Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ations to further 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) (Amendment) Regulations, 2025.   (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 4D, the following regulation shall be inserted, namely:- "4E. Handing over the possession. After obtaining ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....thorised representative and such fee shall be part of the insolvency resolution process cost. (2) The committee may replace the facilitator on the recommendation of a majority of the members of the sub-class. 16D. Roles and responsibilities of the facilitator. The roles and responsibilities of the facilitator(s) shall include the following:- (a) facilitating communication between the authorised representative and the creditors of the sub-class; (b) attending the meetings of the committee, as observers, to facilitate communication between creditors of the respective sub-class; (c) providing information and clarifications to the creditors in a sub-class about the insolvency resolution proc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...." 6. In the principal regulations, in regulation 31, after clause (ab), the following clause shall be inserted, namely:- "(ac) fee payable to facilitator under clause (c) of sub-regulation (1) of regulation 16C." 7. In the principal regulations, in regulation 36A, in sub-regulation (4), (i) in clause (c), for the mark and word "; and", the mark ";" shall be substituted. (ii) in clause (d), for the mark and word "interest.", the words and mark "interest; and" shall be substituted. (iii) after clause (d), the following clause shall be inserted, namely: - "(e) provide details of the corporate debtor's registration status as a micro, small, or medium enterprise in accordance with the Micro,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....monitoring committee for monitoring and supervising the implementation of the resolution plan. (b) The monitoring committee may consist of the resolution professional or any other insolvency professional, or any other person, including representatives of the committee and representatives of resolution applicant(s), as its members: Provided that where the resolution professional is proposed to be part of the monitoring committee, the monthly fee payable to him shall not exceed the monthly fee received by him during the corporate insolvency resolution process. (c) The monitoring committee shall submit quarterly reports to the Adjudicating Authority regarding the status of implementation of resolution plan." 10. I....