Corporate Rehabilitation Regulations, 2019

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad the 19th November, 2019 NOTIFICATION S.R.O. 1415 (I)/2019.- In exercise of the powers conferred by section 41 of the Corporate Rehabilitation Act, 2018 (IX of 2018), the Securities and Exchange Commission of Pakistan is pleased to make the following regulations, the same having been previously published for public comments vide S.R.O. 721 (I)/2019 dated July 04, 2019, namely:-

1. Short title and commencement.- (1) These Regulations shall be called the
   Corporate Rehabilitation Regulations, 2019.
   (2) They shall come into force at once.
2. Definitions.— (1) In these regulations unless there is anything repugnant in
   the subject or context,-
   (i) “Act” means the Corporate Rehabilitation Act, 2018 (IX of 2018); (ii) “Companies Act” means the Companies Act, 2017 (XIX of 2017); (iii) “Form” means form appended to these regulations; (iv) “Panel” means a panel of insolvency experts maintained by the Commission in consultation with the State Bank of Pakistan under these regulations; (v) “Provisional manager or official liquidator” shall have the same meaning as assigned to it in section 315 of the Companies Act; and (vi) “Schedule” means schedule appended to these regulations. (2) Words and expressions used but not defined in these regulations shall have the same meanings as are assigned to them under the Corporate Rehabilitation Act, 2018 (IX of 2018) or any administered legislation as specified in Schedule I to the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997).
3. Panel of Insolvency Experts.—Subject to section 5 of the Act, the Commission
   shall maintain a Panel of insolvency experts in the manner as it may deem fit.
4. Eligibility Criteria.- (1) Any person may apply to the Commission to be
   included in the Panel if he/she meets the following criteria:- (i) has a bachelors degree in law, or masters degree in accounting, banking, finance, management, or equivalent, duly recognized by the Higher Education Commission (HEC) of Pakistan; or (ii) is a chartered accountant or cost and management accountant or ACCA from Association of Chartered Certified Accountants (UK) or