Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021. - IBBI/2021-22/GN/REG075 - Insolvency and Bankruptcy

Appointment of professionals: arm's-length selection and conflict exclusions reshape conduct and disclosure in corporate insolvency proceedings.

Amendments clarify that an interim resolution professional or resolution professional must cease to act where their insolvency professional entity or its partners/directors represent other stakeholders; require disclosure of all former names and registered offices of a corporate debtor changed within two years prior to the insolvency commencement date in all communications and records; prescribe appointment of two registered valuers to determine fair and liquidation values and permit additional professionals appointed on an arm's-length, objective and transparent basis while prohibiting certain conflicted appointees; and mandate that fee invoices be raised in the professional's name and paid directly to their bank account.