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of <h1>India Updates Insolvency Resolution Process: New Rules for Real Estate, Electronic Voting, and Monitoring Committees.</h1> The Insolvency and Bankruptcy Board of India has issued amendments to the Insolvency Resolution Process for Corporate Persons Regulations, 2016, effective upon publication in the Official Gazette. Key changes include the requirement for separate bank accounts for real estate projects, adjustments in the frequency and conduct of committee meetings, and provisions for electronic voting. The amendments also address the approval of insolvency resolution process costs, valuation methodologies, and confidentiality obligations. Additionally, the regulations introduce the possibility of forming a monitoring committee for resolution plan implementation and clarify the resolution professional's ongoing responsibilities during extension applications.
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