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ARTICLE · 22 NOVEMBER 2017

IBBI Amends CIRP Regulations And Fast Track Regulations

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The Insolvency and Bankruptcy Board of India amended regulations regarding Corporate Insolvency Resolution Process wherein it has stated that the resolution plans with respect to Section 30...

IndiaInsolvency/Bankruptcy/Re-Structuring
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Introduction:

The Insolvency and Bankruptcy Board of India amended regulations regarding Corporate Insolvency Resolution Process wherein it has stated that the resolution plans with respect to Section 30 and Section 31 of the Insolvency and Bankruptcy Code, 2016, will be required to contain details of the resolution applicant as well as the connected Persons.

The Insolvency and Bankruptcy Board of India (hereinafter referred as 'IBBI') vide Notification Nos. IBBI/2017-18/GN/REG0191 and IBBI/2017-18/GN/REG0202, dated November 7, 2017, amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 20163, and the IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 20174 respectively (hereinafter together referred as 'principal regulations'). Both these amendments came into force on November 7, 2017.

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