Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024 - IBBI/2023-24/GN/REG113 - Insolvency and Bankruptcy

Separate project bank account requirement: resolution professional must operate distinct accounts for each real estate project to segregate funds.

Regulations mandate that resolution professionals operate a separate bank account for each real estate project and must convene committee meetings within thirty days of the last meeting while allowing committee-decided extensions provided there is at least one meeting each quarter. Electronic voting windows run from circulation of minutes for not less than twenty-four hours and not more than seven days, with creditor-requested daily extensions and a cap on post-majority extensions. The insolvency professional must obtain committee approval for all insolvency resolution process costs, ensure valuers explain valuation methodology before estimates, provide valuation reports on confidentiality undertakings, and may invite resolution plans per project; committees may form monitoring committees with fee limits if the resolution professional is a member.