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of <h1>New Regulation 23 mandates timely electronic filings by resolution professionals, with penalties and regulatory action for non-compliance</h1> Notification issues the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2025, effective from publication in the Official Gazette. It inserts Regulation 23 into the 2019 principal regulations, mandating that the resolution professional file prescribed electronic Forms, with enclosures, within timelines notified by the Board. The Board may modify Forms and hosts them on its electronic platform. Resolution professionals must ensure accuracy and completeness; delayed filings attract a fee of Rs. 500 per Form per calendar month. Non-filing, inaccurate or incomplete filing, or delayed filing may invite regulatory action, including refusal or non-renewal of Authorisation for Assignment.
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