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ARTICLE · 09 MAY 2018

Amendments In Insolvency Resolution And Liquidation Process For Corporate Persons

S.S. Rana & Co.
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The Insolvency and Bankruptcy Board of India vide press release1 dated March 28, 2018, has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process...

IndiaInsolvency/Bankruptcy/Re-Structuring
S.S. Rana & Co. Advocates
S.S. Rana & Co. Advocates
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Introduction:

The Insolvency and Bankruptcy Board of India (hereinafter referred as 'IBBI') vide press release1 dated March 28, 2018, has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

A. The salient features of the amendments under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are discussed hereunder:

Identification of resolution applicants:

As per the amendments, the resolution professional (hereinafter referred as 'RP') shall identify the prospective resolution applicants on or before the 105th day from the insolvency commencement date.

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