IBBI (Insolvency Resolution Process For Corporate Persons) (Amendment) Regulations, 2024

IBBI, vide notification dated February 15, 2024, issued the IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024, amending the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Some of the key amendments are as follows:

1. where the corporate debtor has any real estate project, the interim resolution professional or the resolution professional, must operate a separate bank account for each real estate project;
2. a resolution professional must convene a meeting of the committee before lapse of 30 (thirty) days from the last meeting;
3. the insolvency professional must place in each meeting of the committee, the operational status of the corporate debtor and must seek its approval for all costs, which are part of insolvency resolution process costs;