Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019. - IBBI/2019-20/GN/REG052 - Insolvency and Bankruptcy

Voting by authorised representative governs casting of votes and revised creditor payment priority under amended corporate insolvency regulations.

The amendments insert a rule that an authorised representative shall cast votes for each financial creditor or on behalf of all financial creditors he represents, re-order payment priority so operational creditors are paid before financial creditors and dissenting financial creditors are paid before consenting ones, expressly permit restructuring by merger/amalgamation/demerger, and introduce mandatory electronic filing of specified Forms by insolvency professionals with defined timelines, Board-modifiable Forms, monthly late fees per Form, and Board remedies for non-filing, inaccuracies or delays. Schedule Forms B and H are revised for security disclosure and detailed plan payment reporting.