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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 - IBBI/2024-25/GN/REG116 - Insolvency and Bankruptcy
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Authorised representative appointment rules tightened; late Form CA ignored and interim representative permitted pending adjudication. Amendments revise cross references in regulation 12 to refer to sub regulation (1), exclude Form CA submissions received after the public announcement time from consideration as an authorised representative, and provide that the insolvency professional selected under sub regulation (1) shall act as an interim representative with committee meeting rights and duties while the appointment application is under consideration. The Table in regulation 40A omits the row for Regulation 12(2) and removes the description and timeline entry related to verification of claims under regulation 12(2) from Regulation 13(1).
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Provisions expressly mentioned in the judgment/order text.
Authorised representative appointment rules tightened; late Form CA ignored and interim representative permitted pending adjudication.
Amendments revise cross references in regulation 12 to refer to sub regulation (1), exclude Form CA submissions received after the public announcement time from consideration as an authorised representative, and provide that the insolvency professional selected under sub regulation (1) shall act as an interim representative with committee meeting rights and duties while the appointment application is under consideration. The Table in regulation 40A omits the row for Regulation 12(2) and removes the description and timeline entry related to verification of claims under regulation 12(2) from Regulation 13(1).
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