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ARTICLE · 22 MARCH 2022

Restructuring & Insolvency Monthly Update | February 2022

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The Insolvency and Bankruptcy Board of India (IBBI) in exercise of powers conferred under Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Akriti Shikha
Akriti Shikha
Avishek Roy
Avishek Roy
Bhawana Sharma
Bhawana Sharma
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STATUTORY UPDATES

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022

  • The Insolvency and Bankruptcy Board of India (IBBI) in exercise of powers conferred under Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 introduced the following amendments to the IBBI (Insolvency Resolution Process of Corporate Person) Regulations, 2016 (CIRP Regulations):

    • Under Regulation 18 (Meeting of Committee) of the CIRP Regulations, in addition to the existing Regulation pertaining to convening a meeting of the Committee of Creditors (CoC) on the occasion when either the Resolution Professional (RP) finds it necessary or upon the request of the members of the CoC having at least 30% voting rights, the RP has been given the power by way of the present Amendment to place a proposal received from members of the committee in a meeting, if he considers it necessary. In addition to

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