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ARTICLE · 20 MARCH 2024

Restructuring & Insolvency Monthly Update | March 2024

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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024...

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STATUTORY UPDATES

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024

  • The Insolvency and Bankruptcy Board of India (IBBI) vide notification dated February 15, 2024 notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024 (CIRP Amendment Regulations).

  • By way of CIRP Amendment Regulations, IBBI has inserted Regulations 4D, 31B in the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and has caused amendment in Regulations 18, 25, 35, 36, 36A, 38, 40 of the CIRP Regulations, as detailed below.

  • Firstly, in consonance with the provisions of Real Estate (Regulations and Development) Act, 2016 (RERA) and to ensure transparency, IBBI has inserted Regulation 4D in the CIRP Regulations to mandate operation of separate bank account by the Resolution Professional for each real estate project.

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