The Insolvency and Bankruptcy Board of India (IBBI) on July 21, 2023, notified Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2023 further to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The following has been amended-
•In regulation 31A, in sub-regulation (1), after the proviso, the “Explanation: For removal of doubts, it is hereby clarified that the regulatory fee under this sub-regulation, shall not be payable in cases where the approved resolution plan in respect of insolvency resolution of a real estate project is from an association or group of allottees in such real estate project.” shall be inserted.
[Notification No. IBBI/2023-24/GN/REG102]
