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of <h1>Clarification: Resolution Professional Must Continue Duties Until Decision on Insolvency Process Extension Under Section 12.</h1> Regulation 40 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, allows the committee to instruct the resolution professional to apply to the Adjudicating Authority for an extension of the corporate insolvency resolution process period under section 12. Upon receiving such instruction, the resolution professional must make the application. A clarification states that the resolution professional must continue fulfilling their duties until the Adjudicating Authority decides on the extension application. This clarification was inserted via a notification dated February 15, 2024.
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