Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
This notification amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It substitutes certain words in regulations 12(3) and 16A(2)(i) for clarity. The proviso in 16A(1) is replaced to clarify the choice of insolvency professional as authorized representative by a financial creditor class. A new proviso is inserted in 16A(2) regarding the interim role of the selected insolvency professional until appointment of the authorized representative. Regulation 40A's table is amended to omit the row for 12(2) and modify the row for 13(1) by removing references to claims verification under 12(2) and the associated timeline. These amendments aim to streamline the insolvency resolution process for corporate persons.
This notification amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It substitutes certain words in regulations 12(3) and 16A(2)(i) for clarity. The proviso in 16A(1) is replaced to clarify the choice of insolvency professional as authorized representative by a financial creditor class. A new proviso is inserted in 16A(2) regarding the interim role of the selected insolvency professional until appointment of the authorized representative. Regulation 40A's table is amended to omit the row for 12(2) and modify the row for 13(1) by removing references to claims verification under 12(2) and the associated timeline. These amendments aim to streamline the insolvency resolution process for corporate persons.
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