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of <h1>India Amends Insolvency Regulations: Lower Creditor Consent Threshold, New Procedures for Creditor Classes, and Streamlined Processes.</h1> The Insolvency and Bankruptcy Board of India issued the Third Amendment Regulations, 2018, to the Insolvency Resolution Process for Corporate Persons, effective from July 3, 2018. Key changes include defining 'class of creditors,' reducing the threshold for creditor consent from 10% to 5%, and introducing procedures for appointing authorized representatives for creditor classes. The regulations also address claim submission processes, introduce a model timeline for insolvency resolution, and specify requirements for resolution plans, including compliance and eligibility criteria. New forms for public announcements, claims, and withdrawal applications are incorporated to streamline the insolvency resolution process.
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