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IBBI, vide notification dated February 15, 2024, issued the IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024, amending the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Some of the key amendments are as follows:
- where the corporate debtor has any real estate project, the interim resolution professional or the resolution professional, must operate a separate bank account for each real estate project;
- a resolution professional must convene a meeting of the committee before lapse of 30 (thirty) days from the last meeting;
- the insolvency professional must place in each meeting of the committee, the operational status of the corporate debtor and must seek its approval for all costs, which are part of insolvency resolution process costs;
- the information memorandum must contain the prescribed details of the corporate debtor including the fair value. However, the committee of creditors can decide not to disclose the fair value if it considers such non-disclosure to be beneficial for the resolution process;
- the resolution professional after the approval of the committee of creditors may invite a resolution plan for each real estate project or group of projects of the corporate debtor;
- the committee of creditors may consider the requirement of a monitoring committee for the implementation of the resolution plan.; and
- with respect to the extension of the corporate insolvency resolution process period, the resolution professional must continue to discharge his responsibilities under the corporate insolvency resolution process, till the application for such extension is decided by the adjudicating authority.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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