Page 2 - IBBI-JUNE-SEPTEMBER 2022

CONTENTS

From Chairperson’s Desk .............................................................................................................................................................................3
IBBI Updates .................................................................................................................................................................................................4
Legal and Regulatory Framework ................................................................................................................................................................5
• Central Government
• Insolvency and Bankruptcy Board of India
Orders ...........................................................................................................................................................................................................7
• Supreme Court
• High Court
• National Company Law Appellate Tribunal
• National Company Law Tribunal
• Insolvency and Bankruptcy Board of India
Corporate Processes ................................................................................................................................................................................11
• Insolvency Resolution
• Liquidation
• Voluntary Liquidation
Individual Processes ....................................................................................................................................................................................19
Service Providers ........................................................................................................................................................................................19
• Insolvency Professionals
• Information Utility
• Registered Valuers
• Complaints and Grievances
Examinations ..............................................................................................................................................................................................23
• Limited Insolvency Examination
• Valuation Examinations
Building Ecosystem ...................................................................................................................................................................................23
Advocacy and Awareness .........................................................................................................................................................................24
Abbreviations ..............................................................................................................................................................................................27

th
Shri Narendra Modi, Hon’ble Prime Minister, during his address on 76 Independence day at Red Fort, New Delhi on August 15, 2022.

‘The pro-business reforms unleashed by Prime Minister Modi in the last eight years like reduction in compliance requirements, removal of retrospective
taxation, simplification of the corporate tax rate structure, Insolvency and Bankruptcy Code (IBC) have improved India’s rank in ease of doing business from
142 in 2014 to 63 in 2022, as per World Bank report’
Dr. Jitendra Singh, Union Minister of State (I/C) Ministry of Science and Technology; Minister of State (I/C) Ministry of Earth Science; MoS of
3ULPH 0LQLVWHU·V 2IÀFH DQG 0LQLVWU\ RI 3HUVRQQHO 3XEOLF *ULHYDQFHV 3HQVLRQV GXULQJ KLV LQWHUDFWLRQ ZLWK ,QGLDQ 'LDVSRUD DW 1HZ <RUN RQ
September 25, 2022.

‘The Insolvency and Bankruptcy Code (IBC) also played a big part in “improving the health of the banking system” which had high NPAs due to the
financial crisis of 2008’
Dr. V Anantha Nageswaran, Chief Economic Advisor, during a virtual seminar organised by Swadeshi Research Institute on September 26, 2022.

11/15/2022 12:24:44 PM
IBBI newsletter.indd 2
IBBI newsletter.indd 2 11/15/2022 12:24:44 PM