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9R · 46155 ET @he Gazette of Zndia 31MRU EXTRAORDINARY H0 M = *ug 1 PART II ~ Section 1 giferaT yaTra PUBLISHED BY AUTHORITY

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31 · of 2016.

3 · In section 7 of the principal Act; in sub-section 4), the following proviso shall be inserted, namely: ~Provided that if the Adjudicating Authority has not ascertained the existence of default and passed an order under sub-section (5) within such time, it shall record its reasons in writing for the same. Amendment 4. In section 12 of the principal Act; in sub-section (3), after the proviso, the following of section 12_ provisos shall be inserted, namely: ~Provided further that the corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section and the time taken in legal proceedings in relation to such resolution process of the corporate debtor: Provided also that where the insolvency resolution process of a corporate debtor is pending and has not been completed within the period referred to in the second proviso, such resolution process shall be completed within period of ninety days from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019. Amendment of 5. In section 25A of the principal Act; after sub-section (3), the following sub-section section 25A. shall be inserted, namely: "(3A Notwithstanding anything to the contrary contained in sub-section (3), the authorised representative under sub-section (6A of section 21 shall cast his vote on behalf of all the financial creditors he represents in accordance with the decision taken by a vote of more than fifty per cent of the voting share of the financial creditors he represents, who have cast their vote: Provided that for a vote to be cast in respect of an application under section 12A,the authorised representative shall cast his vote in accordance with the provisions of sub-section (3). Amendment 6. In section 30 of the principal Act; of section 30_ (a) in sub-section (2), for clause (b), the following shall be substituted, namely= "(b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than (i) the amount to be paid 5 to such creditors in the event ofa liquidation of the corporate debtor under section 53; or (ii) the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher; and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount t0 be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor: Explanation 1. ~For the removal of doubts, it is hereby clarified that distribution in accordance with the provisions of this clause shall be fair and equitable to such creditors. Explanation 2.~For the purposes of this clause, it is hereby declared that on and from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act; 2019, the provisions of this clause shall also apply to the corporate insolvency resolution process of a corporate debtor where a resolution plan has not been approved Or rejected by the Adjudicating Authority;

9 · In section 240 of the principal Act; in sub-section (2), in clause (w), for the words Amendment of "repayment of debts of operational creditors` the words payment of debts" shall be section 240_ substituted.