No. IBBI/2019-20/GN/REG055 issued dated 12^th February, 2020 and publish dated 13^h February 2020, has published Companies (Accounts) Amendment Rules, 2020. to amend the Companies (Accounts) Rules, 2014.

·         Applicability:

They shall come into force on the date of their publication in the Official Gazette, i.e. 13^th day of February, 2020.

·         Change via this amendment

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 April, 2020.

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

If filed on Fee	(in Rupees)
29th April, 2020	0
30th April, 2020	0
1 st May, 2020	500
Any day in May, 2020	1000
Any day in June, 2020	1500

Link: http://egazette.nic.in/WriteReadData/2020/216129.pdf

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