CAIRR Update January 16, 2020

January 16, 2020

Summary of Notifications issued on January 9, 2020 and January 15, 2020 are detailed below:

1. The Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Amendment Rules, 2020:

IBBI by this notification has amended the tenure of service of part-time members from a maximum of 3 years to a maximum of 5 years or 65 years of age whichever is earlier.

Further, the clause that restricted the term of office for a casual vacancy only till the remainder of the term of original appointee has been omitted.

                                                                                                                                                                                                                 (Read more…)

2.  Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020:

 

IBBI by this amendment has introduced two new formats for Corporate Voluntary Liquidation Account:

 

i. Form G- Statement of deposit of Unclaimed Dividends and/or Undistributed Proceeds

ii. Form H- Application for withdrawal from Corporate Voluntary Liquidation Account by stakeholders

                                                                                                                                                                                                                                  (Read more…)