New Delhi: The Insolvency and Bankruptcy Board of India has notified amendments to the Insolvency Resolution Process for Corporate Persons Regulations, 2019 on Friday. The amendments take effect on the same day and specify the process for withdrawal of applications before the constitution of the committee of creditors (CoC), after the constitution of CoC but before the issue of invitation for expression of interest, and after the issue of invitation for expression of interest.
Here are the changes:
The amendments require that while approving a resolution plan or deciding to liquidate the corporate debtor, the CoC may:
The salient amendments effected by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 are: