Confidentiality of liquidation value required; disclosure only to committee members with undertaking and prohibition on misuse.
Defines dissenting financial creditor as a financial creditor who voted against or abstained from voting on an approved resolution plan. After receipt of resolution plans, the resolution professional must provide liquidation value electronically to each committee member only upon an undertaking to maintain confidentiality and not to use the value to cause undue gain or loss, and must otherwise maintain confidentiality. The amendment omits two specified duty clauses and requires resolution applicants to submit plans within the time specified in the invitation.

Confidentiality of liquidation value mandated for committee members; resolution plans must be filed within invited timeframes.
Regulatory amendments define "dissenting financial creditor" as a financial creditor who voted against or abstained from voting on the committee-approved resolution plan; require the resolution professional to provide liquidation value electronically to committee members only upon receiving a confidentiality undertaking and mandate that the interim or resolution professional maintain confidentiality of liquidation value; omit clauses (j) and (k) of regulation 36(2); and require resolution applicants to submit plans within the time specified in the invitation under clause (h) of sub-section (2) of section 25.

Grievance and complaint procedure: Board-administered filing, prima facie assessment, and regulatory action against service provider misconduct.
These Regulations provide a procedure for filing and processing grievances and complaints against service providers under the Code: defining terms and stakeholder eligibility; requiring detailed grievance/complaint content and a prescribed filing form and fee; assigning registration numbers and refusing anonymous matters; permitting confidentiality requests; allowing the Board to seek records and require their prompt submission; directing redress or closure of grievances; conducting a prima facie assessment of complaints with review rights; and enabling inspection, investigation or show cause action and periodic disclosure of summary statistics.

Insolvency Law Committee to review implementation of the Insolvency and Bankruptcy Code and recommend procedural reforms within a fixed timeline.
An Insolvency Law Committee comprising government officials, regulators, bankers, industry and professional representatives is constituted to review the operation of the Insolvency and Bankruptcy Code, 2016, identify issues affecting corporate insolvency resolution and liquidation, and make recommendations to improve procedural efficiency and implementation. It may co-opt experts and consult stakeholders; non-official members may receive allowances if their sponsors do not cover expenses, with secretarial support from the Ministry of Corporate Affairs/IBBI, and must submit recommendations within a prescribed timeline.

Resolution plan disclosures require detailed identity, criminal, default and related-party information and transaction checks before committee approval.
Regulation 37 now requires resolution plans to disclose comprehensive details of the resolution applicant and connected persons-identity, recent convictions, pending criminal proceedings, Companies Act disqualification, willful defaulter identification, SEBI debarment, and two years of transactions with the corporate debtor-while defining connected persons to include promoters, management or control participants and their holding, subsidiary, associate and related parties. Regulation 38 requires the resolution professional to submit all compliant resolution plans to the committee along with details and adjudicating authority orders relating to preferential, undervalued, extortionate credit and fraudulent transactions.

Resolution plan disclosure obligations require comprehensive applicant and connected-person disclosures and transactional flags on submission.
A resolution plan must disclose detailed information about the resolution applicant and connected persons-identity; convictions within five years; pending criminal proceedings; director disqualification under the Companies Act; willful defaulter identification; securities market debarment; and transactions with the corporate debtor in the preceding two years. Connected persons include promoters, persons in management or control (including prospective promoters or controllers during implementation), and their holding, subsidiary, associate and related parties. The resolution professional must submit all compliant plans with details of preferential, undervalued, extortionate credit and fraudulent transactions and related adjudicating authority orders.

Resolution plan stakeholder protection must state how interests of all stakeholders, including creditors, are addressed.
A resolution plan must include a statement explaining how it has dealt with the interests of all stakeholders of the corporate debtor, explicitly including financial creditors and operational creditors, thereby requiring plan proponents to disclose treatment of competing creditor and stakeholder interests within the insolvency resolution process.

Resolution plan stakeholder statement must explain how it addresses financial and operational creditors' interests under fast track rules.
The amendment renames the regulation to reference the Fast Track Insolvency Resolution Process and inserts regulation 37(1A) requiring that a resolution plan include a statement explaining how it deals with the interests of all stakeholders, including financial creditors and operational creditors, with the amendment taking effect on publication in the Official Gazette.

Shareholding limits for information utilities allow specified Indian entities majority ownership temporarily, with residency and director nationality conditions.
Amendments prescribe a temporary ownership regime permitting up to 51 percent paid-up equity or voting power by a person acting alone or in concert, and permitting an Indian listed company or a company with dispersed individual holdings to hold up to 100 percent of paid-up equity or voting power, each for up to three years from registration provided the information utility is registered before the stated cut-off. They also require that more than half of an information utility's directors be Indian nationals resident in India.

Employees' Service Regulations establish delegated-rule governance for personnel service conditions under the insolvency and bankruptcy regulatory regime.
Establishes a statutory regulatory framework titled Employees' Service Regulations, 2017 prescribing service rules, terms of appointment, conduct, and administrative arrangements for personnel within the insolvency and bankruptcy regulatory apparatus, made under the Code's delegated rulemaking authority to govern appointment and service governance necessary for operational functioning.

Claims by other creditors: standardised Form F and evidence rules require documentary proof and sworn affidavit for claim submission.
A new regulation requires creditors not covered by the financial or operational creditor rules to submit proof of claim to the interim resolution professional in person, by post or electronically, supported by records from an information utility or other documentary evidence (including demand documents, bank statements or judicial orders). The Schedule now mandates electronic submission only for financial creditors while permitting other creditors multiple submission modes. A new Form F standardises proof of claim content, documentary annexures, an affidavit affirming indebtedness at the insolvency commencement date, and verification before a notary or oath commissioner.

Proof of claim procedures require standardized submission and evidentiary proof for non financial creditors in corporate insolvency.
A new Regulation 9A requires creditors other than those covered as financial or operational creditors to submit proof of claim to the interim resolution professional or resolution professional in person, by post or electronically in Form F. Claims may be evidenced by information utility records or other documents, including demand notices, bank statements, or adjudicative orders. The Schedule is amended to mandate electronic submission by financial creditors, and Form F standardises particulars, supporting documents, set off disclosures, security details, bank account information, and an affidavit and verification to affirm the existence and non satisfaction of the claim.

Fast track corporate insolvency: eligibility extended to small companies, startups and certain unlisted companies with limited assets.
Notification designates categories of corporate debtors eligible for the fast track corporate insolvency resolution process: small companies as defined in company law, startups as defined in the specified government notification, and unlisted companies whose reported total assets in the immediately preceding financial year fall within the prescribed asset threshold, enabling a streamlined insolvency pathway for such entities.

Commencement of insolvency provisions: Executive appoints date to bring specific sections of the Insolvency and Bankruptcy Code into force.
Central Government, under sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016, by Ministry of Corporate Affairs notification dated the fourteenth of June, 2017, appoints the commencement of Sections 55 to 58 of the Code, thereby bringing those provisions into force.

Deemed approved resolution plans under IBC now govern former SICA schemes; limited-time appeals allowed to NCLAT after publication.
Schemes sanctioned or under implementation under section 18 of the Sick Industrial Companies (Special Provisions) Act, 1985 are deemed to be approved resolution plans under section 31(1) of the Insolvency and Bankruptcy Code, 2016 and shall be dealt with in accordance with Part II of the Code; where the statutory period for appeal under the repealed Act had not expired, an appeal against any such deemed approved resolution plan may be preferred to the National Company Law Appellate Tribunal within the period specified from publication of the Order.

Ex officio appointment under insolvency law: Ministry of Finance nominee named to the Insolvency and Bankruptcy Board, replacing prior member.
The Central Government appoints Shri Shashank Saksena, Adviser (Capital Markets), Department of Economic Affairs, Ministry of Finance, as the Ministry of Finance nominee and ex officio member of the Insolvency and Bankruptcy Board of India under clause (b) of sub section (1) of section 189 of the Insolvency and Bankruptcy Code, 2016, in place of Shri Ajay Tyagi; the appointment partially modifies an earlier order dated 01.10.2016 and remains effective until further orders.

Appointment under Insolvency and Bankruptcy Code confirms fixed-term tenure, age cap, and specified salary arrangements for a whole-time member.
The Central Government appoints Dr. Navrang Saini as a whole-time member of the Insolvency and Bankruptcy Board of India, effective from 31 March 2017, with salary equivalent to an Additional Secretary or a consolidated salary, for a fixed tenure of five years subject to an age cap of sixty-five years and until further orders.

Appointment of whole-time member under the Insolvency and Bankruptcy Code: statutory office created with specified salary and tenure conditions.
The Central Government appoints Dr. (Ms) Mukulita Vijayawargiya as a whole-time member of the Insolvency and Bankruptcy Board of India under section 189 of the Insolvency and Bankruptcy Code, effective from the date of assumption of charge, with remuneration as admissible to an Additional Secretary to the Government of India or a specified consolidated monthly salary, for a fixed period or until attainment of the prescribed age limit or until further orders, whichever is earlier.

Appointment of whole-time member of insolvency board: new member assumes charge and serves until prescribed retirement age or further orders.
Central Government appoints Ms. Suman Saxena as a whole-time member of the Insolvency and Bankruptcy Board of India under section 189 of the Insolvency and Bankruptcy Code, 2016, with salary payable on the scale of an Additional Secretary or on a consolidated monthly amount; appointment is effective from the date of assumption of charge and continues until attainment of sixty-five years of age or until further orders.

Voluntary liquidation provisions commence retrospectively from the first of April 2017 under IBC authority as a procedural measure.
The Central Government, under the Insolvency and Bankruptcy Code, 2016, appoints 1 April 2017 as the date on which the provisions of clause (a) to clause (d) of section 2 relating to voluntary liquidation and bankruptcy shall come into force, with an explanatory memorandum certifying the retrospective effect as procedural and not adversely affecting anyone.