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).

Salary revision for insolvency board leadership implemented retrospectively; chairperson and whole-time member entitled from start of year.
The amendment increases the prescribed salaries for the Chairperson and whole time members by substituting higher figures into rule 4 (sub rules (1) and (2)) and making corresponding substitutions in rules 12(4) and 13(3). A proviso is inserted to provide that the Chairperson and whole time member shall be entitled to the revised salary under the specified sub rules from the first day of January, 2024. The rules take effect upon publication in the Official Gazette and are issued under powers conferred by the Insolvency and Bankruptcy Code.

Show-cause reply deadline extended: regulatory timeframe now sixty days from the due date for receipt of reply.
The amendment substitutes the timeline in regulation language so that the period now runs as "sixty days from the due date for receipt of reply to the show-cause notice" in place of "thirty-five days of the date of the issuance of the show-cause notice", and it comes into force upon publication in the Official Gazette.

Verification of default records tightened: information utilities must verify debtor proof and authenticate undisputed amounts while marking disputes.
Amendments standardize certain timelines to seven days, limit Form C submissions to scheduled banks and other specified creditors, require verification of debtor contact and documentary proof before issuing Form D, and direct information utilities to authenticate undisputed amounts while marking verified disputed portions as disputed for scheduled banks.

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.

Consultation committee oversight expanded: liquidators must obtain and record committee advice before key liquidation, sale, valuation and dissolution actions.
Amendments enhance consultation committee oversight: liquidators must act on committee recommendations for compromises, consult and record committee views before seeking early dissolution or running the debtor as a going concern, convene meetings at least quarterly, present costs, litigation status and progress, seek committee advice before initiating legal proceedings, require committee concurrence for private sales, mandate valuation meetings and confidentiality undertakings for valuation reports, and set auction payment timelines with interest and cancellation consequences; real estate assets given in possession to allottees are excluded from the liquidation estate.

Authorisation for assignment validity adjusted to fixed calendar expiries with age based termination provision.
The amendment prescribes that an authorisation for assignment issued or renewed by an insolvency professional agency is valid for one year from issuance or renewal but is subject to fixed calendar expiries-expiring on 30 June if the one year expiry falls in the first half of the year, or on 31 December if it falls in the second half-and that the authorisation terminates if the professional attains the age of seventy during the validity period.

Resignation of insolvency professionals: permitted with stakeholder recommendation and Adjudicating Authority approval, duties continue until approval.
An insolvency professional may resign from an assignment subject to stakeholder recommendation-committee of creditors, consultation committee, or debtor/creditor in a personal guarantor process-and the approval of the Adjudicating Authority, and must continue duties until such approval. Insolvency professional entities may engage or appoint partners or directors for assignment-related work and provide services connected to assignments undertaken by those partners or directors, excluding any services related to valuation or audit of the debtor.

Voluntary liquidation process amendments streamline liquidator reporting and stakeholder withdrawal mechanisms and enhance disclosure obligations for corporate persons.
Amendments expand affidavit and disclosure obligations at liquidation commencement to include provision for pending matters and disclosure of pending proceedings and litigations; they revise contributory meeting timing and require the liquidator to file a Status Report with the Board within seven days of each meeting; and they establish a stakeholder withdrawal process from the Corporate Voluntary Liquidation Account allowing pre and post dissolution applications, Board release mechanisms, and documentary proof of entitlement for non-stakeholder claimants.

Bankruptcy process for personal guarantors amended: clauses in regulation three and regulation five removed and clarified.
The amending regulations modify the principal regulations by inserting a coordinating conjunction in the explanation to regulation 3(1)(a), substituting punctuation to conclude regulation 3(1)(b), omitting clause (c) of that explanation, and omitting clause (c) of the proviso to regulation 5(1); the amendments are titled accordingly and commence on publication in the Official Gazette.

Repayment plan obligation: resolution professional must place plan before creditors and notify them if none received.
The amendment inserts Regulation 17A requiring the resolution professional to place the repayment plan under section 105 before a meeting of creditors for consideration, and to notify creditors at that meeting if no repayment plan is received within the period stipulated under section 106.