Delegated rule-making under insolvency law expanded to cover resolution, liquidation, creditor procedures, and insolvency professional requirements.

Section 240 is amended to broaden and update rule-making powers under the Insolvency and Bankruptcy Code. The amendment inserts, substitutes, and omits multiple clauses in sub-section (2) to cover conditions, forms, manner, period, and procedural requirements for insolvency, resolution, liquidation, dissolution, creditor participation, insolvency professional consents and fees, valuation, distribution of proceeds, reporting, and related ancillary matters.

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