The Insolvency and Bankruptcy Board of India (IBBI) on 18 September notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023. This introduces a set of amendments to the regulations governing the insolvency resolution process for corporate entities in India.
To facilitate smooth conduct of corporate insolvency resolution process (CIRP), the amendment regulations add a provision regarding the assistance and co-operation expected from the personnel of the corporate debtor (CD) by providing a detailed procedure for taking custody and control of assets and records of the CD by the resolution professional (RP), said the IBBI press release.
Notable alter…
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