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