Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022

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....kes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as "the principal regulations‟), after regulation 2A, the following regulations shall be inserted, namely:- "2B. Record or evidence of tran....

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....te debtor from the last valuation report, stock statement, receivables statement, inspection reports of properties, audit report, stock audit report, title search report, technical officers report, bank account statement and such other information which shall assist the interim resolution professional or the resolution professional in preparing the information memorandum, getting valuation determined and in conducting the corporate insolvency resolution process." 4. In the principal regulations, in regulation 7, in sub-regulation (2), in clause (b), after sub- clause (iv), the following sub-clause shall be inserted, namely:- "(v) copies of relevant extracts of Form GSTR-1 and Form GSTR-3B filed under the provisions of the releva....

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.... extract from the audits of the corporate debtor, conducted by the creditors such as stock audit, transaction audit, forensic audit, etc." 7. In the principal regulations, in regulation 36, after sub-regulation (3), the following sub- regulation shall be inserted, namely:- "(3A) The creditors shall provide to the resolution professional the latest financial statements and other relevant financial information of the corporate debtor available with them." 8. In the principal regulations, in regulation 38, in sub-regulation (2), after clause (c), the following clause shall be inserted, namely:- "(d) provides for the manner in which proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent....