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ARTICLE · 27 OCTOBER 2023

HSA | Restructuring & Insolvency Monthly Update | October 2023

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HSA | Restructuring & Insolvency Monthly Update | October 2023...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
Avishek Roy Chowdhury
Avishek Roy Chowdhury
Mukte Halbe
Mukte Halbe
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IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023

  • The Insolvency and Bankruptcy Board of India (IBBI) vide notification dated September 18, 2023 notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 (CIRP Second Amendment Regulations).
  • By way of CIRP Second Amendment Regulations, IBBI has inserted Regulations 2D, 3A and 30B in the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and caused amendment in Regulations 12, 13, 16A, 28, 36B, as detailed below.
  • By way of Regulation 2D, IBBI addresses the aspect of limitation at the very inception of the insolvency proceedings by requiring the Creditor to submit an affidavit or a similar document detailing the chronology of the debt and default, and explaining why the application is not barred by limitation.

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