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of <h1>Insolvency Resolution Process Amended: Key Changes in Regulations 21, 25, 38, and New Record-Keeping Rule 39A.</h1> The Insolvency and Bankruptcy Board of India issued the Fourth Amendment Regulations, 2018, to amend the Insolvency Resolution Process for Corporate Persons Regulations, 2016. Key changes include omitting clause (f) in regulation 2, revising notice requirements for meetings in regulation 21, and updating voting procedures in regulation 25. The amendment prioritizes payments to operational creditors over financial creditors in resolution plans under regulation 38. Regulation 39A mandates preserving records of the corporate insolvency resolution process. These amendments aim to enhance the efficiency and transparency of the insolvency resolution process.
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