Latest Resolution changes by Insolvency and Bankruptcy Board Via Amendment Regulations 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (AMENDMENT) REGULATIONS, 2017
No. IBBI/2017-18/GN/REG013.—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, the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:—
1. These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the principal regulations), after regulation 9, the following regulation shall be inserted, namely:—
“ 9A. Claims by other creditors.
(1) A person claiming to be a creditor, other than those covered under regulations 7, 8, or 9, shall submit proof of its claim to the interim resolution professional or resolution professional in person, by post or by electronic means in Form F of the Schedule.
(2) The existence of the claim of the creditor referred to in sub-section (1) may be proved on the basis of –
(a) the records available in an information utility, if any, or
(b) other relevant documents sufficient to establish the claim, including any or all of the following:—
(i) documentary evidence demanding satisfaction of the claim;
(ii) bank statements of the creditor showing non-satisfaction of claim;
(iii) an order of court or tribunal that has adjudicated upon non-satisfaction of claim, if any.”
4. In the principal regulations, in the schedule, in Form A, for paragraph starting with the words “The financial creditors” and ending with the words “electronic means”, the following paragraph shall be substituted, namely:—
“The financial creditors shall submit their proof of claims by electronic means only. All other creditors may submit the proof of claims in person, by post or by electronic means.”
5. In the principal regulations, in the Schedule, after Form E, the following new Form F shall be inserted as follows :-









Company Secretary GAURAV SHARMA+919990694230
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Latest Resolution changes by Insolvency and Bankruptcy Board Via Amendment Regulations 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (AMENDMENT) REGULATIONS, 2017
No. IBBI/2017-18/GN/REG013.—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, the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:—
1. These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the principal regulations), after regulation 9, the following regulation shall be inserted, namely:—
“ 9A. Claims by other creditors.
(1) A person claiming to be a creditor, other than those covered under regulations 7, 8, or 9, shall submit proof of its claim to the interim resolution professional or resolution professional in person, by post or by electronic means in Form F of the Schedule.
(2) The existence of the claim of the creditor referred to in sub-section (1) may be proved on the basis of –
(a) the records available in an information utility, if any, or
(b) other relevant documents sufficient to establish the claim, including any or all of the following:—
(i) documentary evidence demanding satisfaction of the claim;
(ii) bank statements of the creditor showing non-satisfaction of claim;
(iii) an order of court or tribunal that has adjudicated upon non-satisfaction of claim, if any.”
4. In the principal regulations, in the schedule, in Form A, for paragraph starting with the words “The financial creditors” and ending with the words “electronic means”, the following paragraph shall be substituted, namely:—
“The financial creditors shall submit their proof of claims by electronic means only. All other creditors may submit the proof of claims in person, by post or by electronic means.”
5. In the principal regulations, in the Schedule, after Form E, the following new Form F shall be inserted as follows :-









Company Secretary GAURAV SHARMA+919990694230
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Core Banking Solution (CBS) Requirements for Urban Co-operative Banks (UCBs)


Please refer to our circular DCBR.CO.PCB.Cir.No.14/09.18.300/2015-16 dated April 13, 2016 announcing the Scheme for providing financial assistance to urban co-operative banks for implementation of Core Banking Solution (CBS).
2. As stated therein, a document dealing with the functional and technical requirements for Core Banking Solution in Urban Co-operative Banks has been prepared by the Institute for Development and Research in Banking Technology (IDRBT) in consultation with the Reserve Bank. The document can be accessed at the IDRBT website under the link http://bit.ly/2i9ZYIb
3. The document is expected to serve as a reference material for implementing and improving CBS in the banks.





Company Secretary GAURAV SHARMA+919990694230
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Email us gauravdelhirav@gmail.com

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Core Banking Solution (CBS) Requirements for Urban Co-operative Banks (UCBs)


Please refer to our circular DCBR.CO.PCB.Cir.No.14/09.18.300/2015-16 dated April 13, 2016 announcing the Scheme for providing financial assistance to urban co-operative banks for implementation of Core Banking Solution (CBS).
2. As stated therein, a document dealing with the functional and technical requirements for Core Banking Solution in Urban Co-operative Banks has been prepared by the Institute for Development and Research in Banking Technology (IDRBT) in consultation with the Reserve Bank. The document can be accessed at the IDRBT website under the link http://bit.ly/2i9ZYIb
3. The document is expected to serve as a reference material for implementing and improving CBS in the banks.





Company Secretary GAURAV SHARMA+919990694230
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Email us gauravdelhirav@gmail.com

Submit your guest articles for our website click here we will publish it

Subscribe our Email updates like other 100,000 Members, Free/Easy/Comfortableway

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