The Insolvency And Bankruptcy Board of India ( IBBI ) has notified citing an amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2016.
As per the new amendment, a fee of five hundred rupees per Form for each calendar month of delay in filing of a Form under this regulation after the due date of submission, whether by correction, updation or otherwise, will be charged after 1st of April 2020. This new amendment is aimed at straitening the filing process.
The notification in the official gazette states the amendment in detail and also elaborates the amendment with an example as follows:
“No. IBBI/2019-20/GN/REG055.—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 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the IBBI Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:-
(2) They shall come into force on the date of their publication in the Official Gazette.
“(4) The filing of a Form under this regulation after the due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 30th April 2020.
Example: A Form is required to be filed by 30th April 2020. It shall be filed along with a fee as under
| If filed on | Fee (in Rupees) |
| 29th April 2020 | 0 |
| 30th April 2020 | 0 |
| 1st May 2020 | 500 |
| Any day in May 2020 | 1000 |
| Any day in June 2020 | 1500 |
