Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 17 OCTOBER 2024

IBBI Amends The CIRP Regulations, 2016

Argus Partners
Argus Partners
Contributor
Argus Partners

Argus Partners

Argus Partners is a leading Indian law firm with offices in Mumbai, Delhi, Bengaluru, and Kolkata....

View firm profile
Explore more from Argus Partners

The Insolvency and Bankruptcy Board of India ("IBBI") on September 24, 2024 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016...

IndiaInsolvency/Bankruptcy/Re-Structuring
Aastha
Aastha
Apoorva Soni
Apoorva Soni
Author LinkedIn connections

The Insolvency and Bankruptcy Board of India ("IBBI") on September 24, 2024 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") vide the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 ("CIRP Amendment Regulations").

Regulation 16A which deals with appointment of the authorised representative for any class of creditors has been amended as follows:

1. Sub-regulation (1) provides that the interim resolution professional ("IRP") will select the insolvency professional, who is the choice of the highest number of financial creditors in the class in Form CA received under regulation 12(1), to act as the authorised representative of such creditors. The proviso to sub-regulation (1) has been amended to provide that the choice of an insolvency professional to act as an authorised representative

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

The Insolvency And Bankruptcy Code (Amendment) Act, 2026

India's Insolvency and Bankruptcy Code undergoes significant reform through the 2026 Amendment Act, introducing stricter timelines, enhanced creditor oversight, and frameworks for group and cross-border insolvency. The amendments address persistent challenges in resolution efficiency, withdrawal restrictions, and fraudulent transaction scrutiny while aligning with international best practices to strengthen investor confidence.
IndiaInsolvency/Bankruptcy/Re-Structuring
Mansukhlal Hiralal & Company
Mansukhlal Hiralal & Company
Article

The IBC Amendment Act, 2026: Reshaping Real Estate Insolvency

The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (‘Amendment Act’), which amends the Insolvency and Bankruptcy Code, 2016 (‘Code’), received Presidential assent on April 6, 2026. Most amendments took effect on May 26, 2026. However, three significant mechanisms the accelerated admission deadline, creditor-initiated resolution, and group insolvency have been enacted but have not yet come into force and will take effect only upon the issuance of a commencement notification by the Central Government under the applicable provisions of the Code.
IndiaInsolvency/Bankruptcy/Re-Structuring
Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
Article

IBC Update - Removal Of Interim Moratorium For Personal Guarantors Apples To Pending Proceedings

The Bombay High Court recently addressed a critical question regarding the temporal application of Section 96(4) of the Insolvency and Bankruptcy Code, which removed the interim moratorium protection for personal guarantors of corporate debtors. The ruling clarifies whether this amendment applies only to fresh applications filed after its enactment or extends to insolvency proceedings that were already pending when the law changed. This decision has significant implications for creditors seeking to pursue p
IndiaInsolvency/Bankruptcy/Re-Structuring
Mansukhlal Hiralal & Company
Mansukhlal Hiralal & Company
Article

The End Of The “Settlement Exit”? — The Stricter Section 12A Regime Post-2026 Amendment

For nearly eight years, the Insolvency and Bankruptcy Code, 2016 (IBC) carried within it a quiet contradiction. On the one hand, it was designed to be a serious, time-bound, collective resolution mechanism and a creditor-driven process. On the other hand, it contained Section 12A, a provision that became one of the most strategically exploited exits in Indian commercial law.
IndiaInsolvency/Bankruptcy/Re-Structuring
Foresight Law Offices
Foresight Law Offices
Article

Revision to EPF Wage Ceiling: Coverage, Contributions and the September Transition

The Indian government has raised the EPF wage ceiling from Rs. 15,000 to Rs. 25,000 per month, effective mid-September 2026, creating immediate compliance questions for employers. How should contributions be calculated for the transition month when the change takes effect partway through the wage period, and what treatment applies to employees who become newly covered versus those already enrolled?
IndiaEmployment and HR
Argus Partners
Argus Partners
Article

Overview Of The Consumer Protection (E-Commerce) (Amendment) Rules, 2026

Argus Partners maintains offices in Mumbai, New Delhi, and Bengaluru, providing legal services across India's major business centers. The firm operates under strict Bar Council of India regulations that prohibit solicitation and advertising, with this website serving purely informational purposes. Users must acknowledge that no attorney-client relationship is created through website access and should seek independent legal advice for specific matters.
IndiaCorporate/Commercial Law
Argus Partners
Argus Partners
Article

Cracking The Code II: The New Central Labour Rules At A Glance

India's Ministry of Labour and Employment has formally notified the central rules under four Labour Codes, introducing significant changes to wage computation, social security benefits, industrial relations frameworks, and occupational safety standards. These rules operationalise India's consolidated labour law framework with digital-first compliance, inclusive welfare infrastructure, and enhanced protections for women, transgender persons, and contract workers.
IndiaEmployment and HR
Argus Partners
Argus Partners
Article

GOBARdhan: India's National Unified Scheme For Compressed Biogas

India's compressed biogas (CBG) sector is poised for significant expansion through the GOBARdhan Scheme, a Rs. 237 billion initiative spanning 2026-2036. The scheme introduces six strategic components including assured offtake mechanisms, stable pricing frameworks, capital assistance, pipeline infrastructure development, credit guarantees, and ecosystem support funds. What opportunities does this comprehensive policy framework create for domestic and international investors seeking to participate in India's
IndiaEnergy and Natural Resources
Argus Partners
Argus Partners
Article

Supreme Court Clarifies Exceptional Scope Of Relief Under Section 9 Pending Challenge To Arbitral Award

Argus Partners maintains offices in three major Indian cities - Mumbai, New Delhi, and Bengaluru - providing legal services across the country. The firm's strategic presence in these key metropolitan areas enables comprehensive coverage of India's primary business and commercial centers. Contact information and physical addresses are provided for each location to facilitate client engagement.
IndiaLitigation, Mediation & Arbitration
Argus Partners
Argus Partners
Article

Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2026

Argus Partners maintains offices in Mumbai, New Delhi, and Bengaluru, providing legal services across India's major business centers. The firm operates under strict Bar Council of India regulations regarding solicitation and advertising, requiring users to acknowledge specific disclaimers before accessing information. Contact details and physical addresses are provided for each office location.
IndiaCorporate/Commercial Law
Argus Partners
Argus Partners