CCI revises guidance notes to Form 1 (See 'Corpbrief') PESO takes steps to ensure smooth supply of oxygen to hospitals (See 'Corpbrief') Officers of MNRE working from Home through e-office platform (See 'Corpbrief') Rail minister assures e-commerce sites of robust supply chain (See 'Corpbrief') Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic (See 'Dashboard') RBI Governor: India’s economy stronger than aftermath of 2008-09 global recession FICCI President: RBI rate cuts will help liquidity; much needed oxygen for gasping industry Amalgamation of 10 public sector banks to take effect from April 01 despite lockdown Karnataka High Court stays all Banks from conducting auction RBI pumps in Rs 3.74 lakh crore to buoy up liquidity (See 'Corpbrief') PM asks G20 to design action plan to deal with COVID-19 (See 'Corpbrief') FICCI looks forward to package for Corporate India (See 'Corpbrief') Further relaxations from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and the SEBI circular dated January 22, 2020 relating to Standard Operating Procedure due to the CoVID -19 virus pandemic (See 'Dashboard') Marginal Standing Facility stands reduced from 5.40% to 4.65% RBI reduces repo rate by 75 basis points to 4.40% RBI allows banks to defer EMI on loans by 3 months Companies Act : If company has not filed financial statements and returns since 2006 onwards, its name cannot be struke off from records of ROC if due to personal difficulties of Directors, they could not start business : NCLAT (See 'Legal Desk') SEBI Act - AO, SEBI is not obligated to provide documents which are not relied in show cause notice for inspection under securities laws: SAT (See 'Legal Desk') FM announces Rs 50 lacs insurance package for Medical staff, sanitation workers N-95 mask - Govt sets up control room to monitor production (See 'Corpbrief') Apple shuts production in India temporarily COVID-19: Parle to donate 3 cr biscuits packs through government agencies Amazon defers seller’s loan repayment to April 30 COVID-19 Fall-out - Is PM losing time to 'Flatten The Curve' of mounting economic miseries! (See 'The Cob(Web)' in TIOL) Trademark: Change in online records of ownership of trademark is effected only through Form TM-P and not by Form TM-33 and 34: HC (See 'Legal Desk') Securities Contracts: In absence of any documentary proof, it can be held that off market transfer of shares is without consideration and penalty can also be imposed : SAT (See 'Legal Desk') Finance Bill 2020 as passed by Lok Sabha (See 'taxindiaonline.com') Cabinet approves recapitalization of RRBs (See 'CorpBrief') Cabinet nod for Railways MoU with German DB Engineering (See 'Corpbrief') ARCI develops tech to improve fuel efficiency of automobile engines (See 'Corpbrief') Sameer Aggarwal elevated to Walmart India CEO Youtube reduces video quality globally to ease internet traffic China restarts its production units, flights as rest of world goes under lockdown

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NEW DELHI

NOTIFICATION NO

IBBI/2019-20/GN/REG056, Dated: March 25, 2020

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

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”

[ADVT.- III/4/Exty./…./20]

Dr. M S Sahoo
Chairperson

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.

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