| Regulation | Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 | Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022 | Comments |
| Reg 2B Record or evidence of transaction, debt and default by operational creditor New Reg Inserted | | The operational creditor shall, along with application under section 9, furnish copies of relevant extracts of Form GSTR-1 and Form GSTR-3B filed under the provisions of the relevant laws relating to Goods and Services Tax and the copy of e-way bill wherever applicable Provided that provisions of this regulation shall not apply to those operational creditors who do not require registration and to those goods and services which are not covered under any law relating to Goods and Services Tax | The Operational Creditor who is register under GST need to file form GSTR-1 and Form GSTR-3B and operational creditors which is not register under GST are not require to file the form |
| Reg 2CSubmission of information along with application. New Reg inserted | | The financial creditor or operational creditor shall, while filing application under section 7 or 9, as the case may be, also furnish details of his/ its— (a) Permanent Account Number; and (b) Email-ID. | The financial creditor filing the application need to submits its pan cards details and email id while filing the application |
| Regulation 7 Claims by operational creditors.in sub-regulation (2), in clause (b), after sub- clause (iv), the sub-clause shall be inserted | | Copies of relevant extracts of Form GSTR-1 and Form GSTR-3B filed under the provisions of the relevant laws relating to Goods and Services Tax and the copy of e-way bill wherever applicable: Provided that provisions of this sub-clause shall not apply to those creditors who do not require registration and to those goods and services which are not covered under any law relating to Goods and Services Tax | The operational creditors to whom the GST is applicable required to submit Form GSTR-1 and Form GSTR-3B |
| Regulation 35 Fair value and Liquidation value, in sub-regulation (1), for clause (b) | if in the opinion of the resolution professional, the two estimates of a value are significantly different, he may appoint another registered valuer who shall submit an estimate of the value computed in the same manner; and | If the two estimates of a value in an asset class are significantly different, or on receipt of a proposal to appoint a third registered valuer from the committee of creditors, the resolution professional may appoint a third registered valuer for an asset class for submitting an estimate of the value computed in the manner provided in clause (a). Explanation.- For the purpose of clause (b),(i) “asset class” means the definition provided under the Companies (Registered Valuers and Valuation) Rules, 2017;(ii) “significantly different” means a difference of twenty-five per cent. in liquidation value under an asset class and the same shall be calculated as (L1-L2)/L1, where, L1= higher valuation of liquidation value L2= lower valuation of liquidation value. | The two estimate value in an asset class are significantly different, or on receipt of a proposal to appoint a third registered valuer from the committee of creditors, the resolution professional may appoint a third registered valuer for an asset class for submitting an estimate of the value computed in the manner provided in clause |
| Regulation 35A Preferential and other transactions.after sub-regulation (3) New sub reg inserted | | The creditors shall provide to the resolution professional, relevant extract from the audits of the corporate debtor, conducted by the creditors such as stock audit, transaction audit, forensic audit, etc | The relevant extract from the audits of the corporate debtor, conducted by the creditors such as stock audit, transaction audit, forensic audit, etc need to be provided by creditors to resolution professional. |
| Regulation 36 Information memorandum., after sub-regulation (3) New reg 3A inserted | | The creditors shall provide to the resolution professional the latest financial statements and other relevant financial information of the corporate debtor available with them | The latest financial statement and other relevant financial information related to corporate debtor need to be provided by creditor to resolution professional |
| Regulation 38 Mandatory contents of the resolution plan, in sub-regulation (2), after clause (c) New clause inserted | | Provides for the manner in which proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code, will be pursued after the approval of the resolution plan and the manner in which the proceeds, if any, from such proceedings shall be distributed: Provided that this clause shall not apply to any resolution plan that has been submitted to the Adjudicating Authority under sub-section (6) of section 30 on or before the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022. | The manner in which proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code, will be pursued after the approval of the resolution plan. This will not be applicable to to any resolution plan that has been submitted to the Adjudicating Authority under sub-section (6) of section 30 on or before the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022. |
