The Insolvency and Bankruptcy Board of India (IBBI) on September 24, 2024, issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The following amendments have been stated:
• In regulation 12, in sub-regulation (3), for the words, figure and mark “sub-regulation (2)”, the words, figure and mark “sub-regulation (1)” have been substituted.
• In regulation 16A, in sub-regulation (1), for the proviso, the following proviso shall be substituted, namely: -
“Provided that the choice of an insolvency professional to act as an authorised representative by a financial creditor in a class in Form CA shall not be considered, if the Form CA is received after the time stipulated in the public announcement.”
• In Regulation 40A, in Table, the row relating to Regulation 12(2), shall be omitted.
They shall come into force on September 24, 2024.
[Notification No. IBBI/2024-25/GN/REG116]
