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of <h1>New Insolvency Rules: 66% Vote for Real Estate Transfers, Facilitators for Large Creditor Groups, MSME Status Detailed</h1> The Insolvency and Bankruptcy Board of India has amended the Insolvency Resolution Process for Corporate Persons Regulations, 2016. Key changes include the introduction of a regulation for handing over possession in real estate projects upon approval by a committee with a 66% vote. Facilitators can be appointed for creditor sub-classes exceeding 1,000 members, with specific roles and responsibilities outlined. The regulations also address the inclusion of competent authorities in meetings, reporting on real estate project development rights, and setting up monitoring committees for resolution plan implementation. Additionally, there are provisions for relaxing criteria for real estate project creditors and detailing MSME registration status.
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