Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017

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.... PROCESS FOR CORPORATE PERSONS) (THIRD AMENDMENT) REGULATIONS, 2017 No. IBBI/2017-18/GN/REG019.-In exercise of the powers conferred by clause (t) of sub-section (1) of Section 196 read with section 240 of the Insolvency and Bankruptcy, Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India ....

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....and other connected persons to take a prudent decision while considering the resolution plan for its approval. Explanation : For the purposes of this sub-regulation,- (i) 'details' shall include the following in respect of the resolution applicant and other connected person, namely:- (a) identity; (b) conviction for any offence , if any, during the preceding five years; (c) criminal procee....

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....esolution plan; (c) holding company, subsidiary company, associate company and related party of the persons referred to in items (a) and (b) .". 3. In the principal regulations, in regulation 39, for sub-regulation (2) ,the following sub-regulation shall be substituted, namely:- "(2) The resolution professional shall submit to the committee all resolution plans which comply with the requiremen....