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ARTICLE · 04 OCTOBER 2023

Amendments To Corporate Insolvency Resolution Process

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On 18 September 2023, the Insolvency and Bankruptcy Board of India (IBBI) introduced the Insolvency and Bankruptcy Board of India...

IndiaInsolvency/Bankruptcy/Re-Structuring
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On 18 September 2023, the Insolvency and Bankruptcy Board of India (IBBI) introduced the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 (CIRP Amendment Regulations). Here is a summary of the key changes made through these regulations:

1. In applications seeking initiation of corporate Insolvency resolution process of the corporate debtor (CD), the creditor is now required to give various details and evidence pertaining to the chronology of debt, defaults and limitation.

2. The CIRP Amendment Regulations provide the procedure for the resolution professional (RP) to take custody and control of the assets and records of the CD as well as ensuring cooperation from CD personnel.

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