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ARTICLE · 16 OCTOBER 2024

IBBI's Clarification Empowers The Role Of Authorized Representative

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The Insolvency and Bankruptcy Board of India (IBBI) has on 24 September 2024 published the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations...

IndiaInsolvency/Bankruptcy/Re-Structuring
Siddharth Srivastava
Siddharth Srivastava
Mohit Kishore
Mohit Kishore
Shikha Mohini
Shikha Mohini
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Background

The Insolvency and Bankruptcy Board of India (IBBI) has on 24 September 2024 published the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 (Amendment Regulations) with the primary aim to streamline and reduce the delays faced in insolvencies containing class of creditors.

Amendments Introduced

  1. Substitution of proviso to Regulation 16A(1): The substituted proviso provides that the choice of authorized representative shall not be considered for those financial creditors in a class who shall submit the Form CA after the time stipulated in the public announcement.
  2. Addition of proviso to Regulation 16A(2): The proviso entitles the authorized representative (AR) of the class of financial creditors to attend the meetings of the committee of creditors (CoC) as an interim representative while the application for his appointment is pending for consideration before the adjudicating authority.

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