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of <h1>Insolvency Board Amends 2017 Regulations: New Disclosure Rules for Resolution Applicants and Professionals in Resolution Plans.</h1> The Insolvency and Bankruptcy Board of India issued the Third Amendment to the Insolvency Resolution Process for Corporate Persons Regulations, 2017, effective upon publication in the Official Gazette. The amendment introduces a new sub-regulation requiring resolution plans to include details of the resolution applicant and connected persons, such as identity, past convictions, pending criminal proceedings, disqualifications, and financial defaulter status. It also redefines the submission requirements for resolution professionals, mandating the inclusion of information on specific transactions like preferential, undervalued, extortionate credit, and fraudulent transactions, along with any relevant adjudicating authority orders.
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