India Amends Insolvency Regulations: New Rules for Convening Meetings and Record Preservation Under Regulations 18 and 39A.

The Insolvency and Bankruptcy Board of India issued amendments to the Insolvency Resolution Process for Corporate Persons Regulations, 2016, effective upon publication in the Official Gazette. Key changes include the substitution of Regulation 18, detailing the conditions under which a resolution professional may convene meetings of the committee, particularly when requested by members holding at least 33% of voting rights. Regulation 39A was also replaced, mandating interim and resolution professionals to preserve records related to the insolvency process in both electronic and physical forms for specified periods, ensuring secure storage and availability for regulatory requirements.