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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, 2025.

03-Feb-2025 | F.No. IBBI/2024-25/GN/REG122

IBBI has issued Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025, effective from 3rd February 2025. Key highlights - 1. A new regulation regarding Handing over the possession is inserted requiring the Resolution Professional to hand over the possession of the plot, apartment etc. after receiving approval of not less than 66% of total votes from the committee. (Regulation 4E) 2. A new regulation regarding the Appointment of Facilitators is inserted which specifies about that the committee may direct to appoint an Insolvency professional as a facilitator subject to some conditions when the number of creditors in class exceeds 1000. (Regulation 16C) 3. A new regulation specifying the roles and responsibilities of the facilitator is inserted such as - Providing information, develop communication and other tasks as assigned timely. (Regulation 16D) 4. A new regulation regarding the Report on the status of development rights and permissions of real estate projects is inserted - Requiring the resolution professional to prepare and submit the report, where the corporate debtor has any real estate project. (Regulation 30C) Kindly refer to the attached circular, for more information.

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