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Corporate Laws Central Ministry of Law and Justice Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024

15-Feb-2024 | No. IBBI/2023-24/GN/REG113

IBBI has issued Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

By virtue of this notification the following regulation have been inserted :-

i) 4D- Operating separate bank account for each real estate project- Where the corporate debtor has any real estate project, the interim resolution professional or the resolution professional, as the case may be, shall operate a separate bank account for each real estate project.

ii) In the principal regulations, after regulation 31A, the following regulation shall be inserted, namely: -

?31B. Approval of committee for insolvency resolution process costs- The insolvency professional shall place in each meeting of the committee, the operational status of the corporate debtor and shall seek its approval for all costs, which are part of insolvency resolution process costs.

iii) In the principal regulations, in regulation 35, in sub-regulation (1), after clause (a), the following proviso shall be inserted, namely: -
?Provided that the resolution professional shall facilitate a meeting wherein registered valuers shall explain the methodology being adopted to arrive at valuation to the members of the committee before computation of estimates.?

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