Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 - IBBI/2018-19/GN/REG031 - Insolvency and Bankruptcy

Authorised representative framework for creditor classes introduced, defining selection, claim procedures and voting mechanics in insolvency.

Amendments create a defined class of creditors and require the IRP to identify classes, propose three eligible insolvency professionals per class, and obtain their consent; creditors in a class must submit 'claim with proof' in Form CA and indicate their choice of authorised representative. The IRP selects the insolvency professional with highest choices for appointment by the Adjudicating Authority; authorised representatives facilitate communication and voting but do not verify claims and are entitled to prescribed fees. Procedural timelines, EoI and resolution-plan processes, withdrawal mechanism, and avoidance-transaction milestones are also specified with updated Forms.