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of <h1>New Rule 30B: Committee Members Can Propose Audits in Insolvency Cases; Details and Costs Must Be Included</h1> Regulation 30B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, allows any committee member to propose an audit of a corporate debtor. The proposal must include objectives, scope, cost estimates, timeframe, and auditor names. The committee considers the proposal per regulation 18, and, if approved, the audit is conducted by a qualified insolvency professional. The auditor's report, along with comments from the interim or resolution professional, is presented to the committee. Audit expenses are classified as insolvency resolution process costs. This regulation was inserted via a notification dated September 18, 2023.
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