CIRP Regulation Amendments: A Step Closer Towards A Smooth Functioning Insolvency Regime

In June 2018, came an amendment in the Insolvency and Bankruptcy Code, 2016 ("the Code") which have introduced many new changes in the Code. When such change occurs, the rules and regulations forming part of the whole scheme also need to be amended accordingly to ensure the smooth functioning of the scheme. Accordingly, on 04th July 2018 amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)Regulations, 2016 ("Regulations") were notified.

These omissions, editions and additions to the Regulations by the way of the third amendment compliment the changes in the Code. Apart from the small changes in t he Regulations, the following are the major changes that have taken place.