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ARTICLE · 22 SEPTEMBER 2022

Restructuring & Insolvency Monthly Update | September 2022

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In exercise of the powers conferred by Clause (t) of Sub-Section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (IBC), ...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
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) (Third Amendment) Regulations, 2022

  • In exercise of the powers conferred by Clause (t) of Sub-Section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (IBC), the Insolvency and Bankruptcy Board of India (IBBI) on September 13, 2022, notified the following amendments into the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Principal Regulations).
  • By way of this statutory amendment, Regulation 34B 'Fee to be paid to interim resolution professional and resolution professional' has been inserted that essentially provides for the minimum fee that shall be paid an Interim Resolution Professional (IRP) or a Resolution Professional (RP). The said Regulation shall be applicable from October 01, 2022.

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