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of <h1>Insolvency professionals must report corporate debtor status and seek committee approval for costs per Regulation 31B.</h1> Regulation 31B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 mandates that the insolvency professional must present the operational status of the corporate debtor at each committee meeting. The professional is required to seek the committee's approval for all costs associated with the insolvency resolution process. This regulation was inserted as per Notification No. IBBI/2023-24/GN/REG113 dated February 15, 2024.
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