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ARTICLE · 04 MARCH 2024

Important Amendments Under IBC: 2023 & 2024 - Volume III

Economic Laws Practice
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In exercise of the powers conferred by clause (b) of sub-section (1) of section 189 of the Insolvency and Bankruptcy Code...

IndiaInsolvency/Bankruptcy/Re-Structuring
Mukesh Chand
Mukesh Chand
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PART - A

AMENDMENTS IN THE IBBI REGULATIONS

Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This was carried out by way of a notification on February 15, 2024 by the Insolvency and Bankruptcy Board of India i.e. the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024 (Amendment Regulations).

Effective Date: The amended regulations are effective from February 15, 2024.

The amendments majorly deal with issues concerning CIRP of real estate projects such as enabling invitation of separate resolution plans for each real-estate project & maintain separate accounts for each of the projects. While the RERA mandates registration and monitoring of each project as a separate unit now under CIRP RPs are required to open separate bank accounts for each real estate project to

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