Amendment to the IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2016

Sep 27, 2022 | by TeamLease RegTech Legal Research Team

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Secretarial ComplianceThe Insolvency and Bankruptcy Board of India (IBBI) has issued amendments to IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2016.

The following has been stated namely: -

• Improved Information availability –

1. EoI can be done earlier – Requires minimum information, gives more time to find PRAs Improved Information Memorandum.

2. Information available through the IM is limited and does not reflect true value of CD Provide copy of avoidance application to PRAs.

• Value Maximization –

1. Professional services hired for marketing of assets but only in some CIRPs.

• Reducing delays –

1. RP mandated to attempt for resolution before filing for liquidation orders.

2. Liquidator directed to explore the possibility of a compromise or arrangement on many occasions by AA in most cases even where this exploration is not possible.

 

 


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