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of <h1>New Amendment Requires Detailed Info on Resolution Applicants in Fast Track Insolvency Process; Highlights Fraudulent Transactions.</h1> The Insolvency and Bankruptcy Board of India issued the Third Amendment to the Fast Track Insolvency Resolution Process for Corporate Persons Regulations, 2017. Effective upon publication, the amendment introduces a requirement for resolution plans to include detailed information about the resolution applicant and connected persons, such as identity, criminal history, disqualifications, and financial conduct. Additionally, resolution professionals must present all compliant resolution plans to the committee, highlighting any preferential, undervalued, extortionate credit, or fraudulent transactions observed, along with any adjudicating authority orders related to such transactions.
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