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ARTICLE · 03 JANUARY 2019

Recent Amendments To CIRP Regulations

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The Regulations earlier provided payment of liquidation value to OCs and dissenting FCs in priority.

IndiaInsolvency/Bankruptcy/Re-Structuring
Varsha Banerjee
Varsha Banerjee
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The Insolvency and Bankruptcy Board of India (IBBI) introduced another set of amendments and  amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations ("Amendment") which came into force w.e.f 5th October 2018.

The most important amendment which has been introduced by the above is amendment to  Regulation 38 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Following are the changes as introduced under in Regulation 38:

  • Priority in payment to Operational Creditors(OC) under resolution plan over Financial Creditors (FC).

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